Mitigating Cyber Security Risks with Blockchain Technology
In this article, we explore how blockchain can mitigate cybersecurity risks. Over the last few years, the popularity and widespread adoption of blockchain has grown. Blockchain technology has already been rapidly adopted by countries like India, Denmark, and Australia, while blockchain technology’s market share has reached a steady growth rate of 34% annually.
In 2021, cybersecurity references were on the rise, mainly due to the increase of cyber-attacks in multiple industries. For example, a mass cyber-attack affected millions of Microsoft users around the globe, wherein threat actors actively exploited four zero-day vulnerabilities in Microsoft’s Exchange Server. It is believed that nine government agencies, as well as over 60,000 private companies in the US alone, were affected by the attack. Another Cybersecurity attack occurred when CNA Financial was hit by ransomware in March 2021. Customer and staff services were disrupted for three days, which led CNA to shut down to prevent additional penetration. Recent data from “United Kingdom IT Governance” demonstrated that in June 2021 alone, there were 9,780,931 breached records from publicly disclosed security incidents. People are increasingly realizing that their personal information is stored in centralized systems, while some recent cybercrime cases demonstrate that data that is stored online in centralized systems is no longer secure, or at least more vulnerable than it was before.
Given this buzz around blockchain, one might ask how blockchain may be trusted in terms of cybersecurity?
Blockchain networks can prevent the inflexibility and weakness of centralized systems. The technology is secure, as its principles are cryptography, decentralization, and consensus. Data in blockchains is structured into blocks, which can be visible to all the participants of the network. This is the reason why blockchain ensures the security of every transaction. Cryptography being one of the core principles of blockchain means that the blocks in a blockchain are connected using a cryptographic chain, making them impossible to be tampered with. To further ensure the security and privacy of users, all transactions made throughout the blocks are verified by a consensus mechanism.
How can Block.co help secure your information?
At Block.co we understand that in the internet era, data can be easily hacked, manipulated, or lost. That is why we have created a solution backed by modern disruptive technology such as blockchain for you to feel safe to store your personal confidential information, such as digital records, licenses, and certificates, on an open source-based platform. BLOCK.CO clients do not have to depend on a central admin or authority and in this way, hackers cannot hijack our customer storage.
Our partner, Moebius Limited, embraces our solution into its Document Management product offering clients the ability to secure their digital documents from within their software, assuring high security of the documents with no third parties involved. Additionally, Moebius places a unique fingerprint that identifies a document as part of a blockchain transaction, essentially anchoring the proof of authenticity on the blockchain.
Interested in securing your digital documents? Get in touch today!
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