Blockchain and Cybersecurity: A Breakdown for Beginners

A well-executed cyberattack can be the downfall of any business, regardless of its size and status. A cybersecurity breach will not only spell financial disaster, but it may also lead to a damaged reputation.

But it’s not just businesses that are under threat from cybercriminals. Other institutions such as the government and individuals are also at risk of attack.

Nobody wants their data to go up in smoke because of the actions of some criminals. One solution is to consider using blockchain for security.

So, how does blockchain keep data secure? Let’s explore blockchain and cybersecurity.

What Type of Cybersecurity Threats Are There?

Cybercriminals have several techniques at their disposal for bringing businesses to their knees and it is important to know what these are.

Phishing is one of the most common scams on the internet. The way that phishing works is that you’ll receive an email that appears to be from a legitimate source such as your bank. The email asks that you visit their site by clicking on a link.

You’ll be directed to a fake version of your bank’s website. You’ll log in thinking it’s the legitimate site. Once you do this, criminals will have all your details.

Other common forms of attack include ransomware, brute force attacks, and more. This article highlights eight of the most common IT security issues and how to avoid them.

What Is Blockchain?

Think about the concept of a ledger. In the ledger, transactions get recorded. This allows for transparency and ensures everything is above board. Because everything gets recorded, the ledger doesn’t need anyone to watch over it. This is how the blockchain works.

The blockchain is a digital ledger that is encrypted and shared within a network. In the blockchain, it is very hard to change or remove data.

Whenever the blockchain is added to, network participants that possess copies of the existing blockchain will run algorithms that will verify the transaction in question.

When all of the nodes are in agreement on the validity of the transaction, it gets approved and a new block is added.

Blockchain and Cyber Security

Businesses needing cybersecurity protection will find the unique features of the blockchain to be beneficial. These can make a virtually unbreakable wall between your information and the attacker.

The blockchain allows for password-free entry. Using fingerprints and retina scans, it is possible to create an unbreakable form of entry into any data you wish to keep secure.

The fact that the storage is decentralized means that each block contains just a small amount of information. This puts a tight limit on hackable data.

The final benefit is that the public record-keeping system will give every node an insight into any attempted hacks. This will expose criminals in real-time.

Blockchain Technology Security Is the Future

Blockchain and cybersecurity go hand-in-hand. It is fair to say that as more organizations adopt blockchain technology into their own security, blockchain security will become standard practice.

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