Cybercrime is an increasingly dangerous threat in today’s digitally driven world. Hackers and scammers are constantly looking for new ways to target businesses and individuals, with the risk getting worse all the time.
When we think of crypto and blockchain technology, we usually think about the investment and trading world. While things like buying Ethereum and checking the Algorand Price are certainly part of the industry, the technology can offer so much more. Will the blockchain be able to secure websites from cyberattacks? Let’s find out.
What is the Blockchain?
Blockchain and cryptocurrency are often used synonymously, but there are clear distinctions between the two terms that are important to understand. Furthermore, if you want to learn how blockchain tech can be used to protect websites from hackers, it’s vital you understand what it is and how it works.
The idea of blockchain technology was first floated back in the 1980s, but it wasn’t until nearly 30 years later in 2009 that the blockchain was actually realized.
The blockchain is a system for recording and storing actions, with the most common use is for cryptocurrency transactions. These actions are recorded as blocks, which are added together to form a chain. Each of these blocks is cryptographically secured, making it extremely difficult for hackers to access them.
What’s more, each recorded block is validated and approved through what’s known as a consensus protocol, ensuring each is fair and accurate. In addition, the blockchain is fully transparent and accessible, significantly reducing the risk of fraudulent activity taking place.
Hosting Websites on the Blockchain
The form of the internet we use today is known as web 2.0. In web 2.0, websites are hosted on servers and controlled by companies and corporations.
Experts predict that we are fast approaching the dawn of a new internet age, web 3.0. In web 3.0, blockchain, artificial intelligence, and machine learning will be the driving technological forces, with a move away from today’s JavaScript and HTML5-based internet.
Websites in web 3.0 will be hosted on the blockchain rather than on servers. This will offer them more protection against attacks from hackers and will ensure the ownership of the website is established and clearly defined.
Transaction Processing
When hackers and scammers target a website, they are usually after two things; personal data and money. This makes ecommerce and online banking platforms an attractive target for digital criminals, which is why taking steps to protect platforms and users is so essential.
Blockchain technology can be used to create safe and secure payment processing systems. By securing transactions with cryptography and validating them through the use of smart contracts, ecommerce and online banking companies can effectively safeguard customers and finances from cyberattacks.
Protecting User Data
Conducting a transaction online requires the user to reveal personal details such as contact and financial information. If this data is improperly stored and managed by a business then it will be vulnerable to attack from criminals. A data breach is a serious situation that can have serious and long-lasting implications for a business.
Regulations such as the GDPR and the Data Protection Act define how customer data should be processed. Businesses found to be in breach of these rules can face severe penalties.
Storing personal data on the blockchain can be an effective solution that prevents it from being targeted and accessed by hackers. The user will have full control over how their data is stored and distributed, eliminating the need for websites to store vast amounts of unused user data.
Extra Security Measures
While blockchain technology integration can be an incredibly effective way of safeguarding a website, there are other security measures that should be taken to add an extra layer of safety.
Login systems can be the weakest point in a system. As a result, these are often the most commonly targeted points by scammers and hackers. One of the best ways to ensure your login system is safe is to implement a two-factor authentication system. This requires users to provide evidence in addition to their password when logging in, such as special code or biometric data, to ensure they are who they say they are.
Another vital security measure is to ensure that all the software in use is fully up-to-date. Weak points in code can be used as access points for scammers, so software developers will continually review their code and patch potential vulnerabilities. Keep your software up-to-date to ensure you aren’t leaving yourself open to an attack.
Conclusion
Cybercrime is one of the most pressing issues facing business owners today. Experts predict that fraudulent activity committed by hackers and online scammers is set to cost over $14.5 trillion globally by 2024. This is a shocking figure and should clearly demonstrate why it’s so vital that cybercrime is taken seriously.
If you’re the owner of a website, blockchain technology can be used to protect your platform against hackers. Websites hosted on the blockchain will benefit from advanced technology and protocols, while the blockchain can also be used to secure transaction processes and protect user data. However, it’s vital you don’t forget to implement additional security measures as well, such as two-factor authentication and a vigilant software update policy.
