The Effects Which the Advent of Blockchain Technology Has on Cybercrime: What the Future Holds
With the advent of cutting-edge technologies, one could easily pinpoint the disadvantages associated with such innovations even though the intent of every technology is to improve the quality of life.
In view of this, cyber analyst has agreed with the notion that cybercrime has come to stay and also evolves with each innovation introduced in the cyberspace.
Cybercrime is defined as a crime in which a computer is used in carrying out the crime common cybercrimes typically involves hacking, phishing and spamming or is used as a tool to commit an offense such as championing hate speeches online.
Typically, cybercriminals are hackers who constantly target financial institutions for possible illegal fund transfer, constantly seeking to access business trade secrets and also stimulating data breeches in key firms or government establishments to the detriment of the public.
Blockchain and Cybersecurity
Blockchain is the technology and the anchor upon which the operations or transactions involving cryptocurrencies are permanently stored. information on the blockchain is stored across a system of many personal computers so that there is no middleman.
The blockchain technology offers a decentralized and distributed system such that no one person can take it down or corrupt it. However, anyone can use the system and help run it, as information is protected through cryptography.
The cryptographic features inherent in the blockchain technology makes most user data anonymous and thus limiting the chances of cybercriminals targeting a specific user.
It is no longer a new realization how blockchain technology is now been deployed in almost every aspect of human life including financial transactions as in the case of Bitcoin, ethereum etc. for cash payments, social media in the case of Steemit, traveling and booking as in the LockTrip technology and SCRIV for data verification to mention which all operate using the blockchain technology.
The blockchain technology helps in fighting cyber security as described below;
Every transaction record on the Blockchain is spread on a large number of computers on the network. If a cybercriminal attempts to interfere with any block, the whole system will identify the block that is different from others.
The dissimilar block will be recognized as false and excluded from the block. Every user on the blockchain network verifies the shared files and as such, data cannot be altered or removed without everyone’s consent.
Anonymity of the system
Aside the distributed nature of the blockchain, the cryptographic features as has been said also offers a considerable shield or protection against user data that aids easy attacks. Transactions are traceable to a public address and confirmations which is usually done by several actors other than the initiator of the transaction.
This way, the blockchain helps guard against malicious payment and or financial transaction and as such lending credibility to the financial world.
How Cybercriminals are adjusting to this trend
According to Rafael Amado, strategy and research analyst at Digital Shadows.
“Cybercriminals are very flexible and creative, and what they're doing is using a mixture of old techniques and some newer techniques to stay alive and to continue operating.”
This way, cybercriminals are also working round the clock to use the security and shielding capabilities of the blockchain technology to perpetrate their malicious deeds but in general.
The Cybersecurity future we hope
Every internet user should understand that hacking cannot be eradicated, Infact, the activities of cybercriminals would always be in tandem with new innovations in the cryptosphere but blockchain has the potential to improve everything from improving data integrity and digital identities to enabling safer IoT devices to prevent DDoS attacks. This is the future we would build on.
Even multinational corporations are aware of the blockchain’s potential in security and are working on building Blockchain as a service BaaS to serve customers.
With the enabling functionality of the blockchain to enable encryption and digital signing of emails and other communication channels, the future of global cyber safety is something to look forward to.