FREMONT, CA: 2018 witnessed a tsunami of cyber attacks where all major technological giants fell for the prey of unauthorized breaches rendering their extravagant firewall to be completely insignificant. Facebook, the largest social media mogul alone recorded over 30 million contraventions of user data. The Cambridge Analytica scandal shocked the world as the cyber-intruders stole over 92 million sensitive records afflicting the trust of people from their favorite social media platform. With the escalation of the Internet of Things (IoT) devices within the market, the risk of securing personal data also escalates. The alarming security concerns raised in the present day can be reduced through the introduction of blockchain technology. Recently, CEOs and board members have reached a combined conclusion to invest in blockchain as a safety guideline for cybersecurity and technology acquisition.
The blockchain technology is an integration of segregated encryption blocks or cells for storing a sensitive data set hence providing a unique data security platform for technology companies. In order to boost cybersecurity, NASA decided on implementing blockchain technology for guarding on air traffic services. Decentralization of the storage approach can revolutionize current storage systems by taking the cryptological firewall capabilities up a notch. Network economy can be leveraged to incentivize individual data for supporting the network and sharing a portion of storage capabilities by blockchain's scattered storage system. The revolution of industries with blockchain technology is yet to arrive as most of the businesses continue to use a centralized storage system. The progression is slow but holds supreme importance for instilling the future of security for every business.
The IoT devices are not secured as they intend to use an outdated centralized cloud security system which grants hackers an access point for making an unauthorized entry. Joseph Pindar, the co-founder of the Trusted IoT Alliance, believes that the overreliance of centralized security will reduce rapidly with the inclusion of blockchain to upgraded IoT devices. Implementing a safer Domain Name System (DNS) and IP address can make the task of hackers troublesome. The centralized linked DNS with DDoS provides a loophole and causes havoc to IoT systems and gadgets connected with that system. As an influx of conversational data through private messages increases, an abundant amount of metadata is being produced and without an end-to-end encryption system, this data is becoming more vulnerable to manipulation.