"We have elected to put our money and faith in a mathematical framework that is free of politics and human error."
~ Tyler Winklevoss, founder of Gemini cryptocurrency exchange
These days blockchain and cryptocurrency are trending more than celebrities & influencers. These trends didn’t pick up overnight, you won’t be surprised to know that these are rooted in practical applications and the desire to improve outdated systems.
Data is the most valuable commodity in the world. The global big data & analytics market is expected to grow to 103 billion dollars by 2027.
Now, securing this data has become one of the most important functions of the digital world.
Your data is defenseless and very tempting
Data needs to be protected by using only the latest and the most effective technology available. In the cybersecurity domain, being outdated means being useless.
“It takes 20 years to build a reputation and a few minutes of cyber-incident to ruin it.”
~ Stephane Nappo, Global Chief Information Security Officer at Groupe SEB
It is not about jumping on the trending hype train, it is about addressing the clearly visible vulnerabilities of central storage systems.
The explosion of online data in the past decade has also been accompanied by lapses in data security. It is both deadly and costly, cybercrimes cost about $500 billion a year.
This search for finding a safer alternative has led many people to the same conclusion - decentralized blockchain security.
Blockchain uses distributed ledger technology (DLT) that is decentralized and spread out. Every member (node) is individually & collectively participating in the security of the network.
These Block "chains" bind (secure) and liberate (transparency) with extreme efficiency & with the smart judgment to know when to do what.
Decentralized Vs Centralized
The central authoritative system becomes a bottleneck for progress, an exposed beacon vulnerable to attacks with no space to evolve.
This is why a more liberal decentralized system entered the ecosystem, creating ripples, now a full-fledged wave that is transcending into different domains and systems.
Transferring the power back to the user, the decentralized aspect of blockchain has resonated with people that want a safe space for their transactions, one that is democratically spread out & still has carefully structured transparency that keeps the faith alive.
Big things come in small packages
If you are still confused on how distributed blockchain actually makes things safer then you need to put the infrastructure under an investigative lens and see how the data is actually stored.
The magic is in the block part of the chain. Each block in the blockchain system contains a small amount of information, a small piece of a much larger puzzle.
Hacking a single block is completely useless and hacking the whole system evidently impossible.
Added layer to security - Each node (member) in the system gives real-time information about any hacking attempts. You can validate the nature of the threats and trace them back to their mischievous source.
Blockchain security at a glance
Along with decentralized storage, there are other layers of security offered by the blockchain. A quick glance at some specific security improvements:
Building integrity of a software
Blockchain permanently records the history of hashes. As the data stored on a blockchain can't be changed or tampered with, the entire history of hashes can be cross-checked to validate the integrity of the software.
Safer data transmission
The complete encryption feature of blockchain can be used to make the system safe for In-transit data. This would make data transfer much safer in comparison to other systems like emails, SMS, etc.
The Internet of Things (IoT) is going to be responsible for the creation of massive amounts of data in the coming future. As IoT devices are connected with other smart devices, there are numerous opportunities for a hacker to capitalize on.
Blockchain is being applied to create an advanced security grid that decentralizes the device authority systems to ensure stronger safety throughout the network.
Security from DDoS Attacks
DDoS or Domain Name System is a centralized system that makes it a prime target for hackers with malicious intent. A successful DDoS attack can render a website inaccessible and at the mercy of the hacker.
Blockchain has the ability to completely neutralize such attacks by decentralizing DNS entries.
Building blocks of a new future
These blocks are no longer scattered and without purpose. Many big and small players have arranged these “blockchain blocks” in a structured system that has the potential to create stronger foundations for data security, credibility, and personal freedom.
Just the existence of such technology has everybody questioning the centralized mechanics currently in place and where blockchain can take us in the coming years.
Many have now realized that the promise of blockchain has led to fruitful and verified results, the support of the masses, and now even the support of credible financial institutions.
Blockchain has actualized a completely new design to store, manage and interact with data throughout the world and it shows absolutely no sign of slowing down.