A blockchain stores data in the form of a public ledger. This ledger is distributed to every device (node) that is connected to a blockchain network. These nodes collect information in chunks, which are also called blocks. Each of these blocks has a limited amount of storage. The blocks are then closed and added to the previously filled blocks once the storage is full. Every node has a copy of the blockchain, which is the chain of information formed by these blocks.
In addition, blockchains are decentralized, meaning that no single entity owns them. The Bitcoin network, for instance, consists of numerous computers all over the world. The network is open to everyone, and those who participate are rewarded for their efforts. This ensures the immutability and irreversibility of transactions. Therefore, blockchain makes for an ideal application in cybersecurity optimization.
Use Cases in Cybersecurity
As information technology (IT) invents sophisticated means to enhance security, hackers are developing increasingly sophisticated ways to carry out cybercrime. In 2021 alone, cybercrime-related damages reached approximately $6 trillion, costing businesses billions. This is where blockchain technology comes in. The blockchain is an established technology in the crypto space that offers tamper-proof data storage. If properly implemented, many sectors can benefit from its adoption, even cybersecurity.
Securing User Data on Social Media Outlets
With the advent of the Internet, an increasing number of people are joining social media. This has resulted in the rise of social media platforms. Therefore, conversational commerce is becoming more popular among networking applications. Consequently, a lot of data is collected that can be vulnerable to cyberattacks. In this case, the immutable nature of blockchain technology can ensure that user data is not lost due to cyberattacks.
Also, blockchain can govern how user data is handled, i.e., they can hand data control back to users, who would then control how their data is shared. As blockchain encrypts user data, it also reduces the possibility of it being illicitly modified or stolen. Additionally, blockchain’s decentralized nature makes it difficult to illegally acquire data since it lacks a centralized authority.
Securing Businesses from Data Thefts
Businesses being vulnerable to data hacks and thefts is a growing concern. Many companies still use a centralized data storage system. Hence, one vulnerable point can allow a hacker to access the entire stored data in these centralized systems. Blockchain technology offers a decentralized means of storing data. This would protect sensitive data in storage systems by making it harder for hackers to penetrate. Consequently, many storage service companies are looking for ways to implement blockchain in protecting data.
Final Thoughts
Blockchain has demonstrated its potential for securing systems from cyber threats, i.e., making it difficult for hackers to infiltrate systems. As with other emerging technologies, blockchain technology still has a long way to go in terms of becoming more widely implemented. That said, it would not come as a surprise if blockchain technology proved to be an effective means of handling cyber threats in the future.