The Role Of Blockchain Trading Platform In CyberSecurity

Published by : Mudit | Aug-09-2018

  • Navigating through this online world with security is a real concern for us. Today, cybercrimes are much intricate than before. Centralised repositories are at the risk of cybercriminals. Hackers are becoming more innovative to steal and tamper with data lying on the internet.

    But adopting a blockchain trading platform can combat cybersecurity issues. It will protect sensitive data from cyber attacks and improve cybersecurity across industries. Blockchain can increase the security of many businesses and ensure that data is safe.

    Here are the fronts where a blockchain technology-based trading platform handles cyber attacks and increases security.

    1.  Removes identity thefts

    As the data is saved on centralized systems, its security is questionable. Thus, in these centralized databases, the data in unsafe and can be accessed easily. But in the blockchain, it’s stored in the decentralized database. So, attacking the system is not possible because the cyber attacker will need to control over 51% of the nodes to succeed in compromising the database.  And the chances of making it happen is unattainable.

    Moreover, Blockchain is based on public key cryptography and is the strongest form of encryptions for securing websites, certificates and just about everything on the Internet.

    2.  Protection from data tampering

    Blockchain’s famous characteristic is its immutable nature.  So, the blockchain trading platform provides the network that organizations require to handle sensitive data from being tampered and maintains data integrity.

    3. Protects from DDoS attacks

    Last year in October 2017, a massive DDoS attack happened on the popular websites such as Twitter, PayPal, Netflix, and Spotify, which cut down the DNS servers of service provider Dyn.

    This attack was enough to realize that how weak the current system was. The system involves thousands and millions of nodes and users. DDoS attacks make use of mass requests to present a website useless to its intended users. Further, it causes those sites to be knocked offline.

    Current systems have centralized servers which attempt absorbing a massive amount of spam data that leads to DDoS. While the DDoS attacks give rise to the insuperable bandwidth needed to process this amount of data.

    Using decentralized blockchain platform, users are enabled to rent out their bandwidth, which can then be joined for processing large amounts of data. This results in eliminating the risk of DDoS attacks.

    The decentralized blockchain trading platform forms a system in which you can access and use pooled bandwidth in some ways that are better and have higher-quality than single centralized systems with a limited bandwidth.

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