How can blockchain help in Enhancing cybersecurity?
With advancements in technology every second, hackers are also getting better at breaking security modules. This rapidly increasing number of breaches is forcing the average consumer to adopt sophisticated security measures to protect confidential information. This is where blockchain technologies come in that uses advanced security protocols to secure data; security and transparency are the critical parts of the overall promise of the blockchain.
Being a public ledger of all cryptocurrency transactions, a blockchain has a digitized, and decentralized architecture. It facilitates the replicated, shared, and synchronized digital data geographically spread across multiple sites, or institutions to be consolidated securely by using Distributed Ledger Technology. Harnessing the potential of such a distributed architecture can help enhance cyber-defense, as the platform prevents fraudulent activities via consensus mechanisms.
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Moreover, it detects data tampering based on its underlying characteristics of audibility, operational resilience, transparency, data encryption, and immutability. With blockchain, organizations can be keeping critical information safe, protect connected devices and eliminate the need for passwords, while being able to detect and prevent cyber attacks.
Leveraging the power of Blockchain the smart contract technology is also empowering e-commerce businesses today. They can be confident that data on a global network is visible only to the authorized users. Moreover, the users can receive data in a timely manner, while enhancing the security of transactions. Smart contracts which are basically computer protocols are also facilitating transactions as well as adds a premium on security since only permitted parties to have access to the data. That’s because blockchain-based smart contracts are visible only to those users permitted access to it.
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