Blockchain, a technology which most tech experts believe that would revolutionize computing in a similar way the internet did in the 90s and early 2000s. Satoshi Nakamoto released a whitepaper in 2008 which is called as Bitcoin: A Peer to peer electronic cash system, this popular crypto currency bitcoin uses blockchain as its underlying technology. Blockchain is a difficult technology to explain. We could say that blockchain is a decentralized public ledger of crypto transactions.
Blockchain is like a distributed and decentralized network/database which can have users all over the world. Any user can add information to the blockchain, every other user is responsible for verifying the accuracy of the information added. It stores information across a network of computers .It uses cryptography to make user records can’t be altered. Although data is public the data is verified and secured by cryptography, it creates a record of which the authenticity can be verified by the entire community, and transactions are recorded in a public distributed ledger.
But how can blockchain affect information security?
Blockchain can produce solutions for some of the core problems in information security. Since the blockchain is decentralized, it has no main server or a single storage location. To tamper with data in a traditional network a cyber-criminal would have to only attack the main server. But to do so in a blockchain is nearly impossible, every legitimate transaction is confirmed by multiple nodes in the network, and every one of this is encrypted, so to hack blockchain you would have to hack most of the nodes simultaneously which would require supercomputer level processing power which common cyber-criminals are lack of.
Another problem in information security is data tampering, once a block is created in the blockchain it can never be tampered with even by the owner, so if the owner wants to change anything in the block a new block is created and linked to the blockchain with the altered data, this is why it is called as a ledger technology, since no record is lost and every change is recorded. But to add a block to the new data it must be approved by at least 51 percentage of users in the network. So when anyone other than people who are authorized to change the block tries to the change the block majority of the network would disapprove so the data cannot be changed.
Since blockchain is decentralized there is no middle man in transactions you make, so you don’t have to worry about identity theft or rely on a middle man that he would keep your information safe. These aren’t only ways blockchain would change information security. Many tech companies are now adapting to blockchain. Anything digital is possible to hack, but blockchain is the closest yet to the standard which impossible to hack.
Written By Basker Kiruthiaran.