Everyone wants better security. Blockchain is a comparatively new frontier that might deserve more of our attention. Get an overview of blockchain’s security implications.
The global evolution of blockchain technologies has occurred at a breakneck pace. Due to its utility, as many as 40% of supply chain leaders intend to invest in blockchain in the near future, and the global blockchain market is expected to reach $23.3 billion by 2023.
Business leaders may want to develop a foundational understanding of the technology so that organizations can think ahead, prepare for the digital future, remain competitive, and moreover, stay secure.
How secure is blockchain anyway?
Blockchain technologies rely on a compendium of “blocks” that record data in hash functions. Timestamps are also added to the data, offering a layer of protection when it comes to attempted tampering or manipulation of information. Experts contend that blockchain data cannot be overwritten. As a result, manipulation of data represents an inefficient means of moving or stealing digital information or dollars.
Blockchain, can now be used in digital identity development, passports, e-residency permits, birth certificates and other forms of ID. In these cases, blockchain provides a balance between easy usability of the identification form and data security.
Federal US security analysts state that blockchain technologies are so secure that they could be developed into a “Cybersecurity shield.” Analysts state that leveraging blockchain to improve security within the US military could prove advantageous. In theory, blockchain can potentially prevent mega hacks and cyber-hijackings of critical defense systems.
Blockchain security: The key
One facet of blockchain that enhances its security is the fact that any modifications made to the database are immediately distributed to all users, helping to create a consistent, secure record. In the event that a handful of users experience a hack, the data will remain secure due to the fact that all users retain copies.
The seemingly tamper-proof component of blockchain contributes to its widespread popularity. Cutting-edge finance firms and other enterprises have quickly adopted the technology. They’ve used it to speed up processes and to reduce expenditures while maintaining a strong security posture.
Blockchain’s bigger security implications
Some experts suggest implementing blockchain technologies across the security industry, which could lead to sweeping security changes. Leaders within this school of thought state that blockchain can potentially address global security concerns. Blockchain backers believe that the tech can also address digital transaction-related issues such as double spending, data security, chargebacks, frauds, currency reproductions and more.
Other newly proposed uses for blockchain technologies include the protection of user records within the banking sector, increasing the security of IoT-based devices, better encrypting internal corporate communications, making passwords a relic of the past and securing digital chat apps, like Facebook Messenger, WeChat and WhatsApp.
Blockchain technologies may be able to increase security when it comes to identity theft prevention, data manipulation, corporate and personal communications, digital infrastructure, and more. Is blockchain the future?
For further information about cryptocurrencies and blockchain technologies, see Cyber Talk’s past coverage here and here. To receive impactful insights, cutting-edge analysis and more each week, sign up for the Cyber Talk newsletter.