Radical transformations, as well as technological evolution, are up pacing swiftly in this tech-oriented world. Keeping an eye on these technological advancements, we cannot neglect the fact that the acquisition of blockchain technology is becoming a new normal. Blockchain technology has the potential to grow to be a bedrock of global record-keeping systems.
This technology came into being 10 years ago and has completely revolutionized the whole globe. It is estimated that global investment in blockchain-based solutions will surpass the figure of $11.7 billion by the year 2022. Moreover, the worldwide blockchain technology market is roughly calculated to gather $20 billion in revenue by the year 2024.
Undoubtedly, everything is prone to digitization especially after the pandemic of COVID-19. Humans produce approximately 2.5 quadrillion bytes of data every single day but unfortunately, identity theft cases are evolving simultaneously with this figure. 1.7 MB of data is created every passing second by every individual on earth. But sadly, 1.4 billion complaints of identity theft came into being, up from 651,000 in the year 2019.
In this present age, criminals can effortlessly have unauthorized access to cards and make purchases by depicting themselves as card owners. Frameworks are already emerging for the management and tracking of identity data anonymously. For instance, the non-profit foundation Sovrin has denoted code for a decentralized identity framework to the Hyperledger Indy Project. This initiative aims to deliver a decentralized identity system via blockchain that is basically based upon the universal platform for the protection of user information and to combat possibilities of encountering identity theft.
Below are the non-negligible use-cases of blockchain technology to enhance an organization’s security protocols to combat identity theft.
Blockchain technology is evolving and has more potential to evolve to become one of the most trustworthy forms of carrying out digital transactions in digital network realms. Blockchain technology, as it is designed and intended, is basically well-known for information integrity insurance. Numerous sectors can attain benefits from it if it is utilized in the best way possible. One of the best utilizations of blockchain technology is using its integrity assurance for developing cybersecurity solutions.
Following are use-cases of blockchain technology enterprises must acquire for the enhancement of cybersecurity protocols.
Hackers are utilizing cutting-edge technology such as routers and thermostats to have unauthorized access to the overall system. During this modern era of innovative technologies where the whole world is accommodated with artificial intelligence and machine learning algorithms, hackers can effortlessly access and exploit overall networks such as home automation through edge devices such as smart switches. In numerous cases, a wide range of IoT devices have ambiguous security features.
Blockchain technology is utilized to enhance system security protocols and to fight a strong battle against identity theft and fraudulent activities by decentralising their administration. Security of edge devices is enhanced by not depending on central admin and authority through the detection and action against suspicious commands from the unknown network. Blockchain technology ensures that attackers cannot execute their suspicious actions by decentralising such device authority systems.
Decentralizing Medium Storage
Illicit access to business data is becoming a primary apparent matter of concern to financial infrastructures. Numerous organizations still utilize a centralized form of storage medium. A single vulnerable point is enough for hackers to exploit the whole network of the organization. Such attacks lead to unauthorized access to confidential and sensitive data for example business financial records etc.
Blockchain technology assists to protect sensitive and confidential data with the incorporation of a decentralized data storage system. These mitigation methods prevent hackers from having unauthorized access and penetrate data storage systems. Numerous storage service companies are acquiring blockchain technology to fight a strong battle against evolving hackers. For example, the Apollo currency team has already acquired blockchain technology for the enhancement of security measures and to prevent illicit money transfers.
Securing DNS and DDoS
A Distributed Denial of service attack, abbreviated as a DDoS attack usually encountered when the users of the target resource, for example, server, website, or network resource are denied access to the target resource. As a result of this attack, resource systems are slowed down or shut down. However, the Domain Name System, abbreviated as DNS, is centralized and makes it a perfect target for hackers who penetrate the connection between the name of the website and IP address. This attack deploys a website cacheable, inaccessible, and redirectable to numerous other scam websites.
Thankfully, blockchain technology can diminish these sorts of attacks by decentralizing DNS entities. Blockchain technology tends to remove vulnerable points that are exploited by cybercriminals with the implementation of blockchain-based decentralized solutions.
It does not matter at all how blockchain technology is utilized, the key component of blockchain technology is decentralization. This feature eliminates the single target point to compromise. Consequently, it is becoming utterly impossible to infiltrate systems or sites whose data storage as well as access control, and network traffic are not kept at a single location.
Just like any other new technology, blockchain technology is also facing numerous startup challenges as it undergoes the painful growth process. Blockchain technology plays a pivotal role in combating cyber threats and identity theft. Blockchain technology capabilities in customer identity verification and information integrity can be utilized efficiently and effectively to authenticate the status of any cyber-physical infrastructure.