Last Updated on January 29, 2024
From the movement of physical goods within and between organizations, to the exchange of virtual assets like bitcoin, to the movement of data, hacker threats are pervasive. The website will assist traders in their bitcoin journey with the best trading tools, fast payouts, and phenomenal customer support. Business chains today face many cyber risks in common — like ransomware and malware that penetrates sensitive networks — as well as a host of supply chain-specific risks. If you are planning to trade Bitcoin, you may consider using a reputable trading platform like Bitcoin Code
Blockchain has been hailed as a game-changing technology in cybersecurity because it can provide transparency in transactions and data exchanges. For example, one company uses blockchain to fight counterfeit pharmaceuticals by tracking drug components from manufacturer to end user. It can also help identify compromised systems with its shared database system while ensuring only authorized users have access to sensitive data stored on an organization’s network.
The majority (58%) expect to add cyber risk coverage by doing more preventive activities. In addition, many plan to expand their cybersecurity solutions through additional insurance coverage. The same is true for information security; At the same time, many organizations have plans to increase their security budgets; many IT managers believe they will only be able to find some of their needs.
Blockchain could provide tools that help businesses mitigate these risks. This post will look at five ways blockchain can reduce cyber risk and provide a framework for decision-making within your organization.
- Maintaining cryptocurrency integrity:
Many organizations understand the need to ensure the integrity of cryptocurrencies like bitcoin. The technology underpinning most blockchain systems (both public and private) requires that larger groups of users validate transactions. A significant security risk to organizations occurs when repeated attempts to change or manipulate information to falsify transactions.
In this situation, malicious hackers would need to be able to manipulate a large number of nodes (participants) on the network and access sensitive data such as wallets or access credentials from other users. Therefore, it alone poses significant cyber security for any cryptocurrency organization.
- Tracking and securing value chains:
Transparency is one of the great benefits of blockchain technology and can be used to track and secure value chains in every industry. In addition to providing better visibility into transactions, there is a potential deterrent effect on hackers. With blockchain, suppliers, consumers, and regulators could all have access to a transparent view of the entire value chain ecosystem for each product or service. In addition, blockchain solutions tracking data from one source to another can help ensure that data remains secure at each point.
- Protecting patient health records:
Companies potentially expose healthcare organizations to a wide range of cyber risks in their efforts to protect patient records. Blockchains can help reduce these risks and provide security by providing the following critical solutions:
People should note that these are just a few more common ways blockchain technology can boost security for hospitals and clinics. Any organization that needs to protect sensitive patient health data could benefit from blockchain solutions.
- Preventing counterfeit goods in goods business chains:
Blockchain also extends into other areas where the potential for counterfeit goods is high. For example, many luxury goods manufacturers have already implemented blockchain technology to ensure that genuine products are sold, and consumers buy authentic items. Here’s a look at how tech is helping physical goods companies maintain their brands.
- Reducing cyber risks to the Internet of Things:
The Internet of Things (IoT) is steadily growing, allowing more devices, vehicles, and appliances to communicate, leading to substantial consumer benefits. However, from enabling cars to drive themselves to help homeowners manage household temperatures remotely, IoT creates a network of connected devices that could be at risk from cyberattacks or value chain threats. Blockchain technology can provide solutions for IoT issues like this by using multiple layers of security that keep all data encrypted.
- Revamping government cybersecurity protocols:
Government agencies use blockchain technology in various ways to help improve cybersecurity. In partnership with the private sector and third-party organizations, government agencies use blockchain technology to share information on suspicious activities with the public. Blockchain also serves as a way for governments to track companies receiving contracts. It acts as an audit log, helping the government ensure the user does not exploit the value chain for illicit purposes.
- Safeguarding military and defense data:
The Defense Department is using blockchain as a way to safeguard military data. The technology helps protect valuable, mission-critical data because it’s complicated to change information once it’s recorded on the ledger without being detected. In addition, it makes blockchain a valuable tool in the defense industry for keeping information secure and ensuring that the technology does not fall into the wrong hands.
- Managing digital identities:
Blockchain is also used in identity management systems to help individuals prove their identity and protect sensitive personal information. In addition, many organizations, from education institutions to governments, are exploring ways to use digital identities in innovative ways while ensuring they remain secure at all times.
