Crime in the cyberspace is not something new for people across the world. It is believed that blockchain is expected to play a crucial role in combat. Case in point, the latest protocols such as the Hedera Hashgraph may help in distributed denial of service attacks. “Blockchain and cybersecurity are different yet related fields working towards improving the security of data in a digital world. Blockchain may contribute to strengthen the resilience of their networks and may help to counter possible cyber threats,” Alankar Saxena, co-founder and CTO, Mudrex, a global crypto-investing platform.
The current security level of blockchain includes both public and private ledgers. To access its maturity level, experts refer CIA security triad model, which comprises confidentiality, integrity and availability, revealed Deloitte in its report titled, Blockchain and Cyber. Moreover, blockchain can only take responsibility and not guarantee. “The only requirement for changing existing data is that the previous data present in the ledger must be same for all nodes. Blockchain may prevent the changing of data randomly, without any originality,” Pratik Gauri, founder, CEO, 5ire, a blockchain-based platform, told FE Blockchain.
Experts believe blockchain tracing and analytics tools will provide transparency to all transactions. Reportedly, blockchain may keep a track of who changed the data and when it was changed. This may make it easier for law enforcement to catch any unethical elements or practices.
However, sometimes this may lead to the violation of government rules. “Just like blockchain, government laws may tend to be technology challenged and purpose-driven. The proposed legislation by the government on personal data protection bill, anti-money laundering and counter-terrorism finance is applicable to blockchain-based businesses and builders,” Sharat Chandra, co-founder, India Blockchain Forum, concluded.