Blockchain in Cybersecurity, Pros, and Cons

Abstract

The blockchain is a new innovative technology which is in the phase of being adopted by organizations for managing records. The technology which was initially started as a concept of digital currency is now being watched as an alternative to traditional record keeping techniques. Since the development of blockchain application to solve the problem of integrity is still in infant stage we need to do a lot of research before we apply this technology to the real-world application. The blockchain is a distributed ledger where all the changes and updates on the network are verified by all the nodes on the network, it can solve the problem of integrity. It is almost impossible to tamper the data stored on the blockchain because of this feature there is a huge room to grow for this technology. We can develop an application on top of blockchain which will solve the problem of integrity, lack of trust and a single point of failure. Although blockchain technology can be used to solve the current problem of security and trust in the computer applications there are few limitations and dark side of this technology. There are many cryptocurrencies developed on the blockchain technology which are being used for money laundering and the method of the transaction in the dark web. Also, there is a certain rise on the malware and ransomware that uses the resources of the computer to mine and demand the cryptocurrencies from users and there is a rise in 51% attack on the blockchain network. The purpose of this research paper is to analyze the benefits of blockchain to solve the current problem in cyberspace and to finds, it's threats and limitation.