Cybercrime is a computer and network crime, the use of a computer as a tool for any unlawful purposes, such as fraud, identity thief, privacy violation. With technological advances, we are creating more and more data every day. However, when it comes to the costs related to cybercrime, McAfee reported that cybercrime costs the global economy more than $1 trillion, which is 50% more than the costs reported in 2018.
Cybercrime is growing in volume day by day, but it is shocking to see how this activity adapts to our current health crisis. As reported by Interpol, cyberthreats are constantly evolving and taking advantage of the Covid19 outbreak.As the world is putting all its focus on fighting the pandemic, malicious domains registered with keywords related to the crisis are on the rise. These domains take advantage of the increased number of searches around covid-19. According to Palo Alto Networks, there are now over 40k high-risk newly registered domains (link Forbes) in March 2020. Additionally, hackers also set up fake websites to deceit users into opening or clicking on malicious attachments. This can result in access to one’s account and identity information. As reported by the USA’s Federal Communications Commission, approximately $86 million dollars was lost due to covid-19 scam texts. Another popular cyber-attack is using Covid19 related information as a lure for data-harvesting malware.
Blockchain technology uses the hash function. This process converts input data into a fixed and unique value - a hash. It is important that this value collates with the original text’s value. If there is any interference with the original text, the outcome value will alter completely. Moreover, unlike cryptography, hashing is indecipherable one-way encryption. As a result, it is impossible to convert a hash to its original form. These characteristics mean that data recorded on a blockchain is immutable. Such restricted access to data makes blockchain handle privacy problems more effectively.In addition, blockchain is a decentralized system. In a blockchain, each member holds an exact copy of the same data in the distributed ledger in this network. Hence, if this ledger is corrupted through any means, then the majority of the members reject it within the network of data security.
As mentioned above, with a decentralized environment, each member can view the same data on the blockchain. This peer-to-peer network creates a completely transparent environment. With users able to see the transaction history, it is also easy to trace the data movement on the blockchain.
Blockchain technology helps simplify the transaction process. As the result, transactions witness greater efficiency and speed. Transactions may be done more quickly and effectively by simplifying the procedures with Blockchain. As a decentralized ecosystem, blockchain has no governing authority or a single person looking after the framework. Rather, a group of nodes maintains the network. This means that the user has direct access and control over data and properties while not having to deal with intermediaries. Such a framework creates a lineal and straightforward transaction, enhancing efficiency and speed in the blockchain.
Blockchain technology For Cyber Security is a distributed ledger technology (DLT), helping to create trust in an untrusting ecosystem. Therefore, a variety of companies and industries has been implementing this technology in order to counter cyberattacks. The giants like Walmart, BMW, and FedEx have implemented blockchains for enhancing and ensuring data security and transparency in the: operations. Nevertheless, this application is not limited to commercials companies, in fact, it ranges from banking and finance enterprises, healthcare companies to military use and government such as the state of Colorado or the Australian government.