• Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
Newsletter
Crypto Hoarding
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
Crypto Hoarding
No Result
View All Result
Home Blockchain

Potential Use Cases of Blockchain Technology for Cybersecurity | ITBE – IT Business Edge

Admin by Admin
July 16, 2021
in Blockchain
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

A blockchain is a database that stores data in the form of chained blocks. A blockchain can be used in a centralized or decentralized manner. Decentralized blockchains are not owned by a single entity – rather, all users have collective control. Let’s take Bitcoin, for example.

Bitcoin’s network consists of thousands of computers, called nodes, which are operated by individuals or groups of people in different geographic locations. Decentralized blockchains are immutable. This essentially means that data transactions are irreversible. Blockchain technology’s decentralized nature makes it ideal for cybersecurity.

Related articles

Report Shows Blockchain Will Have a Significant Impact on Businesses – ETF Trends

Report Shows Blockchain Will Have a Significant Impact on Businesses – ETF Trends

July 1, 2022
Klever goes live with Mainnet of its native blockchain – FinanceFeeds

Klever goes live with Mainnet of its native blockchain – FinanceFeeds

July 1, 2022

Blockchain technology automates data storage, provides data integrity and is transparent. Let’s explore the potential use cases of blockchain technology for cybersecurity. 

Also read: Bolstering IoT Security with Distributed Ledger Technology (DLT)

Recent Cybersecurity Statistics and Trends

With each coming day, the amount of data that we are generating is increasing exponentially. As we continue to develop sophisticated technologies to ensure security, hackers are devising new techniques and implementing sounder technology to execute cybercrime. All of this has resulted in the culmination of damning cybersecurity statistics and trends:

  • 95% of data breaches are caused due to human error.
  • In the first half of 2020, data breaches exposed over 35 billion records.
  • Of recorded data breaches, 45% featured hacking, 22% involved phishing and 17% involved malware.
  • Over 90% of malware is delivered by email.
  • Over 200,000 malware samples are produced daily. This number is expected to rise with time.  
  • It took 34% of businesses hit with malware a week or more to regain data access.
  • Cybercrime-related damage is projected to cost $6 trillion annually in 2021.
  • Ransomware costs businesses over $75 billion annually.
  • Fake invoices are the leading disguise for malware distribution.
  • 50% of global data breaches will occur in the United States by 2023.     

The Future of Cyber Attacks

With the rolling out of 5G networks, download speeds will increase substantially, in turn creating more opportunities for hackers to expose security inefficiencies. Faster download speeds will encourage larger cyber crimes as well. 

The number of globally connected Internet of Things (IoT) devices is projected to amount to 13.8 billion devices in 2021. As there is a huge commercial appetite for IoT, enterprises are coming up with a range of applications, from wearables to smart homes. Patchy security features could be exposed by miscreants.

This is where blockchain technology comes into the picture.

Also read: Enterprise End-to-End Encryption is on the Rise

Blockchain’s Role in Cybersecurity

Here is how blockchain technology can strengthen cybersecurity:

  • The number of social media platforms that we use is on the rise and most are protected by weak and unreliable passwords. Large quantities of metadata are collected during social media interactions and hackers can create havoc if they gain access to this data.
  • Blockchain technology can be used to develop a standard security protocol, as it is a sounder alternative to end-to-end encryption. It can also be used to secure private messaging by forming a unified API framework to enable cross-messenger communication capabilities.
  • Through edge devices, hackers have been able to gain access to overall systems in the past. With the current craze for home automation systems, hackers can gain access to smart homes through edge devices like smart switches, if these IoT devices have dodgy security features. 
  • Blockchain technology can be used to secure such systems or individual devices by decentralizing their administration.
  • By decentralizing Domain Name System (DNS) entries, blockchain technology can help prevent Distributed Denial of Service (DDoS) attacks.
  • With increasingly large quantities of data generated each day, storing data in a centralized manner leaves it potentially exposed, as a single vulnerable point can be exploited by a hacker. By storing data in a decentralized form using blockchain, it will be nearly impossible for miscreants to access data storage systems.
  • Blockchain technology can be used to verify activities like patches, installers, and firmware updates.   
  • Blockchain technology can be used to protect data from unauthorized access while it is in transit, by utilizing encryption.

