We are living in an extraordinary time in history. The rise of blockchain technology is bound to enhance our lives the same way the Internet did. The Internet made so many things, previously impossible, possible. We are witnessing the same being done with blockchain. As more use cases are presented, it became evident that the technology was going to reinvent systems across the board, whether it is in banking, healthcare or even entertainment.
Protecting data from manipulation or fraud
If you are familiar with the world of blockchain, you have probably heard of the word “immutability” used to describe blockchain platforms like Finterra and its products. Basically, to be immutable, the data stored on a blockchain ledger cannot be changed. Ever. Each block of information, such as facts or transaction details, is stored using a cryptographic principle or a hash value. This functionality of the technology ensures that no hacker can break into the system or change the data saved to the block.
Protecting data from theft
One of the most exciting features of blockchain is its decentralized nature. This makes it near impossible for hackers to commit fraud and steal or compromise data stored on the blockchain platform. This is because a hacker would have to destroy the data on every user’s computer in the global network. If there are a million computers each storing a copy of the data, a hacker would not be able to compromise the network of a million computers all at once. Not to mention, it is not easy to hack a blockchain platform once, to do it multiple times would be near impossible. The protection this feature provides is one of the reasons businesses look to implementing the blockchain technology, even in different industries.
Stopping Distributed Denial of Service attacks
The principle behind Distributed Denial of Service (DDoS) attacks are not new but just as relevant today. Recent attacks show that the classic method is resilient against most cybersecurity measures, and it has become a major concern for enterprises and private consumers alike. DDoS attacks rely on a centralised server to be successful, and blockchain is known for its decentralisation. As mentioned by three researchers in a survey paper titled “Utilization of blockchain for mitigating the distributed denial of service attacks”, blockchain provides decentralized processing infrastructure wherein single point of failure is preventable.
It is apparent that blockchain is the future of cybersecurity. With its ability to provide transparency, immutability and enhanced security, this technology is being adopted by more businesses and individuals who wish to be protected from cyberattacks. Blockchain-based organisations like Finterra realised the potential of this distributed ledger technology early on and began working on building an impenetrable blockchain platform. Today, its blockchain is utilised by various companies looking to provide services, streamline the processes, and secure the data stored.