Blockchain: An Ultimate Relief to Cybersecurity

 In Alten Blogs

During the trend of sophisticated hackers, losing vision of invention in this cyber industry is not a hot news any more. Although security issues are on the go, new technologies always ramp up to solve those issues. Through this article, I am going to write about the role of Blockchain applications and technologies in improving cyber security.

Build on a history of security research, blockchains are cryptography-based, distributed, peer to peer, and, an open source digital recorder in which transactions in cryptocurrencies like Ethereum and Bitcoin are verified chronologically and publicly.

Today without using Blockchain, analysing and distributing data is almost a risk. Whatever transaction you are doing online you are always relying on someone else to be trustworthy. To prevent form malicious hackers, after “trusted hub” people started depending on Blockchain.

Normally banks keep record of your account and you are helpless if they somehow by mistake provide you wrong data or if their level of security is not that strong.

Like other transactions, the transaction in Blockchain is not controlled by any bank.  Instead, there are lakhs of computers which autonomously verify the encoded transactions ensuring security in every step of transaction.  But during recording of the transaction, no existing transaction can be edited or deleted.

The ecosystem of blockchain has 3 stages:

  • Its core protocols like bitcoin, Ethereum,
  • Its middleware like consensys, and
  • finally, its applications

Use of blockchain applications is increasing these days to guarantee cyber security and protect organizations against cyber-attacks. Some of the blockchain applications and their role in cybersecurity are explained below.

Top Blockchain Applications:

#1 MIT’s Enigma (Bitcoin Blockchain)

Enigma based on bitcoin blockchain enables all transaction to run on encrypted data. It allows protected sharing of data and its analysis and distribution with complete encryption without any transparency. Blockchain access the complete data in public.

#2 IPFS

IPFS (Inter Planetary File System) is an internet protocol acts as a replacement for Hypertext Transfer Protocol (HTTP). The problem of protection issues in content signing faced by the HTTP oriented services can be easily solved by IPFS.

#3 Guardtime

Guardtime is a blockchain application that uses KSI (Keyless Signature Infrastructure) instead of its RSA signatures. The KSA contains only hash cryptography for giving the signature. This helps in digital identifying for security needs.

#4 Colony.io

It is a business oriented blockchain application that has features supporting security, elasticity, and help businesses in different industries. It is basically an Ethereum blockchain.

Users are given some tokens and they can vote using the tokens that are tradable for cash. And on any decisions, the business completely depends on the agreement among the contributors. The entire system is token oriented that signifies the identity, status and voting procedure perfecting its blockchain.

Where business, and organizations are fighting against cyber bugs, frauds, and hackers, these blockchains act as an alternative. In this connected world of data blockchain applications insures better connection through its connectivity.

Are your business transactions safe? Contact our Cybersecurity experts now to protect your business payments and defend against security threats and frauds. Write to us now at business@altencalsoftlabs.com

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