Applications of Blockchain in the Field of Cybersecurity

Panaesha Capital Pte Ltd.

 

We have got used to hearing about new and innovative projects with blockchain as the underlying technology. Whether it is an online marketplace or green energy blockchain technology is everywhere these days.

Cybersecurity and Blockchain Technology

Cybersecurity is becoming a pressing problem due to the unreliable nature of today’s world wide web. Cybersecurity alone costs approximately $450 billion per year to the global economy. Blockchain has a lot of potential to restructure the way cybersecurity plays out its part.

Nick Bilogorskiy, Cybersecurity Strategist at Juniper Networks, said, “Blockchain has plenty of genuine use cases, for example, decentralized storage, preventing fraud and data theft, and distributed public key infrastructure for user or device authentication.”

Let’s look at what problems in cybersecurity is blockchain technology tackling right now?

Multi-Factor Authentication

Deliberate Denial of Service (DDoS) attacks are quite common threats when it comes to cybersecurity. DDoS attacks are widespread and rampant due to the existing DNS (Domain Name System). If the creator of data holds complete data in just one location which is centralized, then it becomes infinitely easier to hack and manipulate. Data security offered by blockchain’s decentralized structure can help distribute information via nodes, due to which systems will become impossible to hack virtually.

A blockchain Technology based security startup, REMME, is making attempts to prevent cyber attacks such as DDoS on large and small companies. Blockchain ensures that there remains no room for any errors, and the easy to hack into one-step password system which are so widely used is taken down by introducing multi-factor authentication.

Improving Security of IoT

A major threat to device security is a big roadblock in the IoT industry. A research by Gemalto highlights the fact that 96% of companies and 90% of consumers using or working with IoT devices believe that they aren’t secure and they should be better regulated. The main concern for most people is that a hacker can take control of any device and their personal information without the data security of blockchain

IBM is leading with innovations in IoT with blockchain technology. IBM’s Watson IoT Platform allows IoT devices to transmit files to blockchain based ledgers which will ensure that data is shared through records and transactions which are completely tamper-resistant and are validated via smart contracts.

Filling Talent Gaps

There is quite a lot of talent shortage, especially in cybersecurity industry. Unemployment in the cybersecurity industry is almost negligible with constant challenges of the emerging tech and greater threats. Firm, Frost & Sullivan predicts around 1.8 million vacancies in the industry.

PolySwarm, a blockchain based antivirus marketplace, incentivizes cybersecurity experts from across the globe to work towards fighting cybercrime. This gives bright talents an opportunity to shine, despite their location, education, and history, and help detect cybercrime faster.

Which other fields within the cybersecurity industry can blockchain technology be applied to? Comment below and let us know.

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