Topic - Blockchain is a radical technology
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The evolution of technology and further advancements in internet have resulted in the emergence of various new techniques that have facilitated and simplified various operational functions and purposes of human activities. However, there are also being targeted by the cybercriminals for their own profits, and in a varied manner have been bypassing the cybersecurity which therefore necessitates the integration of efficient network and data security processes that would protect from the cyber-attacks. In the following discussion, the various aspects of Blockchain associated with the network security that is offered by it, have been discussed.
Blockchain as Radical Innovation Technology
Blockchain is regarded as the kind of technology which has a radical influence on the financial service sector. The highly cryptographic design of the blockchain technology makes it essentially impossible for tampering or reversing the transactions (Beck and Müller-Bloch, 2017). Radical Innovations are fundamentally discontinuous events that are often associated as direct outcomes of research and development results that has disruptive influence on the existing business models. Radical innovations every so often epitomise the revolutionary changes with respect to technology (Beck and Müller-Bloch, 2017). It can be stated that the radical innovation of the Blockchain technology has the potential of triggering significant and vital organisational changes via the introduction of new corporate practices and business models.
Blockchain and Cybersecurity
The Blockchain technology can be used for securing the data as it an ideal platform that offers efficient storage of data with the help of enhanced security. Securing data is one of the most critical priority of the most businesses across the world. As a result, Blockchain becomes a strong alternative to the Server and Cloud based organisations. Some of the significance of blockchain technology with respect to the data security include the following:
• Encryption and Validation
The Blockchain technology platforms ensure that the data is encrypted and the same implicates that the modification of the data is converted into a difficult task. Furthermore, the file or the document that is to be preserved on a Blockchain can be saved along with cryptographic signatures. This offers the way for ensuring that a file is maintained in an untampered manner, without requiring to save the complete file on the Blockchain (Cachin, 2016). Due to the decentralised nature of the Blockchain, the file signatures can be cross checked across all the ledgers at any time to verify that the same has not been changed and neither have the nodes in the network been influenced in any manner. Any changes that are made with the record renders the signature invalid. Therefore, Blockchain offers independent and reliable data verification that is undeniable.
• Decentralised Manner of Data Security
As the Blockchain technology has a decentralised nature, therefore, it does not depend on any kind of central point or locus of control. Blockchain is fundamentally a digital ledger of transactions and every computer has an entire copy of data. Any lack of the single authority turns the system considerably and fairly more secure. Instead of relying on any kind of central authority for transacting securely with the other users, the technology of Blockchain uses innovative consensus protocol throughout the network of nodes, for validating the transaction as well as recording data in such manner that would make the data incorruptible (Pop, et al., 2018). As Blockchain is primarily a ledger of various information, it is highly crucial that the information is stored accurately and honestly. As the data is secured on several computer systems, it is significantly secured, despite the malfunction of one or two computers.
• Difficulties in Hacking
It can be deciphered from the name that Blockchain is fundamentally a chain of digital blocks which comprises of records of various transactions. As they are not preserved in any kind of central location, therefore, Blockchains does not have any single point that may result in failure and therefore, it cannot be changed from any single computer system. These data are decentralised and then distributed as ledgers amongst the peer to peer networks, which are continuously updated and a synchronisation of the same is maintained (De Filippi, 2016). Each of the block of the Blockchain technology is linked with all of its previous blocks, as well as those that follow it.
Some other uses of Blockchain in cybersecurity can be listed as follows:
• Protected edge computing along with authentication: Edge computing is significant for the IT productivity, efficiency as well as usage of power, however, it represents a security challenge for the CIOs and CISOs as well as the more extensive businesses. Therefore, the Blockchain has been offering solutions for securing Industrial Internetof Things (IoT). Furthermore, it also strengthens the authentication, upgrades the process of record management and enhanced data (Zheng, et al., 2016).
• Advanced data integrity and confidentiality:Due to the public distribution nature of Blockchain, it was created without any kind of particular initial access controls. Moreover, with the further development of the technology, Blockchain has been offering various solutions to the different industries and have been successful in implementing scope for data confidentiality, along with access control (Gaetani, et al., 2017). The complete encryption of the technology of Blockchain ascertains that the data cannot be accessed by any wrongful organisation or individual.
• Secured private messaging:A large number of organisations have been considering Blockchain for securing their professional, private and personal informationthat are exchanged via messaging applications, chats as well as social media. It is expected that Blockchain would develop itself into a secure platform and make the foreign attacks, impenetrable (Zikratov, et al., 2017).
• Enhanced PKI:The Public Key Infrastructure (PKI) maintains the security of the emails, messaging applications and website, along with other kinds of communication forms. As these are required to rely on the authorities of third party certificate for the issues, storing and revokingkey pairs. As a result of the same, these certificate authorities become easy targets by the cyber-criminals and hackers who use spoof of identified for penetrating the encrypted communication (Qin, et al., 2017). However, with the help of Blockchain, there remains no scope for the generation of false identities for penetrating the encrypted communications or false key generation, thereby preventing identity thefts.
