Security breaches are increasing at an alarming speed and every year we hear a series of horror stories on how it decimates business entities. That even several fortune 500 companies are also being impacted by the security breaches proves the seriousness of the issue. The underlying factor that facilitates most of such incidents is weak network security or undiscovered loopholes. The present technologies that determine the network functioning/security kind of compel the clients to choose between more security or better performance- as we will discover in this article. The decentralized ecosystem of Blockchain technology has the potential to change the scenario by effectively eliminating the need for dependency on central authorities or multiple intermediaries.
Challenges of Network Security
Network security is a high priority for businesses to safeguard their mission-critical information. The present technologies for securing data consume massive computer resources and need constant upgrading to fight the latest threats. Multiple authentication/verification gateways further complicate things and slow down the speed of operation and yet are prone to human errors.
**How can integrated Blockchain technology gear up security?
As a distributed ledger system the Blockchain covers the entire network of different blocks. The information record on every block is validated via a consensus system and carries an immutable time stamp. It prevents the transactions from being tampered with, tinkered, or corrupted by clever hackers or unscrupulous participants.
As every network participant owns a certain stake in the network there is mutual consent on recording/usage of the data. It enables a decentralized ecosystem eliminating the need for central authority or intermediaries and thus saving the businesses from additional costs or hassles.
The decentralized ecosystem facilitated by distributed ledger system of Blockchain technology also eliminates the dependency on multiple sources for authentication or verification purpose
It streamlines the process, saves the teams from unnecessary hassles, and thus speeds up the operations
However, the key benefits are transparency and integrity. Interconnected series of blocks help you to exactly determine the source of negligence or suspicious activity.
Being the majority-based system the Blockchain technology also ensures that the network is not controlled or maneuvered by a single authority and it helps in promoting fair practices.
While the technology was originally developed for facilitating cryptocurrency transactions its scope and capabilities make it the best fit for other fields/purposes as well- right from healthcare to public welfare. Blockchain is now increasingly being used for several other purposes as well. Thanks to smart contracts developed during the Ethereum Project the Blockchain can now be used for various business purposes, operations and transactions.
Tracking the transactions
Blockchain technology helps in tracking the transactions to their source and also facilitates the deep analysis of individual transactions- a crucial requirement for today’s business in the wake of the latest cyber threats.
Tracking to the original transaction eliminates the chances of data tampering
The deep analysis and identifying the correlation between different transactions/information help in quickly finding and resolving the errors thus minimizing the negative effect on operations.
Minimizing the impact of network errors
Blockchain technology also binds the data error to the related node and thus prevents its impact from spreading out to other nodes of the network. It effectively minimizes the damage even during the worst conditions of the data breach.
No need for constant human intervention
Website security methods included multiple series. The self-regulatory and auto-executing smart contracts significantly reduce the need for human intervention thus freeing up the human resources for more productive jobs.
The single distributed ledger process of Blockchain can eliminate the dependency on diverse networks for building the processes. It reduces the cost, saves time, and streamlines the business operations.
(Nearly) Hacking-proof environment
Advanced hackers are pro at strategically using the latest technology for efficiently executing their malicious activities. The best way to save your business from hackers is to stay ahead of them but it needs constant efforts and attention that can divert you from the core business objectives.
BOYD culture, remote working, IoT, and a virtually interconnected ecosystem have further increased the chances of security breaches and privacy invasion. So, you need to use strong security features for website protection. By integrating Blockchain technology the businesses can effectively reduce the chances of breaches and hacking either by internal or external sources.
The single distributed ledger of Blockchain makes it easier to track the logs and activity history while the immutable smart contracts help in creating a tamper-proof ecosystem.
It also makes it easier to distribute layered permissions to different participants of the global working environment depending upon the role, integrity, trust factor, and task responsibility that reduces the monitoring efforts.
The present ecosystem of network security and functioning makes it mandatory to rely on several intermediaries for authentication or verification purposes that add to the hassles and delays while also exposing the network to human errors. By integrating Blockchain technologies in the network ecosystem the self-reliable, auto-executing processes can streamline the process, save time and effort, and also reduce costs.
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