Blockchain Technology and Cyber Security

Wearable Technology Security Concerns
Wearable Technology & Security Concerns
June 25, 2018

Blockchain technology was first introduced in digital currencies or crypto-currencies (Bitcoins) in the year 2009.

What is Blockchain?

Blockchain technology was first introduced in digital currencies or crypto-currencies (Bitcoins) in the year 2009.

Crypto-currencies, like bitcoin, are currencies that exist only in the digital world. These are not physical tangible currencies that move from one hand to another. People make transactions in the digital world and transactions are verified and based on a consensus mechanism in the massive peer-to-peer network.

The crypto-currency bitcoin is based on blockchain technology. The transactions in bitcoin happen by changing the ownership creating a record in the blockchain. The blockchain in the crypto-currency system are managed by distributed nodes, all holding a digital ledger of the entire blockchain. Blockchain is a decentralized distributed database system secured using cryptographic technology. Since the blocks are distributed across the world and there is no centralization of the data and the fact that blockchain system uses cryptography to keep transactions secure, makes blockchain system one of the most talked about and revolutionary concepts in the current age.

Blockchain technology is the backbone technology behind Bitcoin!

Blockchain technology goes far beyond the crypto-currencies, it is going to revolutionize the digital interactions in coming years. Blockchain technology will revolutionize the cyber security and has the potential to disrupt many industries.

Blockchain definition: A blockchain is a type of distributed ledger, comprised of unchangable, digitally recorded data in packages called blocks. These blocks are stored in a linear chain and each block in the chain contains data which is cryptographically hashed. The blocks of hashed data draw upon the block just before in the chain, ensuring all data in the overall blockchain is not tampered with and remains unchangeable.

Cyber Security and Blockchain Technology

Cyber Security has been a growing concern for individuals, business organizations and governments in recent times. As state-sponsored surveillances, hacking, security bugs, online frauds and malicious codes have become increasingly common these days, the demand for a more robust and a reliable security system has become critically important.

With Internet of Things, Smart Houses and Smart Cities concepts coming to reality today and our increased dependency on computer-driven systems, a strong and robust cyber security has become a need of the hour. According to a study by Gartner the number of things connected to Internet was 4.9 billion in 2015, and forecast the number would reach 25 billion by the year 2020. Each of these things connected to the internet is a vulnerability and provides a potential threat to the whole system. Therefore it becomes critical strengthen and make cyber security more efficient.

Online breaches and security attacks into traditional banking systems have resulted into a lot of people losing their hard-earned money. In the past number of e-commerce systems have also been affected due to cyber attacks. Personal information and private communication of a lot users has been accessed unauthorizedly either by illegal hackers or due to government surveillances. All these online breaches, hacks or cyber attacks were possible because of weak and inefficient cyber security system in place. Also, because of the fact that the system or platform was centralized in nature and hence easier for the hacker to take control over.

This is where Blockchain comes in and provides a viable alternative. Blockchain technology alleviates a lot of cyber security concerns because of its decentralized and distributed system.

A way forward to secure these computer-driven systems is decentralization and distribution of data. Since blockchain based systems are distributed in nature, they could effectively play a greater role in creating robust cyber security systems. In a typical blockchain system, data is kept on various systems and servers across the world, thus removing a central point of control. Blockchains could also be used in secure communication systems by distributing workloads and creating consensus mechanism in the control systems. Acquiring consensus of all of the network is impossible for a hacker to achieve, hence saving the system from being taken over by unauthorized parties.

Cyber Security of the future is going to be revolutionized by Blockchain technology. Decentralization, distribution of data systems, and consensus mechanism in blockchain make it a very popular weapon for cyber security specialists.

Blockchain technology is still in its nascent stage but it surely is a technology with a potential to watch out for in the future!

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