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Unleashing the Power of Blockchain to Strengthen Cybersecurity

Blockchain technology can help solve several significant problems in cybersecurity. Blockchain has changed how businesses work by making it possible to store a trusted ledger and do calculations in a decentralized way. Also, many trusts that used to go to centralized authorities (like banks) have moved to cryptography and other algorithms.

The increased reliance on computers, networks, and the cloud has also made us vulnerable to cyber threats. Organizations are more likely to face cyber attacks like data breaches than in the past. Data protection is one of the most critical cybersecurity concerns for any organization today. Data theft and breaches can happen because data protection measures aren’t strong enough or working well. Cyber-attacks have become more complex, increasing the demand for cybersecurity.

Traditional IT security controls are no longer sufficient to build the cybersecurity protocols that are now needed. An organization needs a more innovative and advanced security solution to reduce its cyber risk and risk of cyber attacks. Can Blockchain be an excellent way to protect security? Blockchain has features like immutability, decentralization, and transparency. Could it help businesses improve their data security in the cyber world?

Blockchain is a powerful new technology changing many fields for the better, including finance, supply chain, food, insurance, and many others. Entrepreneurs, politicians, and investors are increasingly using Blockchain technology to change how businesses talk to each other, regulators, and customers. This article will look at the role of Blockchain as an effective way to deal with critical cyber threats by making it faster to find, stop, and respond to them.

Common Forms of Cyber Attacks:

Malware

Malware is harmful software that compromises an organization’s data and harms its information system. It is spread in various methods, such as when hackers conduct phishing campaigns to trick users into clicking on malicious links or attachments that install malware on the user’s machine. Malware aids in the theft of users’ login credentials and other sensitive information supplied to unauthorized sources.

Web application Attack/credential stuffing

A web application attack is the first stage in mining consumers’ data. Attackers use the data gained from the web application assault in an advanced brute force attack to access the users’ accounts using stolen credentials. Credential stuffing is what it is called. Attackers use automated scripts to steal credentials routinely and repeatedly enter the website. Hackers can now access users’ accounts, cash, and financial data.

DDoS Attack

Large enterprises are the primary targets of distributed denial of service attacks. DDoS attacks send a flood of data traffic to a specific site to overload the system and permanently or temporarily impair system functions. The cybersecurity rules set up at each node in a Blockchain network offer an extra layer of protection to the perimeter defense in depth.

Man-in-the-Middle Attack

MITM, or Man-in-the-Middle, attacks are similar to eavesdropping in that unauthorized actor positions themselves in transmissions between both parties to intercept or seize data. MITM attacks are classified into two types:

Ransomware Attack

The attackers threaten to prevent the organization’s access to its data unless the organization pays the hackers to regain access. Because of the value of consumer data, financial organizations are frequently targeted by such attacks.

How does Blockchain make security better?

Blockchain Chaining procedure

A Blockchain ledger’s blocks are ordered and put together to complete transactions. A block is made up of a header and a body. Each block is timestamped and signed by its maker. The blocks form a chain by defining a pointer to the previous block. The header contains a cryptographic hash of the preceding block, assuring the latest block’s immutability.

Architecture Distributed

Because there is no single point of failure in a distributed network, it is operationally resilient. The risk is spread among numerous nodes, so an attack on a single or a few nodes would not compromise the ledger. As a result of decentralization, the Blockchain network is a less tempting target for ransomware assaults. In contrast, information kept centrally is more vulnerable to attacks than information stored at several nodes.

A ransomware attack must compromise all or most of the network’s nodes. However, restoring full service after a compromised node will take time; there may be some latency implications on network recovery.

Consensus Validation Mechanism

The consensus technique is used to validate new data blocks. A specified number of nodes must agree on whether the new data block is valid and acceptable for inclusion in the shared ledger. The consensus process performs an ongoing check on the integrity of previous transactions and new data blocks.

