Blockchain as Data Security Solution

With people in our modern world navigates the virtual world, security has become a real concern and a big problem for most of us. Over the last few years, hackers worldwide keep getting better and better at hacking, and sometimes it feels like we can never be safe in the online world. But though they are getting better, I believe that our cybersecurity is getting better faster.

We used to live in a world where a simple firewall and some Anti-virus were good enough to protect us from getting hacked. As our technology and internet having more and more of an impact in our world, and we rely more and more on these new techs and the internet, it becomes very alarming how we can keep our data safe from these outside threats. The good thing is that somebody made this thing called Blockchain, which is a technology that was developed for the sole purpose of protecting our data from cyber-attacks and to keep improving our data security. In this blog post, I will be covering blockchain for data security.

Before we get into the details of whats and whys, let me first tell you its background, so you have an idea of how it all started.

History of Blockchain

The idea of a cryptographically secured chain of blocks, or what we now called blockchain, came up in 1991 by Stuart Haber and W Scott Stornetta. In 2000, Stefan Konst got interested in this idea, so he decided to publish the blockchain theory and added some ideas on how to implement it. In 2008, a developer working under the pseudonym Satoshi Nakamoto released a white paper establishing the model for a blockchain. A year after releasing the white paper, Nakamoto implemented the first blockchain as a public ledger for a bitcoin transaction.

Blockchain Timeline

Blockchain technology has been around for almost a decade now, and it was originally established to store or transmit cryptocurrency. Now in our digital world, where technology expands progressively around the world, People started using it in various ways in many businesses, which involves using it to increase data security worldwide.

Soo What is Blockchain?

You guys must have heard of Blockchain before, and you probably heard about it because of bitcoin. But what is blockchain? Well, it is a database but a particular type of database in simple terms.

But how is this different from a typical database?

To understand it better, A typical database is a collection of information/data that is organized and stored in a pc or any computer system. Still, for Blockchain, it differs a little from your typical database. The way it works in the blockchain is that data are stored in a group or blocks then chained together. When new data comes and stored, it goes to a fresh block then; once it’s filled and ready to go, it will then be chained onto the previous block, and all these data are now then chained together in chronological order.

Using cryptography (cryptography is a secured communication technique that allows only the sender and the recipient can view its content.), every user who uses blockchain can add information securely to the blockchain. Three keys system is used, which is public, private, and receiver’s key, that allows members to check the data’s authenticity. Blockchain has millions of users in its distributed network, so every member is responsible for confirming that the data being put into the blocks is true.

You are now probably wondering about how these blockchains form. Well, blockchain users need to use their keys to authorize and validate the data they stored, and once the data that you stored has been authenticated, it is then gets added to the chain.

Hopefully, I explained the basic stuff about blockchain, so I will discuss a little bit about how we can use Blockchain for data security or if it is possible.

The fast evolution of our digital technology today created new challenges around data security that exposed us to cyber-attacks. Securing our data should be one of our top priorities. Blockchain is one of the most secure data protection technology worldwide that implements a strong authentication and cryptography key vaulting system. For me, blockchain provides enough to guarantee security on our data and is now being used in numerous industries like sports, finance, healthcare, to name a few. I am convinced that blockchain will change the way we secure our data, and based on studies, the global blockchain market will likely hit 20 billion dollars by 2024.

Three Pillars of Blockchain Technology

  1. Decentralization — Blockchain uses a decentralized system where one specific individual does not store data. Everyone in the network owns the info. For example, you want to send money to your friend; you can send money to your friend directly without going through the bank. You have control over your money and what you want to do with it without having to deal with banks.

How does Blockchain keep information secure?

  • Blockchain keeps track of changes made. Nobody can edit any existing data and claim that it was theirs because all the data stored in the blockchain stays there forever.

To wrap things up on how the blockchain can be used in data security, to wipe out or corrupt a blockchain, any hacker would have to go across every user’s pc in the global network to wipe out these data. Imagine having millions of users, with each having a copy of data. It is 99.999 percent impossible to penetrate. I am not saying that Blockchain is immune to these attacks, and there is still a 0.0001 percent chance that someone can breach it.

References

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A. Rosic, “Blockgeeks,” [Online]. Available: https://blockgeeks.com/guides/what-is-blockchain-technology/. [Accessed 7 February 2021].

[2]

CTI, “CTI,” 18 August 2018. [Online]. Available: https://consoltech.com/blog/blockchain-cybersecurity/. [Accessed 10 February 2021].

[3]

L. Conway, “Investopedia,” 17 November 2020. [Online]. Available: https://www.investopedia.com/terms/b/blockchain.asp. [Accessed 24 January 2021].

[4]

G. Raturi, “towards data science,” 17 March 2017. [Online]. Available: https://towardsdatascience.com/blockchain-technology-ensuring-data-security-immutability-7150d309352c#:~:text=Blockchain%20is%20decentralized%2C%20encrypted%2C%20and,nodes%20concurrently%20it%20is%20impossible.&text=Being%20one%20of%20distributed%20ledger. [Accessed 24 January 2021].

[5]

ICAEW, “ICAEW,” [Online]. Available: https://www.icaew.com/technical/technology/blockchain/blockchain-articles/what-is-blockchain/history. [Accessed 1 February 2021].