Blockchain Use Cases for Cybersecurity

Enterprise Security Magazine | Wednesday, May 12, 2021

Blockchain can be used to secure overall systems or devices by decentralizing their administration. 

FREMONT, CA: A successful cyber-threat can be the downfall of any well-positioned business. Data breaches not only cause major financial losses but are also the leading cause of a bad reputation for victim enterprises. Blockchain began as the technology behind Bitcoin but has popularly evolved into a promising mitigation technology for cybersecurity. It is quite a tough time for enterprises that operate on digital network platforms. Cyber-attacks and breaches continue to impact online activities at even more sophisticated and damaging levels. 

Ransomware threats and other forms of data breaches have now become a challenge for companies. Recent analysis and statistics show that even sacrosanct state operations like Presidential elections are not safe from these attacks. This indicates that cybersecurity is no longer a problem to firms alone but also to governments and agencies. To develop cybersecurity protection strategies, it would be prudent to analyze the recent cyber-attack trends and statistics.

 Unlike other currencies, Bitcoin provides a fantastic form of rapid transactions with anonymity and safety. The cryptocurrency is unregularized by legacy government currency rates. This has rapidly transformed it into the most preferred mode of anonymous operation in illegal tasks like cybercrime and drug trade. According to a study, bitcoin facilitated $76 billion of illegal business transactions around the globe. Most small enterprises consider themselves 'unlikely' to suffer from cyber-attacks. 

The fast-paced advancement in technology also provides an incubating effect to cyber-attacks to continue becoming more innovative and executable. The release of the game-changing fifth-generation (5G) networks that deliver ten times faster download speeds will inevitably generate more opportunities for hackers. Faster speeds will boost the chances of more devices being hacked and the execution of larger cyber-attacks. There is a massive commercial appetite for the Internet of Things. Almost everything, ranging from furniture to utility equipment, is being fitted with internet-connected sensors.

See Also: Top Cyber Security Solution Companies

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