• Intact DNS (Domain Name System):DNS are the easy targets of cybercriminals for their malicious activities and these hackers are capable of bringing down DNS service providers of several major websites such as PayPal, Twitter and so on. Therefore, through the Blockchain approach of storing the entries of these DNS enhances the security extensively so that it removes the one single target that has been or can be compromised (Klensin, 2018).
• Diminished attacks of DDoS (distributed denialofservice):An attack on DDoS compromises the computer system of multiple channels such as larger servers, websites and similar other network resources. This results in the denial of services for the targeted users and resources. This forces the system slow down and may even result in shut down or crash (Rodrigues,Bocek, and Stiller, 2017). In this manner, the service is denied as well as the legitimate system and users may be affected. However, this issue can easily be overcome using Blockchain technology.
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Blockchain and Internet of Things
Internet-of-Things (IoT) has become a familiar name in both the personal and professional fields. With cloud computing services becoming the core of every business operation and firms trying to adopt to IoT for providing top notch customer and product experience, the security necessities for IoT are becoming more and more complex, while remaining essential at the same time. Some of the well-known issues in IoT securities, which are also the major concerns for adopting originations, are:
Data Privacy and integrity: Due to integration of diversified network and services, the information stored on a single device becomes vulnerable towards attack from any of its multiple comprisable nodes, from where the attackers can access restricted or protected data (I. Lee and K. Lee, 2015).
Control over access: One of the most common and biggest challenges in IoT network is access control, where multiple users are given customized access to the same information storage. Therefore, it is sometimes tedious and extremely difficult to perform different functions with variable access points entering into the same node (Cai, et al., 2017).
Single points of failure: Increased growth of centralized network for the IoT based business infrastructure has made the system to be highly vulnerable to single points of failure associated with the downtime of the central authority or system.
Third party storage source: The data in IoT is stored in a centralized server, which is controlled by a separate entity. This generates a risk of the data being sabotaged or misused.
Trust over the origin of the data: the versatile access and multi access nodes sometime make it difficult to track the source of the data, which also contain the probability of source being altered.
Blockchain providing solutions to IoT issues:
Blockchain provides peer to peer network, where multiple copies of the records are kept in various nodes. At the time of initiation, the transaction node is signed by initiator node containing the private key, which also communicates with other nodes for obtaining validation. After getting validated the records are broadcasted to all other nodes present in the entire network. Finding nonce is an integral part of the node validation process, thus ensuring data integrity.
The consortium blockchain format ensures the privacy of the information or data within the blockchain network. The nodes form a private network also termed as the Sidechain. Before gaining access to the consortium network, any one sidechain participates in the validation process, thus maintaining the privacy of the central network, the access request is granted after the network request node gets registered and certified with the accessed sidechain network.
Each of the operations within the network gets uploaded via the blockchain network thus providing separate identity for each of the operations, making them entirely traceable. In case of suspicious events, the entity is cross checked or verified for additional investigation. Furthermore, this unique entity refers to the discrete id for each of the IoT devices, from where the access or request has been generated. As a result, tracking the device or the source of the request is quite easy and detailed in the Blockchain technologies (Christidis and Devetsikiotis, 2016).
The radical technology of blockchain enables the devices to perform without the need for any third party, thus safeguarding the information network system from the risks of being sabotaged or compromised by third parties.The access rights and policies are well defined using the smart contracts programs, thus enabling the administrators to provide customized access control with complete control over the access rights or permissions, even in case of multi user or cross platform accesses.
Most importantly, blockchain technologies has enabled in the development of the decentralized environment, where every transaction node requires to be validated by the central authorization system, thus reducing the load on the central system, thus eliminating the need for any third party controlled high performance central systems in the blockchain technologies. As a result, the time or queue duration for the access requesting node to obtain authorization is highly reduced, ensuing high efficacy of the entire blockchain based system.
The combination of the public and private keys in the blockchain technology enables to initiate a transaction, traceable with a unique id. Above all the transaction gets verified by all the nodes in the sidechains, except the initiating node through which the transaction is performed thus ensuring that the information system remain inaccessible till the request is granted.
The technological advancements have also resulted in the emergence of various issues, especially with respect to the data security, network security and cyber security. As a result of the same, there has been an emergence of the technology of Blockchain that aims towards protecting all kinds of data and network security. With the help of this system, all kinds of data and internet security can be achieved and the same has been elucidated with the help of the discussion that has been provided above. However, there still remains various other aspects that are yet to be explored to gain more knowledge regarding the concepts of Blockchain technology.
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