Is Blockchain The Ultimate Cybersecurity Solution?

By Harikrishna Kundariya •  Updated: 08/16/22 •  6 min read

Is Blockchain The Ultimate Cybersecurity Solution For My Applications?

Blockchain is the most advanced and new-age database technology that secures and facilitates the transactions of cryptocurrency and has also recently entered application security, solving the wider concerns of application cybersecurity.

Blockchain technology has a brilliant ability to validate organizational dealings and application security. Companies often hire dedicated programmers to set up the blockchain network for advanced cybersecurity and associate protection.  

Blockchain technology offers significant cybersecurity advantages like a noticeable reduction in cyberattacks on applications. The technology also has the massive storage of the perpetual record of all the transactions on the decentralized system with all the relative details.

With these functions, any document and record forging in the blockchain ledger is next to impossible. For current challenges related to information security, blockchain technology is one of the major panaceas on the global platform. 

Blockchain: An Overview:

Blockchain technology is one of the advanced technologies used for multiple organization procedures in which cybersecurity is the major. Blockchains are advanced and innovative databases that store and organize the datasets in irreversible virtual and simulated sets, which are link arranged in chronological order.  

These are storage cases of dispersed ledger which attains validation through a connected peer-to-peer network. It is quite complex to understand and operate and is one of the pioneering technology revolutions of the new-age trends.  

This dispersed ledger technology (DLT) operates on P2P networks, which upgrades the blockchains to robust and advanced technology for various application security solutions. Blockchains differ from other ledger types in terms of power requirements, arrangement, token usage, practical execution, and data assembly. 

Companies hire dedicated programmers and blockchain developers who implement multiple strategies to attain appropriate consensus, including work proof (PoW) and stake (Pos). As per the operations, two major categories of blockchain as per the application standards are:

●        Permissioned Blockchain: 

Permissioned blockchains operate on an organized infrastructure with an advanced verification procedure for nodes and their associate governance structure. It is also known as private blockchains, which are partially decentralized.

This decentralized blockchain works on the permissioned systems, which offer irreversible preferential processes. These private blockchains have prominent advantages with a powerful and scalable approach. It has a major use case in supply chain management and banking.

●      Permissionless Blockchain:

From the time the blockchain technology was launched for cryptocurrency transactions, it was introduced as permissionless blockchain technology, also called community blockchain.

Permissionless blockchains operate with a robust security interface within a decentralized network for advanced financial exchanges. People can conveniently join the blockchain network for transactions and interaction with 100% community visibility. It has a possibility for inclusion in fund-raising, voting, and identity verification.

Blockchain Performance In Cybersecurity: 

Security of Block chain

Cybersecurity prominently accentuates the three major pillars to perform in a specific network. These pillars are accessibility, reliability, and privacy. Blockchain provides accessibility by the open display of block ledgers and transactions and reliability on the decentralized network for effective validation. Thus blockchain technology does attain the capability to satisfy the desired privacy. 

On the contrary, the information arranged on the blockchain network must only include the information the app development organizations are eager to publicize. When app development companies hire dedicated programmers for blockchain arrangement in security, they demand these three pillars to be strong and accessible for setting up the application security. 

Pros: 

  1. Records timestamping and chronological arrangement
  2. Permanent and detailed analysis 
  3. Low access to outsourcing parties 
  4. Preserved on cryptographic terms
  5. Immediate updates and upgradation
  6. Unreliable operation

Cons:

  1. Greater operations price
  2. Operates with the limited storage capacity
  3. Blockchain knowledge is required 
  4. Consequences of negotiation
  5. Flexibility issues
  6. Unalterable 

Potential Solutions To Implement Blockchain For Application Security

Blockchain is a futuristic technology, which is technical to the advanced level, which most application development organizations may use for security considerations. The blockchain network’s security interface is complicated. It requires expert knowledge to arrange the blockchain network security interface, at times the problem gets very complex that it becomes difficult that an individual cannot manage it. Hence, most companies prefer to have a dedicated development team as this is fairly new technology and is rapidly changing. Thus it becomes difficult for one person to possess expert knowledge.

The cryptocurrency hype has not influenced organizations to adopt blockchain as advanced technology to manage their application security and financial ledgers. While transforming the blockchain technology for better performance in application security, the listed applications are potential solutions:

  1. Continuous authentication and monitoring of software downloads and updates. 
  2. Modifying the possibility of identity theft false and key transmission. 
  3. Creating a vigorous security network for Domain Name Systems (DNS)
  4. Identity verification to secure the edge devices.
  5. Eliminating particular failure points to build production systems.
  6. Protecting important information by obstructing erroneous transactions. 
  7. Distribution of multi-signature login and PKI resources.
  8. Decentralized information storage space eliminates the honeypot requirement.

Promising Use Case Of Blockchain In Cybersecurity: 

Blockchain technology is one of the efficient and robust solutions for the security of blockchain network ledgers. Though, it does not eradicate the requirement of following the best cybersecurity methods with the prominent assurance of providing security to the specific members. Below are some good use cases of blockchain technology in application security for which application development companies hire dedicated programmersBelow are the mentions: 

1)    Decentralised Storage Solutions:

Blockchain-powered storage solutions are gaining popularity in modern business infrastructure. It efficiently enables the accessibility of users for archiving the desired information on the blockchain network and provides accessibility to outsourcing parties. In addition, it reduces the probability of a security breach in the application network.

2)    Secure DNS: 

The blockchain system upgrades the application security on the higher node. It has a decentralized network that makes it robust, making it tricky for hackers to enter the security interface by exploiting the susceptibility. The domain information is stored on an immutable platform for the distributed ledger, and the smart, immutable agreements drive the blockchain connection.

3)    Personal messaging security: 

The evolving secure blockchain network with advanced communication ecosystems confronts the issue of end-to-end messaging. Blockchain is one of the major keys to securing the information exchange enabling the connection among distinct messaging platforms. It aims to frame the novel medium that attains secure and integrated communication.

Conclusion: 

These are some of the major information defining the blockchain potency for application cyber security. The blockchain-supported application usually has an internal dependency on certain risk resources or peripheral data, which cannot be used completely as a major security solution. With its execution coding and operating environments, the blockchain network needs a constant core analysis to explore specific cyber susceptibilities. Hence the blockchain technology used for application cybersecurity, it’s imperative to understand the blockchain applications to the core.