A hacker must compromise enough nodes to alter the validation process and tamper with the ledger to co-opt the consensus mechanism. The Blockchain network helps to prevent such assaults by deploying sufficient nodes and employing network rules to achieve node consensus.

Encryption

Multiple types of encryption are used at various levels to provide layered protection against cybersecurity threats. Asymmetric key algorithms and hash functions are examples of cryptographic algorithms (SHA-256).

Hashes and digital signatures based on public/private key encryption encrypt linked lists and blocks.

What are the applications of Blockchain in cybersecurity?

Blockchain Applications in Cybersecurity

Secure Private Messaging

A massive quantity of metadata is collected via social media platforms, while most users safeguard their services and data using weak and untrustworthy passwords. Many messaging firms are turning to Blockchain to provide their consumers with end-to-end encryption and data security.

Blockchain technology is being utilized to develop a uniform security protocol. It creates a consistent API architecture to facilitate cross-messenger communication.

The globe has witnessed several attacks on social media sites such as Twitter and Facebook, resulting in data breaches and the misuse of user information. Such cyberattacks are prevented by blockchain technology.

IoT Security

Hackers increasingly gain access to systems through gadgets such as thermostats and routers. Hackers can easily access the complete home automation system using insecure edge devices such as Smart switches.

By decentralizing their administration, Blockchain effectively safeguards such vulnerable systems and gadgets. When Blockchain is integrated with AI and IoT technology, devices can make security judgments. The independence of central authority increases the security of IoT devices and allows them to recognize and respond to questionable commands from unknown networks.

Secure DNS and DDoS

A Domain Name System (DNS) is a centralized system that allows attackers to easily penetrate the link between an IP address and the name of a website. Due to the DNS attack, the website becomes cashable, inaccessible, and redirects to other scam websites.

A DDoS attack, on the other hand, occurs when a targeted resource, such as a server or a website, is refused service or access. Such attacks overwhelm the site, significantly slowing or shutting down the resource system.

By decentralizing DNS entries, Blockchain technology avoids such assaults. Decentralization eliminates the vulnerable single-point entry used by attackers.

Provenance of Software

The MD5 message-digest cryptographic technique is frequently used to establish security and validate actions such as firmware upgrades, patches, and installers to prevent malware entrance.

The MD5 algorithm checks the new software’s identity against hashes from the vendor’s website. It is not a foolproof technique and has numerous flaws, as the hashes provided on the provider’s website may already be corrupted.

In such circumstances, blockchain technology comes to the rescue. Blockchain records hashes in perpetuity and does not allow for mutability. As a result, when compared to hashes recorded in the ledger, Blockchain is more efficient in confirming software identity.

Cyber-physical Infrastructure Verification

Misconfiguration of systems, data tampering, and component failure have all harmed the integrity of data created by cyber-physical systems. Blockchain maintains data integrity and verifies any cyber-physical infrastructure’s status. Data created on physical infrastructure components using Blockchain is more dependable for the full chain of custody.

Protection from Cyberattacks

Automated military vehicles, weapons, and equipment use a closed network to transmit data from sensors to remote-control databases. Hackers attempt to circumvent security and obtain access to networks such as the Car Area Network (CAN). Even if only one network node is compromised, the attacker gains complete control over the automotive operations. Such incidences would increase national insecurity and directly influence human safety.

Such adversities are efficiently avoided by using Blockchain technology to do data verification on each data that enters the system.

Conclusion

Accept that cybercrime is an ever-evolving and lucrative business. As a result, cyber defense systems can only be considered partially secure. A cybersecurity system regarded as the most effective today may differ from tomorrow. However, at this time, when every organization is trying to implement a cybersecurity solution that is Secure, Vigilant, and Resilient, Blockchain has a lot to offer. Blockchain-powered cybersecurity controls and standards can help firms establish a better technical infrastructure to protect them from cyber threats. This advantage may necessitate merging Blockchain with other advanced technologies such as AI (artificial intelligence), IoT, and ML.

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