Using The Blockchain For Good Cyber-Hygiene
#private keys #blockchaintechnology #blockchainledgers
Digital security is a combination of technology, processes and controls that are designed to reduce and not eliminate the risk of cyberattacks. The best digital security is designed to quickly and efficiently assess and respond to potential threats. Blockchain startups need to be concerned with security from day one to protect their assets and reputation. Do your research and take note of the reputation of companies you want to do business with.
As you can see, smart contracts offer huge potential for secure transactions but are not without some inherent challenges, including data security. Solid cybersecurity practices cannot be taken for granted when implementing or using this technology. If anything, your company (or your customer) needs to be more vigilant about this evolving technology to protect itself from threats to data security.3
IP addresses, malware identification, and other intrusive sources require the mass deployment of a solution that takes the security of privatized data into account, which can then be used to generate analytical reports. The users who agree to the terms of use by installing the software contribute this data and ultimately cannot view their data. By integrating blockchain technology into the cybersecurity equation, security providers can develop solutions that allow their users to play a more critical role in the growth and accuracy of security systems.2
Readiness for cybersecurity includes understanding risks and threats to assets and information that are relevant to the company and its employees, regularly monitoring and detecting cybersecurity threats, protecting critical systems and information, and ensuring that the company meets all relevant standards adheres to and has contingency plans in the event of a breach and clear business continuity plans to minimize losses. But blockchain is here to revolutionize cybersecurity space by offering a safer and cheaper option. It is scalable, inexpensive and more innovative because the peers in the blockchain share additional computer resources. 15
Any user can add information to the blockchain, and all data in the blockchain is secured by cryptography. Every other member of the network is responsible for verifying that the data added to the blockchain is genuine. A verified data component forms a block, which must then be added to the chain. To do this, blockchain users need to use their respective keys and powerful computer systems to run algorithms that solve very complex math problems. 1
Blockchain ledger entries had to be checked for fraudulent activity, and most importantly, hosts that included blockchain implementations had to be protected from vulnerabilities and privileged attacks that could compromise or manipulate blockchain insertion. So if you can attack the server, application and general ledger processes, you can manipulate the blockchain. Blockchain implementations are only as secure as the applications that use them.29
It is sufficient to think only of cases in which medical devices are hijacked and checked by hackers and the car loses control of its entire vehicle fleet. Trade names like IBM use blockchain for their Watson IoT platform so devices can transfer data to secure blockchain ledgers. Blockchain can detect whether the biometric authentication data is legitimate and ensure the smart home remains secure. 4
A consistently popular cyberattack vector focuses on targeting and exploiting the device with the goal of compromising user credentials or their private keys. In the context of the blockchain, private keys serve as identity and security data for the users of the distributed general ledger and support the ultimate anonymity of the general ledger. Protecting the security of private keys is crucial for trust in the blockchain.21
Blockchain technology is one of the best tools we can use to protect data from hackers, prevent potential fraud, and reduce the likelihood of data being stolen or compromised. The impossibility of a task like shutting down an entire chain increases with the number of users on a network. For larger blockchain networks with more users, the risk of being attacked by hackers is infinitely low due to the complexity that is required to penetrate such a network.1
Of course, since blockchain and cryptocurrencies are dominated by the main players, a challenge is the risk that the living start-up ecosystem, which consists of challengers, will be priced out of the currently applicable standards for operation, hardware, software, cybersecurity and governance. One of the strengths of the blockchain technology wave is not just that the technology is resilient due to its distributed nature. In many ways, the talent pool that brought this technological miracle to life is similarly distributed.20
The disruptive component of public blockchains is not what many people think. The real strength of blockchain is the ability to decentralize many other types of ledger. At some point in the next 10 to 20 years, blockchains could begin to oust all kinds of middlemen who are now controlling the flow of money, the flow of goods and services, and the distribution of digital content. Social commentators such as Rifkin and technologist Andreas Antonopoulos have voiced their opinion worldwide of how blockchain can enable people to control and monetize many aspects of their digital life.6
With regard to the infrastructure, endpoints and resources of enterprise technologies, the challenge of effectively managing these devices is significant. To activate and improve situational awareness for IoT devices and critical infrastructures, innovative blockchain functions are required that complement traditional solutions.5
Have a great day
max@maximumjusticecybersecurity.com
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