Getting to know BlockChain
Blockchain is a term that everybody is hearing about nowadays. It is undeniably a cunning invention. Defined in simple terms, blockchain is an original method to identify who owns what through technology. In this short post, we will tell how blockchain and cyber security relate.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Don & Alex Tapscott, authors Blockchain Revolution (2016)
Through this technology, one can keep track of transactions and is able to connect a million of computers across the globe. This is accomplished through adding those machines to a public accessible “ledger”, that until now can not be hacked or corrupted.
Let’s imagine it a database available, and continuously being updated across a network. Every transaction occurring over this database is known as a “block”.
Prohibiting individuals from controlling the data available, would limit chances of failure. Some of the main advantages of using blockchain are transparency, and decentralization.
Blockchain to Enhance Security
So how would blockchain and cyber security relate? We all rely on our web identifications and passwords, and are very cautious of any information thefts. Ensuring a secure identity is very crucial for any online interaction.
With Blockchain, security is enhanced through the encryption technology.
Technically speaking, blockchain uses a public key (users address), a private key (like passwords), and a paperwallet that allows individuals to protect their keys.
Blockchain technology is an innovation in cyber security, however the complications of the technology are to be taken into consideration and may hinder development in its application.
