Cybersecurity is playing a crucial role, particularly in today’s modern era when access to data is more profitable than ever. And while data has become more integrated into our lives, cybercrime is also more rampant than ever. The statistics are quite shocking, with studies revealing that there is a hacker attack every 39 seconds, with the hackers stealing 75 records every second. Cybercrime is also quite profitable, raking in $600 billion in 2018.
With the hackers being intent on infiltrating systems globally, the need for a better security system has never been greater. To date, several solutions have been tried out, with varying levels of effectiveness. Then came blockchain technology.
Blockchain is impacting the cybersecurity industry in several ways. They include:
Decentralizing data storage
Imagine if you took all the money you own, the jewelry and all the other valuables and then kept them in a box under your bed. Would you be surprised if a burglar broke into your house and made off with everything you own? Probably not.
This is exactly what most of the service providers you use do with the user data. They store the data of their millions of users, sometimes more, in a centralized server. And while these companies put in place security measures to protect your data, cybercriminals get better at their ways and eventually, they get access to the data. Remember Equifax?
Decentralized data storage can get rid of this vulnerability. In a decentralized system, the data is stored by several nodes, without one single point of failure. This makes it nearly impossible for the hackers to access your data. Blockchain startups catering to this need have sprung up in their numbers, including WeatherSV which stores climate data on the blockchain.