Before thriving into the concept of block chains directly, there are certain questions below which would enhance the necessity of acknowledging the knowledge on block chains to a better extent with greater clarity.
- When we vote for electoral purposes, have we ever thought about the question that is our ballot really counted as a vote?
- When we text someone in internet, how we really know that they are the person whom they said they were?
- When we buy a coffee that is branded as made purely of organic coffee extract, how do we really believe it to be true?
To procure a perfect solution with tranquillity, we surely need a system that stores the products manufacturing process with incessant monitoring. Systems like these are really beneficial and these kind of systems were, are and will always be on the horizon and the software which powers this system are called as Blockchains which forms the crux of this article.
WHAT ARE BLOCK CHAINS?
Blockchains are a group of chains built by blocks. Every block contains data. The data’s in each block are maintained as records which are being linked to each other like a growing chain and secured through a mathematical technique named as cryptography. The advent of block chains paved the way for the inception and implementation of BITCOIN which has procured the dignity of being the first digital currency which solved the problems like Double standard and decentralization. They also credit a significant role in and for the future of cybersecurity
WHY DO WE NEED BLOCK CHAINS?
In simple vocabulary, blockchains will be the future of cybersecurity. A detailed explanation is explained in following lines:
- For CIA
C – Confidentiality
I – integrity
A – Availability
Confidentiality generally refers to authenticated privacy. In block chains, confidentiality is maintained by encrypting the data’s in the ledger that is achieved by cryptography.
Integrity generally means the process of sustaining and safeguarding the data’s of the users system. In block chains, the nodes involved in a network are synchronous with each other and so any data amendment is easily found by the participatory nodes as they continuously monitor the transaction process and thus integrity with is accomplished.
Availability generally means the timely presence of the required and requested data for the authenticated users. In block chains, if the data’s are in the network, they never get disappeared and are available as they are safe and secured through cryptography.
As block chains enhance these three indispensable technical prodigy’s beautifully in wonderful perspectives, they procure the potential solution of their necessity to exist in various sectors.
NO CENTRALISED OR MIDDLE PARTY:
The transaction takes place directly as a decentralised ledger which distributes the data’s in the network to the subjected person directly through the participatory nodes without the need of a third party or a mediator. This efficiently increases the trust among users as these transactions are very secure.
TYPE OF UNIQUE TECHNOLOGY THEY ARE MADE:
Blockchains are built from 3 technologies.
PRIVATE KEY CRYPTOGRAPHY:
- Blockchains uses PKC to secure the identities. They contain hash function which make Blockchains immutable for hackers. It uses two keys namely public key and private.
- P2P means peer to peer network which means end to end transaction. They help in maintaining consistency of the distributed ledger.
BLOCK CHAIN PROGRAM:
- The programs give Blockchains the needed protocol based on the network dynamic requirements. Right now, SOLIDITY is the most preferred default program preferred for writing programs in Blockchain.
BLOCK CHAIN MECHANISM:
In centralized ledger, we have a centralized place where all the data’s are sustained, and transactions were taking place at any part of the blockchain networks are maintained. The centralized system acts as a central hub where all the transaction records of the past and present of the block chains are stored. But the legitimate purpose of block chain is to get rid of centralized concept because if the hacker attacks the centralized system, then all data’s get corrupted. Hence Distributed ledger concept thrives into existence thus aiding towards decentralization.
- Distributed ledger, the data’s are distributed to the entire network thus annihilating the concepts of centralisation, Double-standards and also through which the third party dependency is abolished. More elaborate notions of distributed ledger are explained below:
- For example: If we have three ledgers named as A, B, C participating in a network, A can have some own copies of its ledger and can have it in its node and similar to A, the other two ledgers B and C, can also have their data are on their node.
- When the data’s are transacted, they are directly done by distributing the data’s through the nodes of the network in a lucrative manner.
- By this concept, we don’t need a centralised ledger and are thus very much difficult for the malicious hackers to hack the blockchain data’s in a distributed ledger as the data’s have created the replicated data’s of their own and so even if one data gets lost, its replicated data’s automatically regenerates in the network and thus makes a malicious hacker to run out of his breath.
