Implementing Cyber Security in the Blockchain industry


Cybersecurity is the practice of protecting systems and networks from digital attacks which aim to create unauthorized change towards digital information for harmful purposes. With the increasing reliance on technology and data, it becomes very important to reinforce security measures to protect digital data and transactions. Cyberattacks can be carried out using various malware such as viruses (Trojans, Rootkits, etc). Some common types of cyberattacks are Phishing and Man in middle (MITM) attacks, Distributed denial of service (DDoS) attacks, SQL injection, and Ransomware attacks.

Key Cybersecurity Features:

  1. Cryptographic checksums.
  2. Data backup and data correction codes.
  3. Assess threats and risks.
  4. Take measures to restrain vulnerabilities in systems.
  5. Understanding malicious software.
  6. Access control.
  7. Authentication.
  8. Encryption.
  9. Implementing Firewalls.
  10. Use of Intrusion Detection and Prevention Systems (IDS and IPS).

What is Blockchain?

Blockchain is a shared, decentralized, and digital ledger that records transactions in the form of digital blocks. This ledger helps to store information transparently gives and access to allowed members only. 

How does Blockchain work with Cyber Security?

First implemented as the operational network behind Bitcoin, blockchain is now used in more than 1,000 different cryptocurrencies, and it keeps growing.

The legitimacy of cryptocurrency purchases by individuals is transparent because they can trace the transfer of the currency to its origin. Encryption helps control the number of cryptocurrencies being created, thus stabilizing value.

Key Blockchain Features:

  1. Distributed shared ledger.
  2. Immutable records.
  3. Decentralized consensus mechanisms.
  4. Smart contracts.
  5. Cryptographic key pair.
  6. Identity and access management.
  7. Enhanced security.
  8. Peer-to-peer network.
  9. Traceability and transparency in transactions.
  10. No central authority or need for trusted third-party involvement.

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