The first use of Blockchain technology goes all the way back to the creation of Bitcoin and since then, countless other uses have been found for it.
The financial sector is the first to be affected by the arrival of this new type of technology. Today, it’s undeniable that the internet has become a major part of our lives. The problem is that cybercrime still threatens the nature of the internet and limits its potential. However, with the use of Blockchain technology, cybersecurity is now stepping up its game.
The Ultimate Solution to Cybersecurity
The year 2017 saw cyber threats reach new highs. In France, 42% of the population has been the victim of some type of cyber-attack. And, more than 45% of the attacks were carried out by ransomware.
The most notorious attack was that of a ransomware known as Wannacry on the British health system. Moreover, other threats have also appeared on the internet such a NotPetya, which is a malware program that is designed to erase information.
To carry out these attacks, all that a hacker needs is access to the internet and a computer or smart phone. Even high-security banking websites are at the mercy of hackers. Typically, these cyber-attacks aim at stealing capital, but others are designed to erase or steal important information.
As we come into an age of technology, threats to cybersecurity are bound to become increasingly more prevalent. But, with the adoption of Blockchain technology, the threats are somewhat reduced.
Due to its decentralized nature, Blockchain makes it impossible to commit fraud or to falsify information. When a system is centralized, it is much more at risk of cyber-attacks. Therefore, Blockchain, with its network made up of millions of computers, makes it nearly impossible to commit any sort of cybercrime. To hack into an account, the hacker must compromise all the computers of the network, as opposed to one.
Better Traceability Equals Better Security
Cryptocurrencies such as Bitcoin are known for their anonymous transfers. However, this anonymity is not 100%. In Bitcoin’s case, the network is known for its transparency. Every transaction made on the network is made public and permanent. This way, any transactions are capable of being traced back to its user.
Blockchain proposes better security than current measures since each transaction must be verified by a certain number of nodes. Also, when a transfer is made, new blocks are formed on the chain. This information is then distributed across the network.
Therefore, the network works somewhat like a log book that records all information passed through the network. For companies, this allows them to offer their services with added security and more transparency.
The Revolution is Now
Since 2009, the number of companies and investors interested in Blockchain technology has significantly grown.
As an example, last year, Natixis, Rabobank, the Deutsch Bank, Unicredit, KBC, the Société Générale and HSBC united together to create an information sharing system based on Blockchain technology.
Equally, several major oil companies, IOT, Google and countries such as Switzerland and Estonia have been looking at ways to use the new technology.
4 Easy (But Little Known) Steps That Protect Your Website From Hackers
Hacking of websites is a real big threat and each day there could be thousands of such hacking attacks which could be happening across the entire world. It would not be possible to have experts guarding the websites round the clock and thwart hacking attacks should they happen. Instead a better way forward would be to have some understanding about easy and simple steps which could protect the website from hackers. We are sharing a few such steps which are not only effective and reliable but at the same time they are also quite easy to implement and put into practice. Click here to read full steps.