What is the Use of Blockchain in Cybersecurity?

The use of Blockchain in Cybersecurity is becoming popular day by day as it is a revolutionary technology which is set to change the future of computing and disrupt several industries with more innovative solutions. The Blockchain technology has seen adoption in many industries over a period of time and most predominantly in the finance industry through the use of cryptocurrencies.

Blockchain in Cybersecurity: What are the areas of application?

Blockchain is a distributed, open-source digital ledger that stores transactions in blocks. Because to its immutability and limited access to authorized people, this ledger aids in the transparent storage of information.

In the Cybersecurity domain, to assess the security model of any business organisation, the CIA triad model acts as a reference which has three major parameters namely Confidentiality, Integrity & Availability.

The usage of Blockchain technology helps us to ensure all the above three mentioned parameters are satisfied in order to enhance security of any business organisation which we have discussed below: –

• Confidentiality, in Cybersecurity domain means only interested and authorised parties can access the sensitive or confidential information or data using Blockchains which ensures that this sensitive or confidential information or data can’t be accessible by unauthorised parties through untrustworthy networks. Blockchains can provide advanced security controls through using public key infrastructure to authenticate between authorised and unauthorised parties through encrypting their communication.

• Integrity, in Cybersecurity domain means Blockchains with its built-in characteristic features can help the business organisations to ensure data integrity through implementing a mechanism to prevent and control ledger splitting, with every new iteration, to ensure that the previous state of the system is restored, thus providing a fully traceable history log.

• Availability, in Cybersecurity domain means all valuable information or data remains available through various nodes in Blockchain based systems of which full copies of the ledger can be easily accessible at all times which makes the platforms and systems resilient from any kind of cyber-attacks like IP-based DDoS (Distributed Denial of Service) attacks, disrupting the normal operation of the systems in order to attempt overpowering of the entire network with a greater number of small transactions.

Blockchain in Cybersecurity: What Are the Pros and Cons?

Blockchain is a promising technology for cybersecurity with a number of potential advantages. However, it is important to be aware of the disadvantages involved before implementing blockchain-based solutions.

Pros of using Blockchain in Cybersecurity

• Using Blockchain, security of Internet of Things (IoT) can be improved by using device-to-device encryption to secure communication, key management techniques, and authentication in order to maintain the security of IoT devices.

• Using Blockchain, it can be utilized to verify updates and installers to prevent malicious software from infecting the devices, so that the integrity of the devices can be maintained.

• Using Blockchain, it helps to maintain the confidentiality of the users through the technique of public key cryptography.

• Using Blockchain, data transparency and traceability can be maintained at any time through digitally signing the transactions by Blockchain members.

• Using Blockchain, the system is not compromised due to the maintenance of multiple copies of ledger even during the cyber-attacks like DDoS (Distributed Denial of Service) as Blockchain systems are decentralized which means a single node failure will not affect the entire network.

Cons of using Blockchain in Cybersecurity

• Heavy reliance on private keys for encryption of data is one of the major disadvantages or we can say drawback of using Blockchain in Cybersecurity because of the fact that once these private keys are lost, they can’t be recovered which can cause losing access to the encrypted data forever.

• Using Blockchain technology have its own scalability and adaptability challenges as well because it is very important and necessary to check the scalability of the network. Several organisations face difficulties to integrate Blockchain technology that requires a complete replacement of the current systems.

• Blockchain requires high operating costs as it needs high computing power and storage capabilities which leads to higher costs as compared to non-Blockchain applications.

• Lack of governance in Blockchain systems is yet another major disadvantages or we can say drawback of using Blockchains because of the continuous regulations and frameworks which needs to be developed in order to maintain governance for Blockchain applications.

• Learning Blockchain technology requires a deep understanding and knowledge of various development, programming languages, and other tools. Also, the lack of Blockchain developers at present is another issue irrespective of numerous applications based on Blockchain technologies.

Conclusion

In the end, we can conclude to say that, the future of using Blockchain in Cybersecurity for the digital world will help to ensure that all the three parameters of CIA Triad namely confidentiality, integrity and availability are being followed properly in a secure manner. However, the complexity for its implementation may cause some difficulties for the applications based on Blockchain technologies. 

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