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Blockchain Has Potential to Re-Engineer Cyber Security

Narendra Kumar

| Updated: Nov 20, 2017 | Category: General

Blockchain

Blockchain technology has found to have an intrinsic relationship with the cybersecurity.

What is BlockChain and How this pushing Re-Engineering in Cyber Security worldwide?

Blockchain is a shared ledger for recording the history of transactions that cannot be altered. Transactions take place every second orders, payments, account tracking. Often, each participant has his own ledger and, thus, his own version of the truth. Having multiple ledgers is a recipe for error, fraud, and inefficiencies. The objective is to realize a transaction end-to-end and decrease those vulnerabilities.

However, like sharing exchanging information over the Internet in a decentralized manner, Blockchain is a kind of breakthrough innovation that allows people worldwide to transfer value- money, without going through any decentralized financial institution[1] like the banks. On the other, most of the online payment methods, which are cropped up after the birth of the Internet, like PayPal typically, ask for bank account or credit integration.

Blockchain technology has found to have an intrinsic relationship with the cybersecurity. After all, this pioneering technology has cropped up from decades of intensive study and research of every aspect of the Internet. Thereby, termed as a breakthrough in the vertical of security and cryptography. This technology has built an aura of its own when it comes to storing data, making transactions, performing functions, and building trust in the minds of both senders and receivers. This, in turn, makes it an ideal background with high-security features and requirements.

To emphasize the significance of Blockchain technology in the world of the Internet, the most popular cryptocurrency, value has soared over the year which is because, over the last few years, it has done well to withstand cyber-attacks of high complexity coming from different parts of the world. Thereby, building trust among investors, which is crucial for virtual money to float in today’s society.  At its core, based on Blockchain technology. Blockchain distributed ledger, currently have an uncanny potential to defy threats from hackers, fraudsters of any sort- be it stealing the critical data or tweaking with the information stored.

If anyone, who wish to corrupt or destroy the data stored in the Blockchain, a transparent, distributed ledger need to do so on every user in the global network. Thus, nullifying, any possibility of manipulating the Blockchain data. Just to mention, a hacker requires simultaneously hacking down the network, which is near to impossible, as even undamaged computers known as the nodes retrieve the lost information. And, the network here means millions of computers, with each one having the same information.

The impossibility of a daunting task of hacking the whole network increases significantly with the augmentation in the number of users. To boil down, the bigger the Blockchain network, the infinitely lower the risk of it getting hacked, it’s all because of the complexity required to make inroads in such a network.

The complex structure of the Blockchain ledger supports Blockchain technology to be more secure than other innovation when it comes to recording and storing data. This is the reason, why investors and big companies are investing big bucks in this technology to implement in different segments to abstain fraud and better protection of the data.

The current scenario is as such, the financial services market is the biggest sector of an industry centred around market capitalization. If, Blockchain technology in the coming years can acquire a chunk of it by employing peer-to-peer transactions in other sectors, then, it is a no-brainer to say, that the Internet would be better cybersecurity.

This technology brings to the table an intriguing opportunity of getting rid of the ‘middle man, ‘the banks. This is done by present you a three-tier model. Where, first, the transaction is recorded, then establishing identity, and lastly, establishing the contract. Earlier, all these were done by a traditional banking institution.

As the technology landscape changes rapidly, making one wonder which technology would take the lead in offering business and jobs, IT experts feel blockchain, artificial intelligence, machine learning, and robotics will lead the way in 2018. Companies that have not started digital investments yet in technologies like BlockChain, artificial intelligence, machine learning robotics and virtual and augmented reality are at high risk of being disrupted, new research has predicted. These technologies, especially BlockChain, have the potential to deliver disruptive outcomes and reshape digital business in 2018, said global IT solutions and services provider Dimension Data. The upper tendency for the upcoming year is the acceptance of Blockchain the technology behind and its immense potential to disrupt and transform the world of money, business, and society using a variety of applications.

In the financial services sector, the US and European capital markets moving onto Blockchain platforms and similar activity in markets such as Japan. Since how traditional and compliance-focused this sector is, that’s quite remarkable. The Blockchain has the potential to totally re-engineer cybersecurity, but the industry has yet to come to terms with it. Accordingly, Blockchain will also distribute on the promise of the Internet of Things in the year ahead.

In 2018, some interesting applications of Blockchain and the Internet of Things in the area of cybersecurity will emerge. Another exciting trend to look forward to is the boom in new wireless technologies that will enable the Internet of Things and bring us a step closer to the dream of pervasive connectivity. Some of these advancements will include 5G and Gbps Wi-Fi, new controls, virtual beacon technology, and low power, long-distance radio frequency. However, an increase in the acceptance of Blockchain especially within the Indian BSFI sector, and is currently being used for fund transfer, digital identity and payments infrastructure. In 2018, one will see the ‘zero trust’ security model re-emerging which means that enterprise systems will vigorously authenticate whether users are indeed entitled access to specific sets of data, before making them available. So fundamentally, Blockchain will become the implementer of the ‘zero trusts’ policy.

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Narendra Kumar

Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.

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