Fintech, supply chain, food, insurance: these are just some of the sectors already benefiting from the tech miracle known as blockchain. Blockchain technology is being widely adopted by business owners, changing the way organizations interact with one another, with regulators, and with clients.
What is blockchain?
Blockchain is a decentralized, immutable database that makes it easier to track assets and record transactions in a corporate network. On a blockchain network, practically anything of value may be recorded and traded, lowering risk and increasing efficiency for all parties. Information is essential to business. It is best if it is received quickly and is accurate. Blockchain is the best technology for delivering that information because it offers real-time, shareable, and entirely transparent data that is kept on an immutable ledger and accessible only to members of a permission network. Orders, payments, accounts, production, and many other things may all be tracked via a blockchain network.
Who, what, when, where, and how much, —can all be recorded in the data block.
Every block is interconnected with those that came before and after it.
These blocks build a chain of data as an asset moves from place to place or ownership changes hands. The blocks link securely together to prevent any blocks from being altered or a block from being introduced between two existing blocks, and the blocks certify the precise timing and order of transactions.
Benefits of Blockchain in cybersecurity.
Blockchain enables us to guarantee that policies are followed.
Confidentiality: This means ensuring that only those with a legitimate need have access to the relevant information. Blockchain data is completely encrypted to prevent unauthorized parties from accessing it as it travels over unreliable networks. To stop assaults from within the network, security measures such as access controls should be put into place right at the application level. By employing public key infrastructure to authenticate participants and encrypt their communication, blockchain can offer sophisticated security measures. However, there is a substantial danger of theft of private keys when backup private keys are kept in secondary storage. To avoid this, cryptographic techniques based on integer factorization problems should be used, as well as key management protocols like IETF or RFC.
Integrity: Organizations can ensure data integrity by utilizing the immutability and traceability features that are built into blockchain technology. In the event of a 51% cyber control attack, consensus model protocols can assist businesses to establish procedures to prevent and control ledger splitting. In Blockchain, the past state of the system is recorded with each successive iteration, creating a fully traceable history log. Smart contracts can be employed to validate and uphold agreements between parties, preventing miners from extracting data blocks.
What Is Blockchain SIEM?
The term “Blockchain SIEM” is relatively new, but it’s already gaining traction among cybersecurity professionals. A Blockchain SIEM is a security information and event management (SIEM) system that uses blockchain technology to monitor and analyze security events. In essence, it gathers all the data being gathered by your organization’s existing security tools—and then gives you an overview of all the activity on your network in one place.
A blockchain SIEM makes it easy to track everything from malware infections to insider threats because every action taken by an employee or user gets recorded on a public ledger, which means anyone can access this data if they need to. This also means that any attempts at tampering with that information will be immediately noticeable as well: any changes would require approval from multiple parties for them to go through!
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