Blockchain disruptive role for empowering cyber security

Abstract

Blockchain is the root behind rise of cryptocurrencies. Blockchain minimizes the dependency of intermediaries that are required to accomplish a transaction, thus moving towards a more simplified procedure with reduced price and increased speed. It acts as a distributed ledger where each and every transaction or procedure is auditable and verified in real time. Once the data is recorded on the ledger then it can’t be altered later on. Along with rapid digitalization, the rise of cyber vulnerabilities can adversely impact organizations, resulting in detrimental outcomes. Organizations must be prepared with an effective cyber strategy so that they don’t fall prey to cybersecurity breach. Blockchain’s unique features can be considered as defensive wall that promotes robust workflow within the organizations against cyber attackers. Decentralization and enhanced security of blockchain can evolve the area of cybersecurity. Scalability is a substantial problem in blockchain. With the increase in total number of records, the block size also expands, that leads to slower verification procedure. Flaws in digital signatures, weak or inaccurate keys and incompetent encryption strength can result in critical security concerns. Downsides of transparent ledger should be considered to gain wider acknowledgment. In this chapter we will go through introduction to blockchain and cybersecurity, literature work conducted by different researchers in this domain, comparative analysis of different blockchain solutions, blockchain cybersecurity concerns, real-world case studies of this area, prevention of security issues of blockchain and conclusion.