Everything is available and happens online these days. You can make friends and connect with people living in any part of the world through social networking sites. There are e-commerce sites where you can buy and sell goods and services. You no longer need a television to watch your favorite movies and series, there are online streaming platforms for that. From simple bank transactions to complex trading, all can be done through mobile phones, tablets or laptops provided you have access to the internet.
However, any such transaction or interaction involves a good amount of data, the security of which is a major concern these days. When using any online service an individual is required to enter a few basic information to complete the procedure. This data is supposed to remain protected and secured, at least that is what is claimed by the service providers. But is it truly protected?
Major data breaches
Last year a massive data breach of social media giant Facebook came into light. The breach that happened about 2 years ago exposed profile information, friend networks, private messages, and political beliefs of more than 87 million users.
Then there is also the famous Yahoo and Equifax data breach scandals. In the 2017 world’s leading consumer credit reporting agency Equifax reported of unauthorized data access which exposed names, social security number, addresses, birth dates, and driver license numbers of about 145.5 million users.
Yahoo has multiple instances of such security breaches that compromised the information of the user’s accounts. The above-mentioned examples only solidify the concern over data breaches. These kinds of incidents not only compromise valuable information of the users but also leads to heavy financial losses as well.
However, any redundancies in technology can be countered by technology itself. That’s where Blockchain comes to the rescue. According to experts, blockchain can very well prevent such cybersecurity breaches and protect user information and enterprise data.
Blockchain in Cyber-Security
Blockchain technology comes with the boon of three unique features that can be the answer to preventing any kind of cybersecurity breaches:
– The blockchain technology runs on a trustless system because it assumes that anyone from the inside or outside can compromise the system. So there is no human trust involved.
– Blockchain comes with immutability. The blocks in the blockchain stores data and secure it by using several digital signatures and other cryptographic properties like hashing etc. Once the data is entered inside the block it cannot be changed or tampered with.
– Since blockchain works as a decentralized distributed system, there is no central authority. It made by comprising multiple nodes. Any decision is made and confirmed after all the nodes come to a consensus.
All of these properties does a great deal in fortifying the cybersecurity and prevent any kind of data breach.