HOW BLOCKCHAIN STRENGTHENS DEFENCES AGAINST CYBER ATTACKS?
In the digital world, cybersecurity threats are constantly evolving. Hackers are always finding new ways to cause damage, leading to significant financial losses through data breaches and ransomware attacks. As these threats continue to change, it’s crucial to have robust cybersecurity measures in place to protect against them.
In this blog, we’ll look at the major cyber threats that cause significant global losses each year, and how blockchain features can help prevent these attacks.Blockchain is a promising technology for tackling cybersecurity threats. Its special features can help prevent several types of cyber threats. Let’s see how blockchain can address some key cyber threats:
- Data Tampering
A significant cybersecurity risk that may result in data breaches and fraudulent activity is data tampering, which refers to the act of making unauthorised modifications to sensitive information. Immutability is the most important advantage of blockchain technology, which means that once data is uploaded, it cannot be altered. The authenticity and integrity of the data are protected by this. The tamper-resistant characteristics of blockchain makes it a safe alternative for the storage of sensitive information. It also provides a record of transactions that is both transparent and immutable.
- Fraudulent Activities
As we know, our digital world is filled with fraudulent behaviours, including identity theft and money fraud, which are particularly widespread. These kinds of behaviours may be detected and prevented with the use of blockchain technology because of its transparency and traceability. As a result of the fact that every transaction is recorded on the blockchain and can be traced back to its point of origin, it becomes increasingly difficult for hackers to engage in fraudulent operations without being discovered. By providing a safe environment for digital transactions and discouraging fraudulent activity, this transparency and traceability may be of great assistance.
- Smart Contract Vulnerabilities
Contracts that are digital in nature are known as smart contracts, and they are able to conduct transactions automatically when certain circumstances are satisfied. However, they are susceptible to attacks because of errors in the code or weaknesses in the application. The technology known as blockchain has the potential to assist in mitigating these vulnerabilities by offering a platform that is both safe and transparent for the execution of smart contracts. Due to the fact that it is decentralised and immutable, it is impossible to change the code or the execution once it has been deployed. This eliminates the possibility of unauthorised alterations or fraud occurring. By guaranteeing that contracts are carried out in the manner that was intended, this increases the level of confidence and security in digital transactions.
- DDoS Attacks
A frequent type of cyber attack is known as a distributed denial of service attack, or DDoS attack. The goal of these attacks is to flood a system with so much traffic that it becomes inaccessible. Blockchain is resistant to distributed denial-of-service (DDoS) attacks due to its distributed nature and consensus mechanisms.A single point of failure is difficult for attackers to target since blockchain is based on a network of nodes, which makes it tough for them to target. Blockchain is able to survive distributed denial of service assaults (DDoS) more efficiently than centralised systems because it distributes data across several nodes.
- Identity Theft
One of the most significant concerns in the field of cybersecurity is identity theft, which occurs when criminals take personal information in order to impersonate another person. By offering a safe and decentralised method of managing identities, blockchain technology has the potential to assist in the prevention of identity theft. The act of storing identifying information on a blockchain provides individuals with increased control over their personal information and decreases the likelihood that their identity would be violated. This is due to the fact that the decentralised structure of blockchain makes it impossible for hackers to access and modify the information that is stored, providing an increased level of security and privacy.
- Supply Chain Attacks
Blockchain technology has the potential to mitigate supply chain attacks by offering accountability and traceability. Through the process of recording all transactions on the blockchain, organisations may authenticate items and guarantee their integrity by identifying any alteration. This phenomenon poses challenges for malicious entities trying to insert fake or substandard products into the supply chain. Blockchain technology enables the secure recording and traceability of each stage within the supply chain, therefore mitigating the potential for fraudulent activities and safeguarding the overall integrity of the supply chain.
Conclusion
Blockchain is not a solution that can solve all of the challenges that arise in the realm of cybersecurity, it is an effective tool in fighting against cyberattacks. The fact that it is able to generate records that cannot be altered, in addition to the fact that it stores information in a transparent manner and has a decentralised structure, makes it difficult for hackers to steal data or cause havoc.
However, keep in mind that cybersecurity is similar to a team sport. Blockchain technology is most effective when it is used into a bigger security plan that also incorporates additional safeguards to ensure the integrity and safety of your data.
If you are a researcher and want to get the latest information on how the super secure structure of the blockchain is developed and what components of the blockchain are included which prevent it from being tampered with, check out our blogs and publications on blockchain.