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How Blockchain Is Revolutionizing Cybersecurity

By combining cutting-edge technology with the classic concept of accountability, blockchain offers unprecedented data security. Both businesses and individuals use blockchain to make transactions and store information. Learn how blockchain keeps digital information safe and how it can benefit your business.

What Is Blockchain Technology?

A blockchain consists of a network of computers that store and share blocks of information. Once someone adds something to the blockchain network, nobody can edit or delete it. Instead, a user records changes by adding another block, letting everyone who uses the database see all revisions made. The blockchain assigns every user public and private keys used to encrypt the data they send.

How Does Blockchain Keep Information Safe?

Blockchains protect data by:

  • Tracking and checking every change: Any change made to a blockchain stays in the database forever. Nobody can alter the existing data and claim it as legitimate.
  • Backing up data in numerous locations: Many of the computers in a blockchain will frequently download its data, storing the copy locally. If data becomes compromised, multiple sources will have backups of the original information.
  • Pinpointing errors and attacks: With every change in data documented, you can find the exact point in time where things went wrong.
  • Preventing identity theft: Each user’s private key has advanced encryption technology that ensures nobody will claim your data as theirs. The computer, not a human, authenticates your data, keeping hackers out.

The History of Blockchain Technology

The concept of blockchain started with electronic money. When Satoshi Nakamoto published an article introducing the world to Bitcoin in 2008, they also discussed the blockchain technology behind the cryptocurrency. While Nakamoto focused on blockchain as the medium for Bitcoin in this paper, many innovators build on the concept to give it new uses.

Blockchain Uses Beyond Cryptocurrency

Since blockchains track data and keep it secure, they make our everyday interactions with technology more accountable. Companies from all industries find ways to use blockchain technology to become more profitable. In addition to making Bitcoin transactions happen, blockchain technology powers:

  • Money transfers
  • Stock investments
  • Sports betting
  • Real estate
  • Business agreements
  • Cloud storage
  • Online purchases
  • The Internet of Things

Blockchain Cybersecurity for Your Business

Anyone can join the blockchain revolution, including your business. Entrepreneurs have many blockchain security options at their fingertips if they know where to look. Consider using blockchain to protect:

  • Critical and sensitive data
  • Cryptocurrency and other smart assets
  • Smart contracts

Businesses with employees trained in technology may have the capability to build their own blockchains. The Internet has numerous free, open source platforms for anyone looking to create their own database. However, coding an in-house blockchain requires advanced skills and knowledge, so small and midsize businesses may not have the resources.

Fortunately, plenty of third-party services will handle blockchain security for you. Companies like Guardtime and REMME will use blockchain to protect your data without requiring you to set up an in-house database.

Security Solutions From Consolidated Technologies, Inc.

Keep your data in the right hands with security solutions from Consolidated Technologies, Inc. Let us assess your network’s vulnerabilities and offer a custom service plan that suits your needs.