Blockchain technology is useful when it comes to fortifying cybersecurity. There are many tools that blockchain technology has to offer to its users to ensure the protection of the data against hackers. These tools play a significant role in lowering the chances of fraud or data theft.
Blockchain gets corrupt when a hacker gets into the system and destroys every dataset that is stored on every computer forming a part of the global network.
A global network may be made up of millions or billions of computers. Each computer has its own set of data that may store some data and its copies. It is rather impossible for a hacker to corrupt the entire global network made up of millions of computers in one go. Unless the global network corrupts, it will store all the data and keep it as a safe record. Hackers find it even more difficult to corrupt the entire global network as the number of users increases. As the blockchain technology continues to expand and the network grows, there is a very minute risk of hackers corrupting the network and bringing all the computers down, concurrently, to steal data (Lee & Lee, 2017).
The complexity of blockchain technology is the main reason why hacking into the network gets very difficult. Therefore, blockchain technology has now become one of the most secure forms of sharing and storing information on online platforms.
Given the complexity of blockchain technology, entrepreneurs now realize that hacking is really difficult. Therefore, they have now resorted to the implementation of blockchain technology across various industries to protect data and prevent the occurrences of fraudulent activities. Distributed Denial of Service (DDoS) attacks can also be prevented through the implementation of blockchain technology. This is because hackers find it very difficult to attach the global network when the DNS is decentralized. Upon decentralization, the contents are distributed to millions of undamaged computers on the networks.
Bibliography
Lee, B., & Lee, J. (2017). Blockchain-based secure firmware update for embedded devices in an internet of things environment. J. Supercomput, 73 (3), 1152–1167.
Smith, R. (2009). Computing in the Cloud, Research-Technology Management.
Truong, D. D. (2010). How cloud computing enhances competitive advantages: A research model for small businesses. The Business Review, Cambridge, 59-63.
Hi Tom,
Nice blog, i did enjoy reading it. I agree blockchain could be the future of cybersecurity.
Since blockchain is quite a new phenomenon and I’m not a expert on it, I have a question for you regarding these sentences: “Blockchain gets corrupt when a hacker gets into the system and destroys every dataset that is stored on every computer forming a part of the global network. A global network may be made up of millions or billions of computers”
How does blockchain add more computers to it’s network? And if more computers are added the blockchain becomes more safe, right?
Kind regards,
Nigel
Hi Nigel,
Good question!
Yes, the more computers added to the blockchain network, the safer it gets.
Our current network system is centralized, meaning all the information goes through a central point. This is not safe because the person who controls this central system, controls everything. However, a blockchain system is a decentralized system. Even if one computer (node) gets infected, the system still stands as a whole.
If you would like to know more about this, I would recommend reading this site: https://medium.com/coinmonks/blockchain-what-is-a-node-or-masternode-and-what-does-it-do-4d9a4200938f
Indeed, Blockchain is the perfect solution, as the technology has an inherent connection to cybersecurity. After all, the system brings together decades of research and breakthroughs in cryptography and security. In my opinion, what makes it unique is the totally different way of storing data, making transactions, performing functions and establishing trust. These characteristics make is perfect for a environment in need for high security.
Maybe you could give a future outlook on how this technology can change such an industry? I’m thinking that in some years, we will find banks redundant and turn to the Blockchain.
Blockchain will become way more used in the upcoming years. People are starting to realize the benefits like you mentioned in your comment.
I also think banks will be redundant in the future. Like the professor said in the class “We need banking services, not banks”. However, I do think there will still be physical stores, this is because a lot of -older- people do not understand the digital world. They need to physically go to a place to resolve a problem.
Wow, this is a really interesting subject. I did not know that blockchain was so secure already especially after the cryptocurrency problems that have been faced in the past couple of years. I guess, more companies should start working with blockchain after all the cybercrimes that have taken place throughout the years. I have already read about some companies implementing more digital security measures to fight hacking. Would you think also governmental institutions could implement it? Or are there also risks attached to doing so?