Pros and Cons of Blockchain in Cybersecurity

Blockchain provides an alternative road to higher security, one that is less travelled and less inviting to attackers. This method lowers vulnerabilities, offers robust encryption, and checks data ownership and integrity more effectively. It can even do away with some passwords, which are commonly referred to as the weakest link in cybersecurity. The use of a distributed ledger is the key advantage of blockchain. By removing the most apparent targets, a distributed public key infrastructure approach mitigates many of the hazards associated with centrally held data. Transactions are logged across every node in the network, making it impossible for attackers to perform their attacks.

Disadvantages of Using Blockchain in Cybersecurity

• Reliance on private keys: Blockchains rely largely on private keys to encrypt data, however, if lost, these private keys cannot be retrieved. This might result in a loss of accessing encrypted data.

• Adaptability and scalability issues: Because blockchain networks have fixed block volumes and transaction rates, it is critical to test the network’s scalability. Integrating Blockchain technology necessitates a full replacement of existing systems, which may pose challenges for businesses.

• Expensive operational costs: Blockchain necessitates a lot of computational power and storage space. When compared to non-Blockchain applications, this results in greater costs.

• Inadequate governance: Blockchain concepts are not yet regulated internationally. To sustain governance in Blockchain applications, regulations and frameworks must be implemented.

• Blockchain literacy: Learning Blockchain technology necessitates a thorough understanding of numerous developments, programming, and other tools. As a result, despite the multiple uses of Blockchain Technology, there are not enough Blockchain developers accessible in the current context.

Benefits of Using Blockchain in Cybersecurity

• User confidentiality: In a Blockchain network, public-key cryptography helps to ensure user confidentiality.

• Data transparency and traceability: A history of all these transactions is kept and may be accessed at any time. Members of the Blockchain network digitally sign transaction data, ensuring openness.

• Secure data storage and processing: Blockchain’s main attribute of immutability and records of any modifications to the data aid in the safe and secure preservation of the data.

• There are no single point failures: Because blockchain systems are decentralised, a single node failure does not effect the entire network. As a result of the many copies of ledgers maintained, the system is not affected even during DDoS attacks.

• Secure data transfers: The Public Key Infrastructure (PKI) in Blockchain ensures data transmission authentication. Smart contracts provide the automated implementation of agreements between two parties throughout the course of a transfer.

Despite these benefits, businesses should continue to follow security best practices such as rate limits, encrypting important configuration files, and filtering out vulnerabilities during the development phase.

Although adoption is currently restricted, the integration of blockchain and cybersecurity is not occurring exclusively on the outskirts. It is already regarded as a significant instrument in areas where security is of the utmost importance. The use of blockchain to improve cybersecurity is gaining popularity throughout the world. The recent economic and logistical disruptions produced by the COVID-19 epidemic, on the other hand, give firms new incentives to discover inventive solutions.

Even as the economy enters a slump, businesses are seeking better visibility and security from their networks and supply chains. In an increasingly tough and unpredictable environment, digitization and resilience are essential. Companies aspire to balance security, visibility, and privacy with appropriate governance. Blockchain will hold the answers for many businesses.