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Blockchain Technology Revolution: All you want to know about it, An insight by Nibras Muhsin.

Blockchain-Technology

Blockchain technology is a kind of Distributed Ledger Technology (DLT) that keeps records of the transactions of digital assets. The transactional records are called blocks. Each of these blocks is linked together by using cryptography. You can think of the blockchain as a database, but the way of storing information in the blockchain is quite different from the database. 

Blockchain is a revolutionary and favorable technology. It reduces risks and crackdown fraud while bringing transparency in a scalable way. This technology has been used in several domains, especially in cryptocurrencies.

Categories of Blockchain Technology

Blockchain technology is categorized into three main categories:

1. Public Blockchain

In this blockchain system, all the transactional records are transmitted, allowing everyone to participate in the process of checking and validating the transactions. 

Examples:

Bitcoin 

Ethereum

 

2. Consortium blockchain

This blockchain system is recorded and regulated by various bodies. This system is partly decentralized as a very few pre-selected groups of nodes that are selected in advance have the authority to participate in the process of checking and validating the transactions.

Example:

Corda

R3CEV

 

3. Private Blockchain: 

This blockchain system acts as a centralized network. There is strict authority management on the access of data as only one organization has complete control, and only the insiders of that organization are allowed to participate in the process of concluding to consensus.

Example:

Ripple (XRP) 

 

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Future of Blockchain technology in Cybersecurity 

Blockchain technology was originally developed for Bitcoin and was associated with it for a long time. Due to the transparency offered by this technology, it has been popularly grown into a prosperous mitigation technology for cybersecurity.

The number of data breaches is immensely increasing day by day, and one of the major causes of this is human error. Blockchain technology provides automated data storage, which reduces the risk of human error in its data storage systems. Thus, blockchain technology is considered to be a reliable cybersecurity measure due to its potential of detecting iniquity and ensuring the integrity of transactions.

The popularity of blockchain is ascribed to its integrity assurance. This quality of assuring information integrity can be highly beneficial for many sectors, including cybersecurity. The utilization of information integrity to build cybersecurity solutions can produce favorable results.

Given below are some of the use cases of blockchain that can prove to be highly beneficial for cybersecurity in the foreseeable future:

1. Security of Internet of things (IoT)

The use of IoT devices has been increased as they provide great convenience. On the one hand, IoT provides convenience, and on the other hand, it makes your systems prone to cybersecurity attacks. 

As IoT is an essential element of smart homes, hackers can exploit the vulnerability of any of the IoT devices to gain full access to the overall systems. To combat such conditions, blockchain technology can be used. By implementing blockchain technology, the control will be decentralized. This decentralization of control will make the penetration much challenging for the hackers, reducing the risk of the data breach. 

2. Prevention of DDoS and DNS attacks:

DDoS stands for Distributed Denial of Service attack. It occurs when various systems choke the resources or bandwidth of the targeted system, making the service unavailable for the users. 

In a DNS attack, the hacker alters the DNS records by exploiting the vulnerabilities in the DNS. This attack makes the website inaccessible and even redirectable to other fraudulent websites.

Implementation of blockchain technology can reduce the risks of such cyberattacks by decentralizing the DNS records. By implementing decentralized solutions through blockchain technology, the vulnerable single points could be removed before being exploited by the hackers. 

3. Secure Data transmission 

Most cybersecurity breaches are done for the sake of data. Hackers intrude into data transmission to either alter the data or completely delete it. This intrusion results in inefficient communication. Thus, secure data transmission is highly important to main data integrity and confidentiality.

Blockchain technology can be used to ensure secure data transmission by preventing any unauthorized access to the data. Prevention of unauthorized access can be done by deploying the complete encryption feature of blockchain technology, which will lead to secure data transmission. Secure data transmission would lead to an increase in the confidentiality and integrity of the data transmitted through blockchain.

4. Better Verification of Cyber-Physical Systems

The integrity of information generated from cyber-physical systems is comprised due to several reasons such as misconfiguration of systems, data tempering, and component failure. 

For better validation of cyber-physical systems, the information integrity and verification capabilities of blockchain technology can be deployed to validate the status of cyber-physical systems. 

 

Blockchain-Technology

 

Testing tools for Blockchain 

The use of testing tools ensures the quality of blockchain applications. Some of the best testing tools used for blockchain are as follows:

1. Ethereum Tester: 

It is an open-source testing tool suite that you can get from GitHub. It is easy to operate and have viable API support to fulfill several testing requirements. This tester is used for applications based on the Ethereum blockchain.

2. BitcoinJ: 

It is an open-source framework available for testing Bitcoin-based applications. It is basically a Java-based framework that is built specifically for Bitcoin-based applications, allowing you to interact with the Bitcoin network and several testing activities. You can use this testing tool without even downloading the standard bitcoin core files. 

3. Truffle: 

This tool assists the Ethereum developer by offering effective testing features, such as automated contract testing. This framework provides not only testing functionality but also Scriptable deployment.

 

Pros and Cons of Blockchain technology

Every technology has its own pros and cons. Similarly, blockchain technology has a lot of advantages along with some disadvantages. 

Blockchain-Technology

 

This is a Guest Post by Nibras Muhsin, MBA and Senior Technical Manager.

Written by BetterAuds Team

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