{"id":2228,"date":"2020-01-31T02:17:54","date_gmt":"2020-01-31T02:17:54","guid":{"rendered":"http:\/\/kusuaks7\/?p=1833"},"modified":"2024-01-22T12:38:19","modified_gmt":"2024-01-22T12:38:19","slug":"second-line-of-defense-for-cybersecurity-blockchain","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/fintech\/second-line-of-defense-for-cybersecurity-blockchain\/","title":{"rendered":"Second Line of Defense for Cybersecurity: Blockchain"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\tIn the first part we covered\u00a0AI as the first line of defense for cybersecurity,<\/a>\u00a0the goal was to keep the cyber-criminals at bay, but in case they managed to get-in and infiltrate the network we need to initiate the second line of defense; #Blockchain. With the fact that cybercrime and cyber security attacks hardly seem to be out of the news these days and the threat is growing globally. Nobody would appear immune to malicious and offensive acts targeting computer networks, infrastructures and personal computer devices. Firms clearly must invest to stay resilient. Gauging the exact size of cybercrime and putting a precise US dollar value on it is nonetheless tricky. But one thing we can be sure about is that the number is big and probably larger than the statistics reveal.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe global figure for cyber breaches had been put at around $200 billion annually.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tNew blockchain platforms are stepping up to address security concerns in the face of recent breaches. Since these platforms are not controlled by a singular entity, they can help ease the concerns created by a spree of recent breach disclosures. Services built on top of #blockchain have the potential to inspire renewed trust due to the transparency built into the technology.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tDevelopments in blockchain have expanded beyond recordkeeping and cryptocurrencies. The integration of\u00a0smart contract<\/i>\u00a0development in blockchain platforms has ushered in a wider set of applications, including cybersecurity.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\nBy using blockchain, transaction details are kept both transparent and secure. Blockchain\u2019s decentralized and distributed network also helps businesses to avoid a single point of failure, making it difficult for malicious parties to steal or tamper with business data.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\nTransactions in the blockchain can be audited and traced. In addition, public blockchains rely on distributed network to run, thus eliminating a single point of control. For attackers, it is much more difficult to attack a large number of peers distributed globally as opposed to a centralized data center.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Implementing Blockchain in Cybersecurity\u00a0<\/b><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tSince a blockchain system is protected with the help of ledgers and cryptographic keys, attacking and manipulating it becomes extremely difficult. Blockchain decentralizes the systems by distributing ledger data on several systems rather than storing them on one single network. This allows the technology to focus on gathering data rather than worrying about any data being stolen. Thus, decentralization has led to an improved efficiency in blockchain-operated systems.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tFor a blockchain system to be penetrated, the attacker must intrude into every system on the network to manipulate the data that is stored on the network. The number of systems stored on every network can be in millions. Since domain editing rights are only given to those who require them, the hacker won\u2019t get the right to edit and manipulate the data even after hacking a million of systems. Since such manipulation of data on the network has never taken place on the blockchain, it is not an easy task for any attacker.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tWhile we store our data on a blockchain system, the threat of a possible hack gets eliminated. Every time our data is stored or inserted into blockchain ledgers, a new block is created. This block further stores a key that is cryptographically created. This key becomes the unlocking key for the next record that is to be stored onto the ledger. In this manner, the data is extremely secure.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tFurthermore, the\u00a0hashing feature of blockchain<\/a>\u00a0technology is one of its underlying qualities that makes it such a prominent technology.\u00a0Using cryptography and the hashing algorithm, blockchain technology converts the data stored in our ledgers. This hash encrypts the data and stores it in such a language that the data can only be decrypted using keys stored in the systems. Other than cybersecurity, blockchain has many applications in several fields that help in maintaining and securing data. The fields where this technology is already showing its ability are finance, supply chain management, and\u00a0blockchain-enabled smart contracts<\/a>.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Advantages of Using Blockchain in Cybersecurity<\/b><\/h3><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe main advantages of blockchain technology for cyber security are the following:\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\nDecentralization<\/b>\nThanks to the peer-to-peer network, there\u2019s no need for third-party verification, as any user can see network transactions.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tTracking and tracing<\/b>\nAll transactions in blockchains are digitally signed and time-stamped, so network users can easily trace the history of transactions and track accounts at any historical moment. This feature also allows a company to have valid information about assets or product distribution.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tConfidentiality<\/b>\nThe confidentiality of network members is high due to the public-key cryptography that authenticates users and encrypts their transactions.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tFraud security<\/b>\nIn the event of a hack, it\u2019s easy to define malicious behavior due to the peer-to-peer connections and distributed consensus. As of today, blockchains are considered technically \u2018unhackable\u2019, as attackers can impact a network only by getting control of 51% of the network nodes.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tSustainability<\/b>\nBlockchain technology has no single point of failure, which means that even in the case of DDoS attacks, the system will operate as normal thanks to multiple copies of the ledger.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIntegrity<\/b>\nThe distributed ledger ensures the protection of data against modification or destruction. Besides, the technology ensures the authenticity and irreversibility of completed transactions. Encrypted blocks contain immutable data that is resistant to hacking.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\nResilience<\/b>\nThe peer-to-peer nature of the technology ensures that the network will operate round-the-clock even if some nodes are offline or under attack. In the event of an attack, a company can make certain nodes redundant and operate as usual.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tData quality<\/b>\nBlockchain technology can\u2019t improve the quality of your data, but it can guarantee the accuracy and quality of data after it\u2019s encrypted in the blockchain.