We have been talking about blockchain applications since the last post. We looked at how blockchain technology could help farmers and authorities trace supplies. This means all the food items at the market stalls all over the country could be traced, tracked individually. Just imagine how large that is, how helpful that will be. There will be fewer cases of killer food items. All livestock entering the market will also be tracked through this beautiful tech.
Let’s see other applications.
Blockchain application #2: Cyber Security
There have been so many instances when tech giants were under cyberattack publically. Be it Yahoo!, facebook, truecaller, twitter and the list goes on. One of the biggest attacks has to be on Faceboook. It has personal data of over 2 billion people. Data that is enough to cause huge chaos in people’s lives.
September 7th, 2017 Equifax reported a massive data breach. Their servers were being accessed unauthorized from mid-may to July 2017. The company came to know about the unathourized access on July 29th 2017, which was made public in September. This breach was so massive that 145.5 million people had their personal data (Name, Social security number, DOB, Addresses, Driver’s lisence number) at stake. Another example was Yahoo! data breach in 2016, where 1 billion accounts were compromised with personal information like (Name, password, phone numbers, security questions & answers). Furthermore, this wasn’t the first time Yahoo! was under attack. There have been a couple of attacks so far.
Verizon conducted a survey cum research which revealed mind blowing results. Almost 65% of the cyberattacks happen because of lost, stolen or weak passwords. In most cases, people are the main reason why these attacks happen. Hackers hack personal accounts and then the whole system through it. The survey also revealed that 23% of the people engage with phishing emails and even open the attachments that are meant to capture their personal details. Such cybercrimes are costing $400 billion annually and are a huge reason of concern for the internet users.
How can Blockchain help?
Blockchain’s three features can help people safe guard their information even if they are careless and we can even save as huge amount as $400 billion.
Feature #1: Trustless system
The main concept of blockchain is to work without human trust. The system running on blockchain doesn’t need human intervention to function and make decisions. It needs humans only to streamline the process and maintain the system.
Feature #2: Immutability
Blockchain stores data and keep it safe by cryptographically encrypting it by using properties like digital signatures and hashing. The most important feature that can doubly enhance the security of cyber applications is that once the data or information enters the blockchain it cannot be tampered. That is, once the user creates the account, the account information will never be accessible, not even by that user. This gives immune to the data of a very high degree.
Feature #3: Decentralization
This feature is the heart of blockchain technology. Decentralized systems are solely because of blockchain technology. In this case, Cyber application can utilize this technology and spread the whole system across the blockchain network. This will make sure that there is no single point of attack and increase the level of security.
In case of cryptocurrency, the decentralized nature of blockchain doesn’t allow anyone to dig in and find details of transactions. But since the exchange platforms are centralized, there have been so many attacks on the system. Both, funds and personal data have been compromised in past. However, the exchange platforms are working on decentralized trading/exchange platform that will not only help their users keep their funds safe but also give an amazing trading/exchange experience.
Imagine a world where you don’t have to worry that hackers will hack your details? Blockchain encryption is very strong and extremely difficult to break.
In the next issue we will continue to look at other applications for blockchain which you need to know.