Doconchain, Blockchain and Cybersecurity
Cyber-attack can be painful for any size of business and cause significant financial losses.
Blockchain is becoming step by step a promising mitigation technology for cybersecurity.
It is a challenging time for businesses, pushed by the pandemic, that are transitioning to digital to develop their businesses. Cyber-attacks and breaches continue to escalate and small and large businesses are concerned. Ransomware attacks and other forms of data breaches have now become a day to day challenge. According to Juniper Research, the damages caused by cyber-attacks in 2019 amounted to $2 trillion.
With the game-changing 5G networks that offer ten times faster download speeds, this will inevitably create more opportunities for hackers. Faster speeds will increase the chances of more devices being hacked and the execution of larger cyber-attacks. There is also a huge appetite for the Internet of Things (IoT). Almost everything is being fitted with internet-connected sensors. More than 25 billion objects are connected to the internet and it is just a start. Most of these new technologies have patchy security features that tend to attract hackers. Also, home automation features could lead to more homes being vulnerable to cyber-attacks by criminals.
To come back to the transition to digital and paperless for enterprises, the shift to manage and exchange sensitive documents in the digital world makes security and trust at the center of the process and it is where the blockchain technology is coming.
As a distributed and decentralized digital ledger system, a blockchain technology wisely structured can securely record transactions between multiple computers. human error remains to be the leading cause of data breaches. Blockchain fully automates data management and storage reducing the human element in these data systems. The new technology is considered a reliable cybersecurity protocol due to its capabilities of indicating any foul play and providing certainty in the integrity of transactions.
How Does Blockchain Keep Information Safe?
· Tracking and checking every change: Any change made to a blockchain is immutable and stays in the database forever. Nobody can alter the existing data and claim it as legitimate.
· Backing up data in numerous locations: Many of the computers in a blockchain will frequently download its data, storing the copy locally. If data becomes compromised, multiple sources will have backups of the original information.
· Pinpointing errors and attacks: With every change in data documented, you can find the exact point in time where things went wrong.
· Preventing identity theft: Each user’s private key has advanced encryption technology that ensures nobody will claim your data as theirs. The computer, not a human, authenticates your data, keeping hackers out.
Doconchain and blockchain security
Clearly, blockchain is emerging as a very viable technology when it comes to protecting businesses digital documents and other data from cyber-attacks. Doconchain is taking advantage of it for its suite of services that facilitate the transition of enterprises and governments to paperless and an eco-responsible governance.
First Doconchain has built its services technology architecture above a permissioned blockchain infrastructure which got a security certification from the US National Institute of Standards and Technology (“NIST”).
Decentralized Storage Solution
Today, sensitive documents and data are more valuable currency than currency itself and most of the time these documents are stored on one place. Businesses are still using centralized storage when it comes to data. The blockchain based decentralized files storage solution used by Doconchain enables to automatically sharde documents, encrypt the elements and duplicate them before to store them in a distributed network of nodes which can be themselves stored on cloud or on premise. This system, associated to a recording with timestamp on a decentralized ledger, provides a high level of security and privacy. In other words, hackers no longer have a single point of entry nor can they access entire repositories of data in the event that they do get in. These solutions are part of the main reasons why enterprises and government are now considering permissioned blockchain as data privacy and security solution.
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