The blockchain concept was first introduced to the world in 2009, along with its loud tenant, Bitcoin. Arguably, blockchain technology is just as revolutionary as cryptos, premiering features now crucial to countless businesses and industry branches worldwide, from finance to agriculture.
It works as an immutable ledger, recording every detail of every operation and allowing users to verify these details later. This information is organized in separate nodes linked together, hence the name. This means a hacker would have to gain control over every unit along that chain to tamper with its content.
Here are some of the most ground-breaking security features brought to cybersecurity by blockchain technology.
Smart Contracts
Smart contracts automate transactions between senders and receivers once certain conditions are met. These self-executing computer programs eliminate intermediaries, and since they run without human interference, they reduce potential disputes. Better still, these contracts can be revised by all parties involved. It’s also possible to audit smart contracts automatically before deployment, vetting them against inaccuracies and vulnerabilities.
DDoS Protection
DDoS (Distributed Denial of Service) attacks are significantly more difficult to perform in the crypto world. Thanks to blockchain node security protocols that spread information across multiple nodes, hackers would have to overwhelm the entire system to access it, making it much more challenging. This architecture allows public blockchains to maintain their operations even in critical moments.
Decentralized Storage
Centralized data storage systems are more vulnerable to attacks than decentralized ones, as the risk of a single point of failure is much higher in the former. In decentralized storage systems, all the information is encrypted, scrambled, and distributed across multiple ledgers. It means that data and assets remain secure even if there’s a breach on one of the nodes, making it one of the most effective cybersecurity measures.
Improved Supply Chain Management
The fact that operations recorded on blockchains are immutable and easily traceable makes this technology very useful for supply chain management. It guarantees that all transactions and goods can be traced back to their origins. So, it reduces not only fraud but also unauthorized access to assets and critical data within the supply chain. Additionally, it helps companies identify counterfeit products more efficiently.
Tokenization
Asset tokenization is rising fast worldwide, with specialists forecasting a market size of USD 2 trillion or more by 2030. Tokenized items have improved cyber protection; even sensitive information can be tokenized for improved security. Since these tokens will have their access tightly controlled by smart contracts, the information stored in them is safer from unauthorized access or data breaches. Supply chain management is often tokenized, allowing companies to control their products’ lifecycles, from the factory to the market shelves.
Zero-Trust Models
Zero-trust security models have a more granular approach to cybersecurity, where every access attempt can be traced back to its origin. Such models rely on blockchain for each user’s identity verification. In fact, zero-trust models require users to verify their identity for every operation. The zero-trust approach prevents insider threats and system invasions. Additionally, suspicious access attempts are flagged and dealt with in real time.
