Blockchain is one of the methods of distributed data storage. Blockchain is called a decentralized distributed registry technology because many independent users store the entire chain of transactions and the current list of owners on their computers. Even if one or more computers fail, the information will not be lost. The completed transactions are registered according to the time of their implementation and are grouped into blocks with feedback. Blocks are organized into chains and are cryptographically protected. Operation data cannot be changed. Blockchain technology allows every user to see any transaction ever made by anyone on the network.
It is believed that distributed ledger technology was invented by Satoshi Nakamoto in 2008 as a ledger for the world’s first cryptocurrency, bitcoin. However, it is not known for certain whether a person with that name actually exists or is it a pseudonym behind which a whole group of people in hiding.
Take care of the security of your data
We provide you with a set of recommendations to improve your cybersecurity program.
- First, check all your gadgets: computers, tablets, and smartphones and remove the applications that you no longer use. Also, check your browser, it may have add-ons installed that you do not need at all.
- Update your operating system. Each device needs to be updated in a timely manner. Again, keep your browser and every app in mind.
- Deep scan. Don’t neglect good antivirus programs. Scan your devices regularly.
This is the minimum that you can provide yourself. And for more serious cybersecurity measures, contact only specialists.
How does blockchain work?
Blockchain is literally “a chain of blocks”. In each of these blocks, one or another information is recorded in digital form. In the case of cryptocurrencies, this is transaction data (date and time of block creation, address, etc.). Any user can view this information, but cannot change it.
Each new transaction, regardless of its size, turns into a new hashed cluster. It consists of a unique set of symbols and numbers, created according to a certain algorithm. Each after the next block necessarily refers to the previous one. This creates a strict sequence.
Blockchain blocks are stored in nodes, which help to synchronize and update data for each participant in a timely manner. Knots are complete and lightweight. Full ones store absolutely all blocks, lightweight ones store only the latest ones, but if necessary, they can also request the previous ones.
Benefits of blockchain for cybersecurity
Public key cryptography provides 100% privacy. This allows participants to be authenticated and ensures that their transactions are encrypted. There are blockchain projects aimed at further improving this technology. A great example is Guardtime, which is the developer of the Keyless Signature Infrastructure (KSI) technology. This technology allows users to verify the validity of a digital signature without having to reveal the keys.
Blockchain technology does not have a single point of failure. In other words, in the event of a DDoS attack, the system will operate normally. This is real thanks to the huge number of copies of digital data.
- Tracking and control
Each transaction in blockchains has its own digital signature and is also marked in time. This allows members to easily track transaction history and accounts. Each participant can view this information at any time.
The main difference between blockchain is decentralization. It is not monitored by any regulator or organization. This is possible through the use of a peer-to-peer network.
Through the use of a peer-to-peer network, there is a guarantee that the blockchain is in operation 24 hours a day, even when an attack is made, even if some nodes are offline or under attack.
- Secure access to the network
Given that each of the participants has constant access to the blockchain from several devices, there is a risk of losing control over the private keys. There is a way to eliminate the risk of losing keys or the risk of elementary human error. The REMME public protocol provides all users with an SSL certificate for each device. This eliminates the need for passwords. This solution makes it impossible for unauthorized access to the network.
Blockchain is definitely an accomplishment in the cybersecurity of the entire digital world. Now, blockchain is used not only in cryptocurrencies. In addition to the fact that it is impossible to make changes to the technology, it eliminates the need for a third party in transactions. That is, participants, do not need banks or lawyers as intermediaries. Blockchain began to be used in banking systems, because, due to its transparency, it becomes “corruption resistant”.