The Blockchain Network- In a Nutshell
Before we delve into looking at the ways in which the blockchain network can tweak the security of the cyberspace, here is what you need to know about the system. The blockchain network is essentially a decentralized system that was fashioned to maintain the transactions using cryptocurrencies. Back in 2008, the blockchain network was merely a concept that had been put into use to enable transactions using cryptocurrencies. But soon, it outgrew the space and began being utilized in providing maximum security to various other systems and networks that require the internet to function. A blockchain is a chain made up of several blocks that store vital information in different combinations of algorithm. This is what lends complexity to the entire system and makes it incredibly difficult for hackers to hack into the system to steal information. Now that we have provided a basic understanding of the blockchain network, we shall move on to discussing the functions of the same for a better understanding of the topic at hand.
Use of Blockchain in Cybersecurity
We have spoken quite a bit about what the blockchain network is, and now it is important to talk about the security issues in the cyberspace that it seeks to resolve.
Blockchain Helps in Lending Integrity to Data
Blockchain Lends Anonymity and Confidentiality to its Users
Several users might want to maintain their anonymity and confidentiality during transactions using the blockchain network. And this piece of technology does full justice to the same. Online transactions that take place on online casinos, according to this report on US online poker, and a few e-commerce sites need extra security to keep the information of their users confidential and safe. The blockchain network comes in such situations as a welcome relief. With the blockchain network overseeing transactions, one can rest assured that there shall be complete anonymity and confidentiality in their data.
Blockchain Improves the Security of the Public Key Infrastructure
The Public Key Infrastructure or PKI lends security to private messaging, applications, emails and several other websites with multiple functions. However, the way it does is by using a third-party to store key pairs. And as ironical as this might sound, these third-party authorities could become an easy target for hackers. The blockchain network lends security to these third-parties and makes it almost impossible for hackers to replicate key pairs or bring down the security of the system.
Wrapping It Up
The blockchain technology is perhaps one the greatest innovations of this century. Something that had started merely as a concept a decade ago, is now a full-fledged security system that finds its uses in numerous organizations. Blockchain is here to stay and will continue to be used by people from all walks of life as long as it continues to prove its mettle in enhancing the security of the cyberspace.