If you work in the realm of cybersecurity, or at least keep an eye on it, you’ve likely come across the phrase ‘blockchain.’ You’ve also probably heard about how it can potentially change the face of online security.
A bold claim. Reshaping cyber protection? Everything from transactions to personal data? That’s incredible! But how true is it? Well, we’ll give you a quick intro into understanding blockchain and how it’s going to potentially change the future of cybersecurity.
Blockchain was and is the method to secure transactions for the cryptocurrency Bitcoin. It is, essentially, a long list of records (in most cases transactions) connected to each other, versus a singular process or server. The block is encrypted and contains data about said record, like say, when a Bitcoin was bought. It’s then connected to another transactional record, thus forming the ‘chain.’
That’s a very simple way to look at it, but it’s the foundation to blockchain. Now what makes this so secure? Well, the encryption (or cryptography in this case) means only users can edit information on a block – provided they have the correct “keys.” From there, those that have the blockchain record keep it in sync. If it’s not in sync, the blockchain doesn’t process.
So, that means no old information can be changed by third parties – only those who managed the ‘transaction.’ A sender and a receiver, if you will. If the parties want to share their keys, they can. But beyond that, the data is protected.
Great! Well now you’ve got a general idea of how blockchain works. But why is this a big deal long term?
Not only is it a potential solution to data breaches which attempt to steal people’s personal info, it also applies to any kind of digital record. While it was initially designed for cryptocurrency, imagine it used in say, a medical situation. A doctor and a patient share medical records (the “transaction”) and are the only ones who can modify it, since they have the keys. If they want to share this info or have it edited by third parties, they can.
That’s an example instead of, say, the information just freely accessed by the parties and insurance or other various third parties (of which the patient might not even be aware of).
By taking out the middle man (see: services or bodies that govern/oversee transactions), blockchain offers more control over records. It also gives identity far more value and protection, of which is so flagrantly thrown around on the web.
Here’s one other way to look at it: any information you post on the web can be accessed by the public, anytime, anywhere. Blockchain allows you to share this information with only select people, and only when you grant them keys. By removing a third party, you also remove an entity which itself can be breached.
It’s far from reaching mass implementation, but it’s this autonomous standard of security that has taken the web by storm.