A massive web attack in 2013 stole everyone’s attention because Yahoo was the target and lost data from more than 3 billion accounts. Additionally, a few well-known cyberattacks are Google’s DDoS in September 2017, and DDoS on Amazon Web service in February 2020.
Unfortunately, cyber-attacks can happen to small and large organizations. Prevention is the only cure one can go for!
- There is a prediction of cybercrime costs globally reaching Approximately USD 10.5 trillion annually by 2025, says Globe Newswire.
Cybersecurity is a must in this glowing internet era. Various technologies are being part of enhancing web security. IoT, machine learning, cloud, big data, and blockchain are a few. Entertainment, gaming and education metaverse are also depends upon this technology.
- According to Brand Essence Research, the worldwide cybersecurity market will be around USD 403 billion by 2027. It previously had a value of USD 176.5 billion in 2020.
Blockchain development and cybersecurity
- According to the report by FBI, the global blockchain market was USD 7.18 billion in 2022.
- It says that its reach by 2029 will be a massive hike of 56.3% and have a value of USD 163.83 billion.
Blockchain is a technology that contributes to enhancing the security of companies. In the blockchain system, transactions are registered into cryptographically secured blocks. Hence, it provides maximum security. In addition to that, its ability to be a decentralized ledger can add value to security measures.
Let us discuss some advantages of blockchain in cybersecurity to businesses.
Advantages of blockchain in cybersecurity
A weapon of blockchain in cybersecurity creates a rock-solid wall between the system and the hacker. In addition, its unique features enhance the security of the organization.
Blockchain in cybersecurity can enhance confidentiality. In this, the keys are there only between user and data. Additionally, to avoid obscurity, these systems consist of confidentiality proofs. Therefore, systems get a wide range of opportunities with exceptional confidentiality.
Benefits to data storage
Blockchain systems get immutable data storage. Additionally, it records any changes in the system. Therefore, it offers a transparent approach. Better than any other traditional method, blockchain can offer added benefits of immutable data storage.
Decentralized decision making
The blockchain system enables decentralized decision-making. The design depends on a single point for all judgments in a traditional system. Therefore, an attacker can break the system. With the powerful features of blockchain and decentralization, the attacker needs to deal with a chain of nodes. Consequently, it is not easy to get command over such decision-making processes. Further, decentralized decision-making supports the system and makes it more complicated to attack. Additionally, it demolishes single points of failure.
Examples of blockchain cybersecurity
Blockchain has blossomed in many sectors across the globe. Some of the unique examples that contain blockchain cybersecurity are as below.
Blockchain-based messaging creates a secure private messaging platform. Additionally, a decentralized system and its protocol can secure messages on social media apps. Dust, BMC, e-chat, and Status are some examples of blockchain-based secured messaging applications.
This tool exchanges digital currency. Excellent cybersecurity methods power this platform. Moreover, its encryption stores wallets and passwords in a safe database. Additionally, the system demands a rigorous background examination and makes sure that your currency is secured.
It is one of the few decentralized banks. This bank consists of decentralized storehouse approaches. Additionally, its extensive encryption ways take care of a large amount of data and currency securely.
There are many more examples of blockchain development in cybersecurity. Many industries and organizations look at blockchain as the future of cybersecurity.
EDIIIE’s role in blockchain development
With extensive skills and expertise, EDIIIE, a blockchain development company, delivers esteemed clients for blockchain development. It offers blockchain development services in game development, banking and financial sectors, supply chain management, etc. Additionally, it serves many more domains. Our experts at EDIIIE believe that it is easier to save infrastructures from hackers by decentralizing infrastructures with blockchain.
Blockchain in cybersecurity provides transparency, and data security, thus enhancing customer trust. Moreover, it can maximize business values with its exceptional features.
Blockchain development has the power to strengthen cybersecurity for various industries. Connect with our proficient blockchain developers to make maximum out of your company’s potential.