How Is The Block Chain Affecting Cyber Security?
Mon, 27. Apr 20
When?
Date: Monday, 27. April 2020
Time: 12 o'clock
Where?
Location: Central Park
Street: Random Street
Zip and city: New York
Info
Initially, the block chain was thought to be an accounting tool that was recognized as a distributed accounting technology (DLT), now it is found in a considerable number of commercial applications. As it grew, it evolved into contemporary society as a verification method for transactions (digital currencies, also known as cryptomontages), but it is also very important to highlight the fact that in the 21st century it is not impossible to imagine its use and application through the digitization, coding and insertion of virtually any document in the block chain.
It is definitely worth considering such an application and approach, if only for the simple fact of creating a record that cannot be modified. Moreover, the additional benefits speak for the authenticity of the record that is verified by the entire community using the block chain rather than a single centralized authority.
It is now easy to see how this type of technology is beneficial to financial books and, apart from the bitcoin mining process, most of the thinking surrounding bitcoin and ethereum is based on this lack of cyber-risk against data breaches. There's a lot more to know about cryptomonics, but that's not the only thing block chain technology can be used for.
Let's go back to the Lego blocks for a second. A single block is a note, an entry related to the immediate transaction, but what happens to it once another transaction is made? Once it becomes part of the entry, it first becomes a permanent part of a record (database). Second, each time a block is completed, a new block is generated. Again and again, countless such blocks in the block chain are tied together (chained) in chronological order. What is also paramount is the fact that each block contains a hash of the previous block, so the chain has complete information about different user addresses and their balances from the initial block to the most recently completed block.
Main reason behind the Block Chain
To avoid fraudulent and deceptive actions, the block chain was designed as a safeguard that makes transactions immutable, meaning that they cannot be eliminated. The blocks are aggregated through cryptography, which ensures that they remain intrusion-proof: data can be distributed, but not copied.
However, the increasing size of the block chain is seen by some as a problem, creating storage and synchronization problems, but we will discuss at a later stage in terms of the ways in which block chains can affect cybersecurity. For the moment, we need to look at the origin of the block chain to better understand why it could become a problem and/or an issue in today's cyber/virtual world.
Main Uses of the Block Chain
If, as a basic example, we approach the idea of a chain of blocks in terms of conventional banking, the chain of blocks can be seen as a complete history of a financial institution's transactions. If that is so, each block can be perceived as an individual bank statement. When it comes to the database system, which we could describe as an open e-book, then chain of blocks can simplify business operations for all parties.
Based on this logic, this type of technology is attracting not only financial institutions and stock exchanges, but also many others in the fields of music, diamonds and insurance, because of its possibilities for wide application. To further extend the scope, this type of e-book system could be applied to voting systems, weapons or vehicle records by state governments, medical records, or even used as confirmation of ownership of antiques or works of art.
There is no doubt that block chain technology is revolutionary and something that will bring about significant differences in the way people do business. That said, it does have its flaws and there are still a couple of peculiarities that need to be resolved before we can utilize the technologies to their full potential.
In the meantime, you will need to protect yourself and make sure that you do not give out your confidential information online, or allow others to view your IP address or browsing habits while using the technology. By using VeePN, you can hide your IP address and ensure that no hacker can get hold of your cryptographic wallet or other sensitive information.
Participants confirmed (0)
No confirmed participants yet.
Written by stansonthemax.
Comments
