Why Blockchain is the perfect technology for cybersecurity

According to the 2022 ISG Provider Lens™ Cybersecurity — Solutions and Services report for Australia there has been an increase in the demand for cybersecurity products and services due to the increased need for home-based and hybrid work and companies to engage with customers online. These trends, together with digital transformation and cloud migration, have increased worries about vulnerabilities and altered how businesses obtain cybersecurity services.

Technology development has greatly increased the importance of cybersecurity research. Different business sectors are experiencing exponential growth in cybersecurity challenges. Big businesses are more concerned with when a cyberattack will occur than with whether one will occur. Governments are being urged by businesses to fight against cybersecurity threats because they are resulting in enormous financial losses. According to a survey, cyberattacks have a significant negative impact on businesses, and 61% of small and medium-sized businesses have experienced them.

The rising usage of cloud technology and online apps has also been linked to an increase in cybersecurity concerns, such as data breaches and the exposure of private information.

 

 

Blockchain: Playing an essential role in achieving decentralized information technology

 

Cybercrime costs people and businesses an estimated $500 billion annually and is both risky and expensive. Blockchain technology (BCT) is one of the important new technologies in recent years. Blockchain, a Distributed Ledger Technology (DLT), has the potential to be a powerful cybersecurity tool since it is focused on building trust in an untrusting ecosystem. Blockchain is decentralised, as opposed to centralised databases, making it difficult to attack. Blockchain in cybersecurity is widespread, and it’s being used as a new weapon in the fight to protect our most sensitive information by many industries, including the Internet of Things (IoT), healthcare, finance, cryptocurrency, Defence and Military, and the government. In fact, the Australian government is one of the world leaders in governmental blockchain implementation. The country prioritised the development of a cybersecurity network that runs on DLT.

All assets, whether tangible or intangible, are digitally stored in the distributed database known as BCT. Through the use of private keys that are available on the blockchain, this digital encoding makes registration, tracking, and trading simple.

In the most recent computing paradigm, BCT is regarded as one of the most important and emerging technologies, adding more security to information system applications. One of the most widely used technologies, blockchain technology enables transactions to be more transparent than with old centralised systems. Through the use of mutually distributed ledgers, this technology can assist businesses in managing and distributing digital data.

 

 

Four basic features of Blockchain

 

 

Immutability

 

Blockchain is checked automatically and continuously. A block is any additional knowledge that is added following self-examination.

The data is committed to being transparent and immutable since doing so would require changing it in every node of the network, which is not practical. Each node of the network will have a copy of the most recent data. In other words, blockchains are impervious to corruption and data attacks.

 

 

Decentralisation

 

Blockchain is a decentralised system, therefore any data it stores, functions as a unit of the entire network. There is no central authority; all information is distributed across the nodes.

Instead of being under the control of a single entity, a decentralised network controls data. As a result, the entire network runs on the peer-to-peer or user-to-user model. Blockchain is now being used by numerous institutions, including banks and governments, to maintain data. Not only does this make data more transparent, but it also makes tracing simpler.

 

 

Enhanced security

 

In contrast to vulnerable websites that are readily breached despite security passwords, a blockchain’s data is shared among numerous nodes decentralised from a single point, making it impossible to steal.

Thanks to encryption using private and public keys, data is completely secure. Public keys are created at random as a long string and made available to the public. On the other side, the private key serves as a password to access users’ data.

 

 

Distributed ledger

 

All network nodes repeatedly share all the stored data. As previously mentioned, blockchains automatically update every ten minutes. A blockchain is considered as a shared file for information.

Everyone on the network has easy access to the shared information and can readily verify it. Additionally, this guarantees that data is synchronized with other files and cannot be stolen. Most significantly, there is no single point of failure, making it impossible to attack or manipulate the data.

Blockchain Security Software in Australia

Subscribers can download The 2022 ISG Provider Lens™ Cybersecurity — Solutions and Services report for Australia for free or for a one-time purchase on this webpage.

 

 

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