Blockchain: A New Tool for Cybersecurity

The evolution of blockchain (or distributed ledger technology) has been compared to the early rise of the internet, with comments and arguments about the technology's potential to disrupt multiple industries, including healthcare, government, energy, manufacturing, and, most notably, financial services, where it is predicted to be the beating heart of finance and the ultimate provider of a new industry fabric. Blockchain is a distributed, decentralized digital ledger that records transactions as blocks. Because of its immutability and restricted access to only authorized users, this ledger facilitates the transparent storage of information. Blockchain is gaining acceptance today, but skeptics who question the technology's scalability, security, and sustainability persist. The internet's and technology's reliance on today has resulted in new business models and revenue streams for enterprises, but it has also created new loopholes and opportunities for cyber attackers to exploit. Cyber-attacks have become more focused and complex as malware has become more sophisticated and professional cyber groups have become a greater menace. These hackers are aiming to steal valuable data such as intellectual property (IP), personally identifiable information (PII), health records, and financial information. They are employing very profitable strategies such as monetizing data access via advanced ransomware techniques or interrupting overall corporate operations via Distributed Denial of Service (DDoS) attacks. Blockchain could potentially aid in strengthening cyber security by safeguarding, preventing fraudulent actions through consensus processes, and detecting data tampering, based on its core qualities of immutability, transparency, auditability, data encryption, and operational resilience (including no single point of failure).