With hacks happening in the cryptocurrency landscape, people are always questioning the safety and security of blockchain. Before we dive into that, here are some ways which blockchain technology is able to enhance security on the internet.
Distributed Identity
Blockchain, also known as being a distributed ledger, is decentralised and timely especially during this phase of technology. With our data constantly being shared from app to app, it will be difficult once identities are held on the blockchain with data being decentralised. This allows everyday people like you to have control over your own identity and information.
Besides this, when it comes to authentication on the network, we no longer have to depend on a centralised party to review verifications and assess the data of individuals. A permissionless and trustless blockchain network will be able to perform and enable authentication of device which will be tied to user automatically. This highly reduces the possibility of identification data manipulation by human beings.
Distributed Storage
In relation to the above, data and information are usually stored in a centralised data farm or server. This means that every time there is a submission of information, they are all pushed to the central server which results in higher demand on the network and more possibilities for hackers to intercept requests and acquire data.
If information are stored distributedly and locally until access is required, this means that there will not be as much demand on the network and also less chances for hackers to intervene. In the centralised storage, the security of data is highly dependent on the security profile of the server. With the help of blockchain, it will be difficult to access and retrieve the information as they will all be stored in different nodes or servers.
Information Integrity
With distributed storage and consensus on the blockchain, information cannot be manipulated unless it is agreed across the distributed ledger. Different nodes will hold the same information, which means that a hacker would have to access and change all these distributed data for it to realise. In this case, blockchain technology has made it very difficult for data manipulation, which helps to uphold data integrity.
Distributed Encryption
If a system is to be encrypted, the storage of the encrypted keys plays a major role in ensuring the security in entirety. This means that if the encryption is distributed, hackers will be less likely get access to them.
So, it does seem secure. But why do hacks still happen?
It is important to remember that hacks usually occur on cryptocurrency platforms, and not on blockchain networks in particular. This means to intercept the layer of which the user functions on and acquire their tokens, and not to hack the blockchain network and steal tokens from users.
Security practices are the key to safeguarding your information and assets, as they were to older technologies. As much as blockchain is the answer to a tighter security and trustless networks, it is still not the solution to user-induced hacks. Develop a good and safe storage practice to make sure that you have good control over your own data, and never store your information on the cloud.
At Kozjin, we are aware that the security across web and mobile app is crucial, as much as reminders to our users on safeguarding their data and information are imperative.
