• BBCA

Blockchain’s potential in the realm of cybersecurity

Since its conception, there has been lots of hype around blockchain technologies. Recently, there has been the emergence of practical solutions and applications that have significant potential in terms of cybersecurity: Validating identities; immutability and encryption; and the securing of IoT remain the largest promises of blockchain for the future of cybersecurity.

The first advantage that can be derived from using blockchain technologies is the ability to validate identities. In these cases, it is important to clarify the distinction between validating and identifying; the former refers to ensuring that a party is whom they say they are while identifying makes this public information. Currently, a third of ransomware attacks and over half of intrusions into information systems occur due to password hacks. Blockchain technologies provide a possible solution. Through non-custodial log-ins, passwords are no longer controlled by a central entity; by replacing these passwords with public and private keychains, it is still possible for the former entity to verify the identity of the person logging in without storing a large mass of confidential passwords that can be obtained by hackers. This truly passwordless technology is currently being attempted to be employed by companies such as REMME and Edge. Blockchain could be applied in this direction beyond the scope of the private sector. There are numerous possibilities for governance: validating the identity of citizens while maintaining anonymity could facilitate voting processes or protect critical infrastructure from unlicensed entry.