Thanks to the huge surge in popularity of Bitcoin, blockchain technology has found its way into a broad range of sectors, including banking, healthcare, and even U.S. homeland security. Blockchain has by far made the biggest impact on how we approach cybersecurity, but is it the be-all, end-all of cybersecurity solutions?
Blockchain technology’s largest success is in eliminating human error, which is responsible for the majority of data breaches. As a decentralized ledger system for data transactions across a global network, blockchain technology is regulated by an entire network of mutually anonymous participants, not a central authority, therefore protecting data from tampering, intentional or otherwise. It can be used to protect against any type of data breach, cyber-attack, identity theft, or foul-play transaction. Most importantly, it can transfer any data or digital asset, making it so flexible it can benefit any industry.
When it comes to its efficacy as an approach to cybersecurity, Bitcoin provides an excellent case study: although it experiences fluctuations in value, Bitcoin has withstood cyber-attacks for nearly ten years. By removing the risk of a single point of failure and leveraging a decentralized infrastructure, blockchain technology is the biggest revolution in cybersecurity of our time.
With that said, blockchain may not be the ultimate solution for everyone. Although theoretically this technology could be implemented in any industry, individual companies are unlikely to be able to adopt it for several reasons. First, it is challenging and time-consuming to incorporate into supply chain systems. Second, it may require an entire upheaval of current systems and infrastructure. And third, running blockchain technology needs substantial computing power, which gives it a high operation cost that many businesses may not be able to afford or may not see as a good return on investment.
There is no one-size-fits-all cybersecurity solution. To create a digital secure infrastructure that makes sense for your business, contact the experts at INFRASI to request a consultation.