By Enterprise Security Magazine | Tuesday, December 01, 2020
The companies can use blockchain technology to protect transactions and secure IT devices.
FREMONT, CA: Blockchain technology is extensively related to cryptocurrencies like Bitcoin. Such currencies allow recording the transactions so that the cybercriminals cannot tamper with it easily. But there are also other broader implications of blockchain used to protect transactions and secure IT devices.
What is blockchain
Blockchain can be defined as a digital ledger. It is a collection of records of transactions, and every one of them is time stamped. However, the blockchain is different from any other transaction process because it is impossible to manage the records centrally but by a complete series of computers.
It means that the data available in the chain is open for each system to see, but any sensitive information is encrypted, due to which it is not possible to read them. If any effort is taken to tamper with the information, it will become apparent immediately. Whenever a new transaction is initiated, a block is developed, and it can be verified by numerous other systems and added to a chain that is stored across the internet. Therefore, it can produce a unique record that has been verified several times separately. Every block is connected to the ones and before and after it. To falsify a document, it is necessary to modify the entire chain, and due to its size and distributed nature, it is impossible.
The blockchain is better and efficient for financial transactions because every record is independently verified, and the chain develops a record of the transactions carried out. The technology can also be implemented in any commercial transaction. Therefore, blockchain can be utilized for building conditional contracts, shipping goods when a payment is received, and automatically commencing a service.
Blockchain can also be used for securely storing data. The data can be directly stored in the blockchain across numerous devices instead of using a cryptographic key. If hackers try to destroy or tamper with the data, the system analysis of the stored chain and anything else that does not match will exclude. It is necessary to have access to each device to introduce a rogue record.
