HomeBest of 2022Security: A Real-Life Problem that Blockchain Addresses

Security: A Real-Life Problem that Blockchain Addresses

To the uninitiated, the whole concept of blockchain can be quite confusing, especially in relation to cryptocurrency. To fully grasp the scope of this revolutionary technology, one must understand that it goes beyond “Bitcoin” and “cryptocurrency trading.”

Bitcoin, the pioneer digital currency, is the first functioning implementation of blockchain and is considered the archetype from which blockchain is utilized. But blockchain is a technology that has the ability to transcend Bitcoin and other digital currencies when it comes to utility.

The rising popularity of cryptocurrencies makes more people recognize the relevance and potential of blockchain technology across various sectors. Characteristics such as immutability, traceability, and auditability, along with efficiency and being primarily public, allow blockchain to provide solutions to various real-life problems.

Security within organizations is a threat that spans virtually all industries, regardless of size. Enterprise systems become vulnerable to external cyber-attacks at a certain point as new threats to systems security may occur anytime. Some breaches even go undetected for a while, which could cause much worse damage to system integrity.

Aside from external attacks, internal threats can likewise exist through unauthorized access to tamper or manipulate records, on top of instigating database leaks. Although internal threats may seem to be just conflicts within a company and its employees, and hence has to be dealt with by management, they are still risks that can be mitigated by augmenting security systems.

Cybersecurity threats, both internal and external, can at least be minimized and at best eliminated through blockchain technology. Because of its inherent immutability, any attempt to tamper with any record would sound an alarm throughout the network. Furthermore, changes in records are not accepted unless a consensus within the network is reached. These features prove to be quite valuable when dealing with improving an organization’s network security.

Grounded on this premise and in consideration of the other qualities of blockchain technology, Certihash partners with IBM Consulting in developing an enterprise cybersecurity tool, Sentinel Node. It is one of the applications in the planned enterprise utility suite powered by the BSV Blockchain.

According to Bryan Daugherty, co-founder of Certihash, the length of time that detection of cybersecurity breaches takes contributes to the total cost alongside the severity of damage caused by an attack. As per a study by IBM, it takes an average of 212 days for a security breach to be identified; containing the threat would take another 75 days.

This is primarily what Sentinel Node would address as it aims to substantially reduce the average time it takes to detect a data breach in the system, thereby cutting down the cost incurred by organizations whenever cyber-attacks occur.

BSV is deemed as the ideal protocol to build Sentinel Node as the largest and only public blockchain with unbounded scaling capabilities and high-data throughput at minimal transaction costs. There is stability and reliability in its protocol and immutability as secured by proof-of-work (PoW). Moreover, BSV’s capability to detect network anomalies in real-time makes it highly viable for the purposes of this enterprise tool.

Deployed on BSV, Certihash co-founder, Gregory Ward explained that Sentinel Node will stand guard over the network as it records access logs immutably and alerts the system administration simultaneously when it detects an attempt, breach, or anomaly.

The future of cybersecurity is indeed promising with partnerships like Certihash and IBM Consulting that will solidify the confidence in blockchain technology and its relevance to different industries. It is evident that its features transcend the preconceived limitations on its applicability to investments, cryptocurrency, and trading in providing solutions to real-life issues.