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April 05, 2017

Blockchain Security – What is it and Why Should You Care?

Anyone who has read or watched the news recently knows how serious the risk from a hacking attack can be. The threats from hacking are so severe that entire networks can be shut down, data can be altered and unsuspecting users can be fooled into clicking through to cybertraps where personal details are stolen.

The strategy of blockchain is to provide a different way of storing and sharing information. This method increases security with a three-pronged approach, by preventing the theft of identity as well as halting tampering with data, and Denial of Service attacks.

Why Blockchain Security is Important

Over the past 12 months, there have been huge cyber security breaches across the world, bringing home to many just how vital proper security measures are to protect systems and information, whether to safeguard business or personal data.

Overview of the three types of security measures blockchain can put in place:

  • Safeguarding Identity

Public Key Infrastructure (PKI) is one of the most well-known types of public key cryptography. It can help to ensure that emails, messages apps and websites are secure. But PKI is not infallible, particularly as most systems depend upon centralized, third party Certificate Authorities. This means they can be compromised, just as WhatsApp was recently. The popular communication app was said to be under threat of attack by being exploited to push false keys. However, blockchain protection means that applications can verify the identity of the users.

  • Data Integrity Protection

Blockchain ensures that documents and files are verifiable. The method works by using transparency rather than the secrecy of traditional systems. Evidence is spread throughout numerous blockchain nodes so that it is next to impossible to alter data without being found out. If anyone tries to launch a hacking attack to change data, the attempt will be quickly spotted because the information exists on so many nodes. This means that blockchain can offer reassurances over where information has come from in a way which other methods cannot. That is why sectors such as military and healthcare, which require the most secure systems in the world, are now looking at blockchain as the go-to security method.

  • Infrastructure Protection

High-profile and large-scale Denial of Service attacks have shown just how simple it can be for those who are determined to hack into systems to gain entry. Over the past few months, accomplished hackers have managed to gain access to the biggest websites, apps and financial services in the world, including Twitter, PayPal and Netflix, causing massive disruption and concern for users. Opting for blockchain can ensure that security is beefed up by removing the one single target which attackers use to get into a system and bring it down for hours, alter or steal data.

While it is understandable, and sensible, to be concerned about the risks and threats caused by hackers, blockchain methods can provide peace of mind by offering protection using three different, complementary defences. Further information about security protection can be found on our services page, or by contacting us for a personalised consultation to find out how blockchain could keep your own systems safe from the risk of hackers.

 

TAGS: risk, Security, threats, blockchain, hacking