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\nSmart contracts<\/b>\nSoftware programs that are based on the ledger. These programs ensure the execution of contract terms and verify parties. Blockchain technology can significantly increase the security standards for smart contracts, as it minimizes the risks of cyber-attacks and bugs.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAvailability<\/b>\nThere\u2019s no need to store your sensitive data in one place, as blockchain technology allows you to have multiple copies of your data that are always available to network users.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\nIncrease customer trust<\/b>\nYour clients will trust you more if you can ensure a high level of data security. Moreover, blockchain technology allows you to provide your clients with information about your products and services instantly.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Disadvantages of Using Blockchain in Cybersecurity<\/b><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIrreversibility<\/b>\nThere\u2019s a risk that encrypted data may be unrecoverable in case a user loses or forgets the private key necessary to decrypt it.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tStorage limits<\/b>\nEach block can contain no more than 1 Mb of data, and a blockchain can handle only 7 transactions per second in average.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tRisk of cyberattacks<\/b>\nThough the technology greatly reduces the risk of malicious intervention, it\u2019s still not a panacea to all cyber threats. If attackers manage to exploit the majority of your network, you may lose your entire database.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAdaptability challenges<\/b>\nThough blockchain technology can be applied to almost any business, companies may face difficulties integrating it. Blockchain applications can also require complete replacement of existing systems, so companies should consider this before implementing the blockchain technology.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tHigh operation costs<\/b>\nRunning blockchain technology requires substantial computing power, which may lead to high marginal costs in comparison with existing systems.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tBlockchain literacy<\/b>\nThere are still not enough developers with experience in blockchain technology and with deep knowledge of cryptography.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\nConclusion<\/b>\nBlockchain\u2019s decentralized approach to cybersecurity can be seen as a fresh take on the issues that the industry faces today. The market could only use more solutions to combat the threats of cyberattacks. And, the use of blockchain may yet address the vulnerabilities and limitations of current security approaches and solutions.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThrowing constant pots of money at the problem and knee-jerk reactions is not the answer. Firms need to sort out their governance, awareness, organizational culture and critically look at the business purpose and processes before they invest in systems to combat cybercrime.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe roster of these new services provided by Blockchain may be limited for now and of course they face incumbent players in the cybersecurity space. But this only offers further opportunity for other ventures to cover other key areas of cybersecurity. Blockchain also transcends borders and nationalities, which should inspire trust in users. And, with the growth of these new solutions, the industry may yet restore some of the public\u2019s trust they may have lost in the midst of all these issues.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\nOverall, blockchain technology is a breakthrough in cyber security, as it can ensure the highest level of data confidentiality, availability, and security. However, the complexity of the technology may cause difficulties with development and real-world use.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tImplementation of blockchain applications requires comprehensive, enterprise- and risk-based approaches that capitalize on cybersecurity risk frameworks, best practices, and cybersecurity assurance services to mitigate risks. In addition, cyber intelligence capabilities, such as cognitive security, threat modeling, and artificial intelligence, can help proactively predict cyber threats to create counter measures, that\u2019s why AI considered as the first line of defense while Blockchain is the second line.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tReferences<\/b>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\thttps:\/\/www.ibm.com\/blogs\/insights-on-business\/government\/convergence-blockchain-cybersecurity\/\nhttps:\/\/www.forbes.com\/sites\/rogeraitken\/2017\/11\/13\/new-blockchain-platforms-emerge-to-fight-cybercrime-secure-the-future\/#25bdc5468adc\nhttp:\/\/www.technologyrecord.com\/Article\/cybersecurity-via-blockchain-the-pros-and-cons-62035\nhttps:\/\/www.allerin.com\/blog\/blockchain-cybersecurity\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAll figures: Ahmed Banafa\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

New blockchain platforms are stepping up to address security concerns in the face of recent breaches. Since these platforms are not controlled by a singular entity, they can help ease the concerns created by a spree of recent breach disclosures. Services built on top of #blockchain have the potential to inspire renewed trust due to the transparency built into the technology. The integration of smart contract development in blockchain platforms has ushered in a wider set of applications, including cybersecurity.<\/p>\n","protected":false},"author":543,"featured_media":3534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[192],"tags":[98],"ppma_author":[3205],"class_list":["post-2228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-blockchain"],"authors":[{"term_id":3205,"user_id":543,"is_guest":0,"slug":"ahmed-banafa","display_name":"Ahmed Banafa","avatar_url":"https:\/\/www.experfy.com\/blog\/wp-content\/uploads\/2020\/04\/medium_a3912711-a0db-437b-a2c1-df173aaae2d5-150x150.png","user_url":"http:\/\/www.sjsu.edu","last_name":"Banafa","first_name":"Ahmed","job_title":"","description":"Prof. Ahmed Banafa<\/a>, Faculty at San Jose State University,<\/b>\u00a0has extensive research work with focus on IoT, Blockchain, cybersecurity and AI. He served as an instructor at well-known universities and colleges. He is the recipient of several awards, including Distinguished Tenured Staff Award, Instructor of the year and Certificate of Honor from the City and County of San Francisco.\u00a0He was named as No.1 tech voice to follow, technology fortune teller and influencer by LinkedIn in 2018, featured in Forbes, IEEE-IoT and MIT Technology Review, with frequent appearances on ABC, CBS, NBC, BBC, <\/a>and Fox TV and Radio stations. He is a member of MIT Technology Review Global Panel.\u00a0He is the author of the book \u201cSecure and Smart Internet of Things (IoT) using Blockchain and Artificial Intelligence (AI)<\/i><\/a>\u201d.<\/i>"}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/543"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=2228"}],"version-history":[{"count":8,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2228\/revisions"}],"predecessor-version":[{"id":35576,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/2228\/revisions\/35576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/3534"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=2228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=2228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=2228"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=2228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}