How transparency through blockchain helps the cybersecurity community?

Blockchain is heralded as a revolutionary technology that changes the way we store data and conduct transactions. How does the tech fare with cybersecurity? Let’s find out.

Ushered into existence back in 2008 to support cryptocurrency, blockchain quickly garnered the attention of people for its functions. Popularly known as a “digital ledger”, a system that can save information with a variety of favorable features, several businesses have begun to focus on this new technology. The question is, why use blockchain for cybersecurity?

Blockchain proudly boasts of its core features that makes it so viable - decentralized, immutable and transparent. The three features possess solutions to various problems that are otherwise  a hassle with conventional digital ledger technologies. Owing to being a one of a kind technology that is efficient at preventing fraudulent activities from taking place, blockchain is of great help to enforce stringent security protocols for an overall better cybersecurity. Its rising popularity has also caused an increase in enterprise blockchain solutions.

Being a decentralized system, blockchain stores multiple copies of its information on different computers, known as nodes. As a backup of the contents of the blockchain are made on different nodes, if a few computers get shut down, it won’t affect the data saved in the blockchain. The nodes communicate with each other and collectively, with a consensus mechanism, validate and accept transactions. By sharing all of its processes, from storage to validation means that a single party cannot make independent decisions on the blockchain.

Blockchain  uses cryptography to encrypt data stored in its database. This provides users and transactions full anonymity. 

For example a data record that implies that 

“Mark sent 2 BTC (Bitcoin)” will be encrypted and displayed as “3KC4hstPOPluvw2vpFYEmvfT2TbyCt7CZJ sent 2 BTC”

Once a file is registered on the blockchain, it cannot be altered. This immutability feature of the technology is highly revered for its anti-fraudulent capabilities.

Benefits of Blockchain for Cybersecurity

The possession of a blockchain’s address grants entitled individuals with access to all the information in the blockchain. The data can be viewed at anytime from any geological location. By being a transparent ledger, it favors cybersecurity in many ways.

Security Reports

The availability of security reports from the past can make it easier for businesses to shape their protocols to negate similar undesirable circumstances. Events that can be circumvented include - web attacks, faltering of efficiency, hacks and bugs. Fortification of processes becomes a simpler task when security records are openly shared.

Proof of Adherence

Different countries have different laws that regulate how businesses function. One of the primary objectives of such laws is to maintain security. With blockchain technology, government bodies can be assured that businesses adhere to official policies. Upon a company’s provision of its blockchain address to regulatory authorities, all the immutable records can be viewed. This promotes better trust overall.

Absolute Transparency

Security vendors are usually unquestionably trusted for the services that they offer. What if there arises a suspicion in what they claim, perhaps a lot of investment has been going into dealing with issues that may have turned out to be a bunch of false negatives. The transparency of blockchain technology reveals every record including security records without any alterations. This transparency allows companies to keep a check on the legitimacy of their security divisions.

Avoids Accusations

The transparency of blockchain’s data prevents confusion of any kind. The stored data is displayed in a crystal clear way that could and can never be altered, this feature prevents wrong blame and wrong accusations during times of anomalous activity.

Blockchain technology has been constantly proving itself as a revolutionary ledger that improves every aspect of facilitating and storing information. Its amped up security features make cyberspace safer and more reliable.

Blockchain App Factory is an industry-leading enterprise blockchain solutions and services provider that has a seasoned team of blockchain enthusiasts who can offer you the best features, scalability and costs to build your own blockchain.