Use Blockchain and Win Cyber Security: Here’s why?
Blockchain Technology became a popular phenomenon during the rise in value of Bitcoin in 2017. Previously, the use of Blockchain was confined to the storage of information. Recently, Blockchain developers have realized the various ways in which Blockchain Technology could play a pivotal role in securing the state of Cyber Security.
What is Blockchain Technology?
Blockchain Technology makes use of the series of blocks where information once stored cannot be altered or tampered with. After solving a complicated mathematical problem, information can finally be encrypted into a block. What happens in the case of Bitcoin is that Blockchain makes sure no detail regarding any transaction gets misplaced.
This technology works with two keys, the public key and the private key. The public key and the private key are almost related to each other as an email address is to its password. Each Bitcoin investor will have both the keys in their possession. His public key will be known to others, using which they will be able to send him Bitcoins. Using his own private key, he will be able to access the Bitcoin, thereby completing the entire transaction process.
Since Blockchain also makes use of peer-to-peer technology, it does not involve any third parties to authenticate the transaction. However, all transactions are recorded in the public ledger to which all stakeholders are privy to. If anyone spots a discrepancy in the transactions, they can immediately deem the transaction null and void. Following the same procedure, Blockchain is being developed to combat various security issues not just pertaining to Bitcoin but above and beyond that.
How is Blockchain used in Bitcoin?
If a hacker tries to tamper with some information that is encrypted in one of the blocks, Blockchain Technology immediately recognizes the discrepancy. It goes on to skim through all the blocks and zero on the particular block which has been tampered with. It removes that block from the entire chain.
The technology does not allow any particular location to be the central location to the chain. Every user only plays a limited part in it, wherein they have only limited power. In totality, however, the entire power was vested upon the Cryptocurrency users.
How Blockchain Prevents Theft and Fraud?
With the immensely long chain of blocks already formed with the popularization of Bitcoin, it would be nearly impossible for a hacker to commit theft. As the number of Bitcoin investors increased, the length of the Blockchain network kept increasing. In such a scenario, even if a hacker acquires some information from, say, cryptocomeback pro, he will not be able to make any changes based on that. The data keeps getting verified time and again. The technology allows no change to take place.
The Distributed Denial of Service is an attack on the system wherein the site receives such a large number of requests that the site ultimately crashes. Preventing DDoS Attacks from happening is a difficult task due to the existence of the Domain Name System (DNS). The partially decentralized nature of DNS makes it easier for hackers to attack its centralized part where the bulk data remains and thus, shake the system down into defeat.
Using Blockchain Technology, this problem could be easily resolved. By extending the centralized structure of the DNS and extending it to a huge network, wherein there remains no center could immediately resolve the issue. By enlarging the number of nodes, the network could be expanded. Companies like Twitter and Spotify are already facing large-scale DDoS Attacks, and will have to ultimately rely on Blockchain for solutions.
Blockchain Technology and its wonders cannot be confined in such a small sphere. Blockchain developers are coming up with new ways to boost cyber security every other day. By the implementation of rigorous encryption and data distribution, cyber crimes and hacks will be minimized.