In a digital world, a key concern and challenge that has remained unchanged over the decades are that of digital security.
What are the digital threats?
A digital threat can be in any form such as phishing attacks, routing attacks, Sybil attacks, stealing of personal digital signatures, data breach and many other cyber-attacks, frauds the list could be endless.
For businesses of any size and form, it becomes extremely important that their operations and transactions are safe from these threats, there are no security breaches or unauthorized access to their trade secrets.
What role blockchain plays in providing security and what are some examples of blockchain security?
Blockchain with its unique feature of decentralization, cryptography makes every transaction trustworthy. In this technology, data transacted are time-stamped and structured in blocks. Each of these blocks either contains a transaction or a merged bundle of transactions. Through a cryptographic chain, all the new blocks are sequentially connected to the blocks of the transaction before and after it.
Blockchain technology enables government and private agencies to have robust data privacy and key management, safe communication and Identity and access management. A business that uses blockchain technology could be well using a security strategy that could use traditional as well as technology unique security controls.
A strong consensus mechanism comes into play to ensure that each transaction is done is trustworthy and accurate, the transactions within the blocks are validated through this mechanism.
Blockchain technology provides security through its unique characteristics and covers many areas of security:
Each transaction is encrypted, with a unique link to the old transactions.
As a powerful digital ledger, all transactions made within its system are distributed and duplicated across its networks.
The transaction once done through its systems remains unchanged and is easily traceable.
Blockchain technology along with strong cybersecurity helps digital security and business operations become more scalable. It would reduce any chances of unauthorized access to the network and tamper with transactions.
Some of the potential use of Blockchain security are:
It can stop security breaches in an automated system.
Blockchain can verify the authentication of any software download or update, ensuring they are virus free.
Its decentralized system is more equipped in facing the chances of cyberattacks.
It provides secure digital identities.
Because of its benefits, blockchain is being used in multiple industries such as healthcare, supply chain, energy sector and many more industries.
It would be correct to say that digital security provided by Blockchain technology indeed helps business owners to focus on their business so that productivity remains high. It gives cover against the loss of confidential information, alteration or deletion of data, thus ensuring smooth business continuity.
As technology is becoming an integral part of businesses and ordinary lives, it's the need of the hour to focus on data privacy and digital identity. Blockchain technology provides a solution to these vital issues. Blockchain community India in this cyber landscape provides the best business partnership to blockchain-based startup in India through its community.