Blockchain technology can be a solution to several prime cybersecurity problems. Blockchain transforms general business practices by developing a way to gather a trusted ledger and carry out computations in a decentralized manner. Similarly, making blockchain encrypted QR codes for documents and data strengthens their security.
Much of the trust previously placed in centralized authorities has been now moved to cryptography and other similar algorithms. Blockchain tech is a complicated system with several different features and functions. It has some features that are effective and useful in cybersecurity.
Immutable Digital Ledger
One of the primary purposes of the blockchain is the creation of an immutable and distributed digital ledger. The goal behind this thing initially was to store financials like the records of cryptocurrency transfers. However, you can store any data such as different records, executable code, and more on a blockchain’s distributed ledger.
The blockchain forms an immutable and decentralized ledger as it has each node in the network that stores a copy of the ledger. The ledger includes cryptography, making it highly challenging to create a forged copy of the ledger that all the nodes will accept in the network. The blend of ledger immutability and distributed storage makes it hard to forge the ledger to remove or modify the data that it contains.
Traceability & Origin
Transparency and traceability are the main ingredientsof blockchain technology designs. However, cybersecurity offer benefits differently in different applications. For example, in a supply chain context, a digital distributed ledger gathers and stores tamper-proof records of transactions and freight data throughout parties and the product lifecycle. Once there is blockchain encrypted document and data, it decreases the risks of counterfeit and tampering by any individual party.
Moreover, in financial sector, transparency and immutability of payment history diminish the requirement for a central broker. Blockchain technology may also improve the privacy and security of transactions, like remittances and cross-border payments. Hence, one can easily trace the data by scanning the QR code on the document or record and know about its origin and authenticity. Thus, the scope for any cyberattacks reduces immensely.
Use of Smart Contracts
The original blockchains existed for data storage, allowing them to implement a decentralized financial system. However, such blockchains expanded to encompass support for smart contracts. Smart contracts enable the programs to operate on top of the blockchain in both a distributed and decentralized manner.
The blockchain uses its decentralized ledger to device smart contracts. Rather than holding financial data, transactions on these platforms include executable code. When any block is added to the distributed ledger, every node executes the code that fits in their copy of the blockchain’s virtual machine. As every node has a virtual machine having the same starting level and runs the same code, these always agree on the present state of the blockchain’s virtual computer. Hence, it ensures cybersecurity at all levels.
The Bottom Line
Blockchain technology has much scope in the field of cybersecurity. Blockchain tech already powers projects that depend on security, accountability, controlled access, transparency, and efficiency. Cybersecurity leaders must understand the benefits it has for this industry. Whether blockchain encrypted QR code or any other blockchain-based solutions, talk to ProofEasy for any guidance related to implementing the same.