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The companies are using blockchain technology so that it helps them to secure their database from the cybercriminal.
FREMONT, CA: The reliability of the internet and technology has offered the company revenue streams and business models. Such innovative technologies can also give rise to new errors and openings for hackers to exploit.
With the help of technologies, cybercriminals have become complicated. They are trying to steal valuable data like personal identifiable information (PII) and intellectual property, financial data, and health records. They are also using high profitable techniques like disrupting a business's entire operations with the help of DDoS attacks and monetizing data access by utilizing advanced ransomware methods.
The technology of blockchain can be useful for cybersecurity. The blockchain technology can be defined as a public ledger, decentralized, and digitization of every cryptocurrency transactions and uses popularly known as Distributed Ledger Technology. The technology can help the companies improve their cyber-defense because it can prevent fraudulent activities with consensus mechanisms. The technology can also detect tampering, which depends on the underlying characteristics of data encryption, immutability, operational resilience, auditability, and transparency.
Blockchain technology can solve the problems related to lack of trust among the counterparties at a fundamental level. Blockchain is a distributed database that can be utilized in private and public applications rather than a centralized structure where every information is stored in large databases. The data related to every batch of valid transactions is stored in its block. Each block is linked to the block located in the position before it and continuously grows when new blocks of information are added.
Blockchain's distributed nature does not provide cybercriminals with a hackable entrance or a central point of failure. It can offer better security to the companies' database compared to the numerous current database-driven transactional structures.
Eliminating Human Factor from Authentication
Companies can authenticate the devices and users with blockchain technology and do not need a password. The process will help to reduce human intervention during authentication and avoid it from becoming an attack vector.
The users of blockchain can maintain their data on the computer in their network due to which they can ensure that the chain will not collapse. The blockchain is developed in a way due to which the storage location or central authority does not exist. In the network, every user has the responsibility of storing some or all the blockchain.
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