Thu. Jul 16th, 2020

Planet Compliance

Innovation & Regulation in Finance

Can Blockchain Solve Cybersecurity Problems?

5 min read

In the last few years, ‘blockchain’ has been one of the biggest tech buzzwords. Blockchain technology was first introduced to send and store Bitcoin, the first cryptocurrency. A blockchain consists of an expanding list of records or ‘blocks’ that are connected through cryptography. Each block contains a timestamp and transaction data which cannot be modified. Experts believe that because blockchain’s data cannot be altered, it can be a solution to many cybercrimes. With the increase in online businesses and transactions through the internet, cybercrimes have become a major concern and cybersecurity is the number one priority for many businesses. Now, more and more business owners are looking at blockchain technology as the solution to online data theft and other cybercrimes.

About Cybersecurity Today

Using the internet securely has become a major concern, taking into account how sophisticated and advanced some of the hackers and phishing programs have become. As more and more people join the online world and technology continues to advance, more data gets generated and ultimately, more hackers will want to steal or manipulate that data. That is why the modern online world requires a stringent and highly effective tool to safeguard data. Because of the complex nature of cybersecurity today, businesses should also look to find a coder online with the right expertise to effectively implement such a security tool.

 

Although hackers are getting more skilled and hacking programs are becoming more advanced, cybersecurity solutions are also improving significantly. Today, there are plenty of cybersecurity tips for staying safe online, however, not all are equally effective for businesses wanting to protect their data online. One technology that has proven to be one of the most solid forms of technology when it comes to working with data online, is blockchain. It is currently being used in the financial industry to safeguard data from any cyberattacks and can improve online security for many other businesses and industries too.

 

How Blockchain Can Solve Cybersecurity Problems

 

Blockchains are networks that are able to host millions of internet users around the globe and each user can add new information to the blockchain. The blockchain and all its data are protected through cryptography. Members of the network are also responsible for confirming that the data being added is real. This authentication is done by using a system of three keys namely, the receiver’s key, a private key and a public key, that enable members to examine the authenticity of the data while also validating who it comes from.

 

Blockchain users can easily store all of the data in their network on their personal device. This ensures that the chain does not collapse. For example, if a hacker, who does not own a block of data, tries to alter a block, the whole system will examine every single block to detect the one that varies from the rest. If the system finds it, it will identify the block as false and will exclude it from the chain. This ensures the chain is protected at all times.

 

Blockchain is specifically designed so that there is no central power or storage area. All users who are part of the network play a part in storing parts or all of the blockchain and is accountable for validating the data that is stored and shared. So, unless the majority of people in the network sign off on a change, encryption keeps anyone from changing data.

 

For a hacker to manipulate a blockchain, he or she will need to erase the data stored on every user in the network’s device, which can include millions of computers.

 

So far, Blockchain’s complex composition provides it with the ability to be the most secure form of sharing and storing data and information online. Therefore, many businesses have started to hire skilled developers, such as Java coder online, to employ this technology in different areas to stop fraud and enhance the protection of data.

Blockchain technology has the promise of more increased security, transparency and enhanced efficiency. A variety of uses for blockchain are already beginning to become a part of other fields and industries beyond cryptocurrencies and can be particularly valuable to increase cybersecurity. Any business that wants to invest in their online security should look to hire a coder online with expertise in blockchain to implement this technology to ensure their data is protected at all times.

The Bottom Line

Staying safe online has become a major matter, especially when it comes to sharing and storing data. Blockchain is seen as one of the best technology tools we have to secure and protect data from hackers. It can prevent possible fraud and lower the risk of data being compromised or stolen. Blockchain technology is versatile and is already incredibly useful for Internet users. Businesses who want to invest in their online security should look for a coder for hire to effectively implement blockchain and to better secure their data. Going forward, it will be a major benefit in safeguarding the entire ecosystem of the business.

 

 


This post has been sponsored and written by Mobilunity. PlanetCompliance only publishes sponsored content from companies whose products and services we think our audience will find valuable or interesting. For additional information about we handle partnerships and content production, please have a look at the PlanetCompliance Disclosure Policy, which you can find here.


 

 

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