Blockchain has been around since 2009, but its development has created the backbone for a new type of internet. The new use for this original BitCoin concept is taking the digital world by storm; so how can blockchain technology help defend your business?
Blockchain creates continuity in the digital world, it’s a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. This incorruptible digital ledger means that data isn’t stored in a single location and there is no centralised version for a hacker to corrupt; meaning your records should be safe from corruption.
How does blockchain work?
Each ‘block’ is connected to all the blocks before and after it, making it difficult to tamper with. In order for a hacker to get to a single piece of information, they would need to change the block containing that specific record as well as those connected to it. While this isn’t impossible, it is hopefully enough of a deterrent for the average cyber criminal.
With GDPRs 72 hour reporting timeframe, keeping on top of any breaches in data is important. With blockchain, if any part is altered the ‘signature’ required to access the information will become invalid and the network will know that something has happened. This early notification is essential in protecting information and preventing further loss.
How is blockchain safer than others of its kind?
As copies of the blockchain are kept on a large and widely distributed network, there is no one weak point to attack.
Some people believe that blockchains can and will eventually replace central Banks and its services will develop into data sharing, becoming a normal part of daily transactions. The added benefit of being outside the services of Facebook and Google and their increasing rises to the limelight for all the wrong reasons, is another incentive for companies to convert to blockchain.
Transactions are currently limitless and with no Governing body there is no one source or point of reference, this is hopefully another way to ensure users of its safety.
Even the Bank of England and trading company Nasdaq have announced they would be developing services incorporating the use of blockchain.
Blockchain and Identity Management
A major focus for cyber criminals is to steal data which has value, and most of the companies that we all interact with on a daily basis hold a lot of information about us as individuals which falls into that category. Supplying personal information when setting up an account is pretty much standard these days. But what if you didn’t have to? What if you managed my own Identity and had it verified on the blockchain by a wide range of institutions that are proven sources of ID (Government Bodies, Banks, Health Organisations etc.)?
We’re excited to be working with Trusted Key in this space and would be happy to share how we see them as a major disruptor to traditional Identity Management models.
What is the future for blockchain?
Blockchain isn’t going to stop there, research and development is being undertaken to use this idea in energy, healthcare and even transportation. Smart cities where street signs, traffic lights, cars as well as other moving and static objects would be embedded with sensors. This is no longer sci-fi, but real-life. This technique could allow emergency vehicles to quickly re-route and avoid traffic, as well as reduce congestion and lower emissions.
Not all cyber security has developed at this rate which still leaves businesses and organisations vulnerable to threats. Developing innovative technology solutions with our advanced consulting services, could provide peace of mind if you are considering introducing blockchain into your organisation. Contact us to find out more.
For more information on Blockchain, cryptocurrency and Bitcoin for businesses, take a look at this informative article written by leading business solutions provider, Sage.