- X, Y, Z are three people involved in the blockchain network. If X wants to transact something to Z through bitcoin, he just cannot negotiate it. In this case, Miners are used. Here, Y acts the miner. Miners are used for the process of validation. They initiate the transaction if it is valid and accomplish it but terminate the deal if it is invalid. This is done by the use of a private hash key.
- Miners do this because whichever miner does the validation process first they get an incentive of 12.5 bitcoin which is approximately equal to 33,000$ which can be added in the blockchain wallet.
UNIQUENESS OF BLOCK CHAINS:
- BITCOIN – The first digital currency which has solved many unsolved adversities. It is also the most tried and tested platform in the market of cyber security which has proven to be a kind of “RISE ABOVE HATE” content as it successfully withstood the storm and repugnance of many cyber attacks for more than seven years. The transaction costs through Bitcoins are zero.
- OPERATIONAL RESILIENCE – The combination of the end to end nature and the nodes operating in a distributed 24/7 manner make them operationally resilient. So even if a significant part of blockchain network is under attack, it will continue to serve due to the distributed nature of technology. This also aids to the synonym of the property named as “ROBUSTNESS.”
- TRUST and SUPREMACY– More and more organizations are thriving to replace their existing technology by Blockchain technology as they are proving to be superior and dexterous by their potentiality to satisfy the growing security needs of many organizations. Thus they are trusted by various organizations and are the priority for security aspects.
BLOCK CHAINS IN VARIOUS ORGANIZATIONS
Blockchains are being widely used in various organisations. The various domains which use block chains are:
- PAYMENT AND TRANSFER
- HEALTH CARE
- LAW ENFORCEMENT
- INTERNET OF THINGS (IOT)
- ONLINE MUSIC
- REAL ESTATE
BLOCK CHAINS IN CYBER SECURITY:
- They are easy to locate.
- Often Hackers find a loophole to attack and breach the security walls of cyber systems which were considered to be secure.
- Cyber system data’s can completely be overtaken by the Hackers without a trace.
- These were considered to be the problems in the cyber security market before the advent of Blockchains. Many of those roaring problems are now out of sound and became dumb due to effectiveness of block chains.
- They work in a distributed manner and data’s are not stored in a common place and so it very difficult and confusing for hackers to prove their intelligence by hacking.
- Some of the most security breaches in the past years have been done by knowing one of the following such as name, address, E-mail, credit card and bank account info. But there is no possibility through Bitcoin as the user needs no necessity to share his data’s to every vendor and third parties.
CHALLENGES OF CYBER SECURITY IN BLOCK CHAINS
- As a different approach, they are now trying hacks through keylogger activity by exploiting the fingerprints of user activities in his own machine through keylogger software.
- However members of Bitcoin network should be aware of this risk and must inculcate necessary solutions to thwart against malicious keylogging activities.
- At the same time, since more miners are coming due to the attraction of incentives, care should be taken such that the Bitcoin system doesn’t get depleted as there are only 21 million bitcoins that can be mined.
These are cited as the possible challenges for Blockchain technology.
However, Blockchain and Bitcoin are most important words in today’s technology. If internet changed the way we transfer info, block chains changed the way we transfer values.
The advent of Blockchains are a priceless asset to the cybersecurity field and for many organisations. They have proven their prosperity by their roaring potentiality over other security systems and are a great revolution in various organisations and so it is a must for the infosec professionals to be in coherence with the daily happenings in the area of block chains.
“BLOCK CHAINS – A SACRED RISE IN CYBER SECURITY BEYOND THE HATRED OF MALICIOUS HACKER’S COMMUNITY.”
No single point of failure – Blockchains have no single point of failure which sensationally alleviates the possibilities of DDOS (Distributed Denial of Service) attack which serve as one of the most obnoxious threat to the field of cybersecurity. Till now, there is no single report of block chains security being hacked.The main notorious vulnerabilities in the cybersecurity systems are Since Blockchains are offline and decentralised, it is far better than other security systems.Hackers have figured out the impossibility of hacking data’s beyond the security of block chains.
BriskInfosec Technology and consulting PVT LTD