The Role of Blockchain in Cybersecurity

The high level of dependency on the internet and technology today has resulted in new revenue streams and business models for organizations, but with this arises new gaps and opportunities for hackers to exploit.

Cybercriminals have become increasingly complex and are attempting to steal valuable data like financial data, health records, personal identifiable information (PII) and intellectual property, and are resorting to highly profitable strategies like disrupting the overall operations of a business via DDoS attacks, or monetizing data access via the utilization of advanced ransomware techniques.

So, will blockchain technology be a cybersecurity help or hindrance? A blockchain is basically a decentralized, digitized, public ledger of all cryptocurrency transactions and uses what is known as the Distributed Ledger Technology. This could potentially help enhance cyber-defense as the platform can prevent fraudulent activities via consensus mechanisms, and detect data tampering depending on its underlying characteristics of operational resilience, data encryption, auditability, transparency and immutability

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