The inherently decentralized nature of blockchain technology has several applications, of which cybersecurity should be explored. Data on blockchains cannot be tampered with, as network nodes automatically cross-reference each other and pinpoint the node with misrepresented information.

Blockchain technology provides the highest standards of data transparency and integrity. As blockchain technology automates data storage, it eliminates the leading cause of data breaches – human error. Cybercrime is the greatest threat to enterprises and blockchain technology could go a long way in fighting it.

Read next: Changing Application Landscape Raises New Cybersecurity Challenges

Share76Tweet47

Related Posts

Report Shows Blockchain Will Have a Significant Impact on Businesses – ETF Trends

Report Shows Blockchain Will Have a Significant Impact on Businesses – ETF Trends

by Admin
July 1, 2022
0

There’s a lot of hype about how disruptive technology such as blockchain could be a transformative force in various business...

Klever goes live with Mainnet of its native blockchain – FinanceFeeds

Klever goes live with Mainnet of its native blockchain – FinanceFeeds

by Admin
July 1, 2022
0

Blockchain infrastructure provider Klever has completed the foundational development for its native layer 1 blockchain functionalities and today launches its...

DYdX Founder on Building a Standalone Blockchain – CoinDesk

DYdX Founder on Building a Standalone Blockchain – CoinDesk

by Admin
June 30, 2022
0

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The...

Integrating blockchain-based digital IDs into daily life – Cointelegraph

Integrating blockchain-based digital IDs into daily life – Cointelegraph

by Admin
June 30, 2022
0

The last 13 years have seen blockchain technology evolve into numerous use cases — finance, data, logistics and security, among...

Blockchain ‘solves problems that don’t exist’, British MPs warned – TipRanks

Blockchain ‘solves problems that don’t exist’, British MPs warned – TipRanks

by Admin
June 30, 2022
0

Blockchain technology, which underpins cryptocurrencies, was described as having ‘no meaningful use cases’, in a meeting with British MPs.  The...

Load More
  • Trending
  • Comments
  • Latest
Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

April 21, 2021

SteveWillDoIt reveals hacker stole his crypto wallet: “I lost a lot of money” – Dexerto

July 26, 2021
Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

February 11, 2022
DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap – Cointelegraph

DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap – Cointelegraph

April 15, 2021
Polygon, Fantom Users Targeted in Ankr Gateway Hack – Crypto Briefing

Polygon, Fantom Users Targeted in Ankr Gateway Hack – Crypto Briefing

0

Rivals Ripple and R3 partner up | PaymentsSource – American Banker

0
Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

0

Litecoin Gets Bullish Speculation, at Last, as Upgrade Approaches – Coindesk

0
Polygon, Fantom Users Targeted in Ankr Gateway Hack – Crypto Briefing

Polygon, Fantom Users Targeted in Ankr Gateway Hack – Crypto Briefing

July 1, 2022
Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

July 1, 2022
Report Shows Blockchain Will Have a Significant Impact on Businesses – ETF Trends

Report Shows Blockchain Will Have a Significant Impact on Businesses – ETF Trends

July 1, 2022
Investing in cryptocurrency? What you need to know first – The Telegraph

Investing in cryptocurrency? What you need to know first – The Telegraph

July 1, 2022
Crypto Hoarding

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Bitcoin
  • Blockchain
  • Cryptocurrency Hackers
  • Ethereum
  • Litecoin
  • Ripple

Newsletter

[mc4wp_form]

  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

Copyright (c) 2021 - Crypto Hoarding - All Rights Reserved - web design by TechyRack