The entire concept of the Cryptocurrencies is directly connected to Blockchain Technology. Therefore, the cryptocurrency: Golden Coin runs on the principle and technology of the Blockchain.
Basically, the block chains are the virtual infrastructure on which the Golden Coin is based. Or in the layman’s language, we can say that “Blockchain is to Golden Coin, what the internet is to email.” The huge digital system, on top of which the every cryptocurrency is built.
The peer to peer network of the Golden Coin which is running only on the internet is vulnerable to many cyber attacks. Thankfully, we have the block chains which prevent the Golden Coin from Cyber attacks.
Top 5 ways through which Blockchain Technology is helping from the Cyber Attacks
1. Because of the similar nature of Cryptocurrency.
Blockchain also runs on the same principle on which the Golden Coin work, it’s open & decentralized nature grant people to do the transaction peer to peer which makes the blockchain technology necessary for the establishment of crypto currency.
Therefore, Blockchain’s similar nature prevent the cyber attacks and secure it from the various vulnerabilities.
2. Stopping the Distributed Denial of Service attacks.
Blockchain offers a solution i.e. a decentralized system would make it completely impossible for the infrastructure to collapse below an excess of requests and assists to prevent DDoS Attacks.
Now let’s see how it works.
DNS is essentially a partially decentralized one-to-one mapping of IP addresses to domain names. Its access is managed such that the individuals who keep the domain name are authorized to update the domain records, not everyone.
3. Blockchains and Cryptocurrency go hand in hand.
Both the blockchain and cryptocurrency go hand in hand as they are interlinked to each other in the Digital World.
The block chains provide the entirely different approach to the cyber security, the user identity as well as the communication security, moreover, it’s critical infrastructure supports the applications of almost every organizations of crypto currencies.
This has created the more transparency and high security to the potential merchants across the globe.
4. Preventing data fraud and manipulation.
One of the primary qualities of this block chain is its own immutability. Using successive hashing and cryptography, together with the decentralized structure, which makes it almost impossible for any party to change information on the ledger unilaterally.
This may be used by organizations managing sensitive data to keep the integrity of information, and also to prevent and detect some kind of tampering.
Blockchain-based security relies on dispersing the proof one of many parties, making it impossible to control information without being discovered.
This leads to the removal of the requirement for trusted parties to verify the integrity of information just as from the cryptocurrency example it is eliminated the requirement for a centralized authority to act as a bank.
5. Preventing Data Theft in untrusted environments.
Encrypting data has now become a norm throughout organizations. However, if you would like to act upon this data, you’ll have to decrypt and reveal its contents.
But here the major concern is that we live in an era of cloud and on-demand services, in which our information is obtained and processed by untrusted third parties.
And on the other hand, there are many Situations where companies have to jointly work on information without revealing some portion into untrusted entities.
This constantly occurs in the business world, where businesses would like to collaborate without revealing sensitive data that they are prohibited from sharing due to safety, privacy, and even regulation reasons.
In this case, Blockchain technology enables different participants to collectively store data and run computations while preserving privacy. This kind of platforms employs blockchain to record time-stamped events and hashes of files which prevent intruders from covering their tracks if they manipulate data.
Blockchain Technology Transforming the Global Economy and Cryptocurrency
Blockchain presents a fundamentally different approach to cyber security, which may go beyond endpoints and include user identity security, trade and communication security and the security of vital infrastructure that maintains operations beyond organizations.
The standard shift designed by blockchain can give the transparency and auditing which will enable us to make the maximum use of shared online solutions while eliminating the possible privacy and security trade-offs.
