Cryptocurrencies are quite on a trend now! But the industry needs to have a robust security apparatus in place. As the demand for cryptocurrencies increased, it was accompanied by increased cases of hackers breaking into the networks. It is astonishing to know that there around 29 incidents of hacking in the Bitcoin industry between 2013-17.
The incidents of hacking into digital assets of crypto networks rose to around US$ 1.8 billion in the first ten months of 2020. Hackers are using newer methods to lure crypto traders and laying their hands-on digital assets. Crypto exchanges must ensure they secure their networks and the primary way to do this is to install an SSL certificate.
The incidents of hacking do not discriminate between regions or the stature of the exchange. For example, there have been hacking incidents at KuCoin – among the largest in South East Asia. There was also an attack at Exmo – registered in the UK and serves clients in Ukraine and Russia. This article will delve deep into how the use of Blockchain can help in internet security.
- INTRODUCTION TO THE FUTURE OF SSL CERTIFICATES
Like all other industries, it is the sense of trust that brings users to any crypto exchange. It will help in building an ideal relationship between the exchange and the customers. As there is an increase in attacks, users must check the websites they are visiting. One of the common ways hackers use to target your assets is to use a URL like the renowned crypto exchanges.
There have been several incidents where this was done, including the attack on Binance. Crypto exchanges must also imbibe security best practices to thwart such data breaches. Apart from the loss of trust, it can also lead to hefty fines and permanent brand image loss.
- Why are SSL Certificates Important?
In general, it is necessary for organizations running an online business to provide adequate security for their customers. Usually, online shops store a lot of personal information about their customers. Hackers are always on the prowl to gain unauthorized access to such critical data. In the case of crypto exchanges, they store financial information too about the customers.
It becomes necessary for crypto exchanges to provide a secure site that will ensure that the customers can transact without the fear of their digital assets being accessed by hackers. With an increase in the number of hacking incidents, visitors to any website also look for the address bar’s padlock sign and HTTPS. It helps ensure that the website they are visiting has security in place to prevent data sniffing.
SSL certificates are used on websites that allow customers to transact online. Financial institutions, e-commerce sites, social networks, etc., all use them to ensure proper security is in place for web security. It will help to create a safe connection between the web server and the browser. When a customer makes a payment, the financial information will be encrypted before it is sent to the server.
One of the issues with SSL certificates is that it is based on Certificate Authorities (CAs) who have to issue certificates but may fail to adhere to the validation process. It can be adequately addressed using blockchain technology. The procedure used in this technology can be used to secure digital communication and can also be used for authentication.
Blockchain is a verified record of any critical data. The data blocks are all in chronological order, and they cannot be altered or modified over time. It is a decentralized public ledger that can be shared among users to form an array of transactions. They are timestamped and permanently connected to the previous chain.
It uses cryptography that uses a different key to encrypt and decrypt data. As a result, it can also protect the completed transactions and prevent any changes. Blockchain also ensures the security of the data across the network. The entities can have their unique cryptographic keys that can be used to verify and, hence, secure the underlying information.
- How can Blockchain help in Cybersecurity?
Decentralisation.
One of the essential benefits is that you do not need any third-party verification due to the P2P (peer-to-peer) network. Any user can see the network transactions. Moreover, there is no central storage location, and all users can store some portions or the whole portion of the Blockchain. The users have to verify the data shared or stored to prevent any unauthorized data from being added.
Confidentiality.
Blockchain uses a public-key cryptography mechanism that can be used to authenticate the participants. The details of the participants are kept confidential, and their operations are being encrypted too. The Keyless Signature Infrastructure (KSI) can verify the digital signature’s validity without disclosing the keys.
Integrity.
There is a distributed register that ensures data protection and prevents any unauthorized access and alteration. The use of Blockchain ensures the irreversibility and validity of the completed transactions. Even during any DDoS attack, the system can continue to work in the normal mode.
Fraud prevention.
To corrupt a blockchain, hackers have to destroy the data that is stored at all the locations. It is challenging to bring down entire networks as the chains can be stored on several computers. The complexity of penetrating more extensive networks makes it have a lower risk of attack from hackers.
- Why is there a need to use Blockchain-based systems?
The SSL/ TLS technology has been in use for a long time and is still a widely used technology for the internet. One of the critical factors of this technology is that centralized CAs issued it. However, the Heartbleed bug of OpenSSL had businesses scrambling to reissue their SSL certificates. There was an inherent to search for more advanced technologies.
The use of Blockchain will help to secure digital transactions. The Blockchain Originated Certificate of Authenticity (BOCA) can help secure online information transfer across different websites. This protocol utilizes advanced technologies to validate users and ensure that the underlying user details are secure. Wherever Blockchain has been used, it improves the authentication mechanism that can be done without passwords.
The PKI technology used in SSL/TLS is vulnerable to cyberattacks and is not used in Blockchain. On the other hand, Blockchain can be updated only through proper consensus. The various participants must consent to any changes in the chain, and anything entered in the chain cannot be altered. They can be verified and audited easily. Blockchain can also preserve the metadata that is being used in the interaction and can help to prevent any data breach.
One of the other factors to consider is that Blockchain must observe the regulations that require complying with Anti-Money Laundering and the Know Your Customer norms. The technology cannot act as the validating authority like the CAs who can manually verify the legitimacy of the owner of an SSL certificate.
- Can Blockchain be UNIFIED with SSL?
There are chances for Blockchain and SSL integration and many SSL certificates based on blockchain technology naming REMME and DNSChain. These type of certificates offers improved authentication compare to the human factor (certificate authorities). Blockchain supported by SSL certificate uses decentralization and distribution nature to authenticate digital transaction’s reliability. As a result, hackers cannot launch an attack on distributed metadata across scattered ledger.
Conclusion
There has been an effort from web browsers and search engines to move towards a safer internet. It has led to an increase in the number of websites to have installed an SSL certificate. However, this technology has quite a few flaws that have enhanced the search for more foolproof technology.
It is expected that the use of Blockschain can help in addressing the vulnerabilities that the SSL/ TLS technology has. Blockchain technology can be used to uphold internet security through decentralization and enhancing data integrity. However, it does not use CA’s manual validation, which is a drawback to prevent any cyberattack.
References
https://cointelegraph.com/news/the-impact-of-bitcoin-hacking-incidents-in-the-crypto-market
https://www.nasdaq.com/articles/3-key-takeaways-from-last-years-biggest-crypto-hacks-2021-01-19
https://steelkiwi.com/blog/using-blockchain-technology-to-boost-cybersecurity/
https://www.quora.com/Can-blockchain-remove-the-need-for-an-SSL-certificate-authority
https://s3.eu-central-1.amazonaws.com/remme/White+paper.pdf