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Blockchain & Cyber-Security, a Use Cases

In the year 2020, the world witnesses how a pandemic can change the entire lives of people. When the Novel Coronavirus cases were rising, putting the world in a panic mode, hackers around the world were finding ways to take advantage of rising fear in the minds of people. Internet users witnessed a surge in COVID-19 related attacks and fraud schemes, including phishing emails specifically from the healthcare agencies including WHO, forged product offers, and fake charity donation requests.

Viruses, malware, as well as DDoS unlike in earlier times, come in highly disguised ways and form. In the year 2019, Google’s Threat Analysis Group (TAG) tasked with protecting the company against cyber-attacks issued 40,000 warnings to Google users. Under the pandemic, the scam warnings tripled and one of the ways hackers around the world were spamming people via fake emails. 

To be true, the Covid-19 isn’t the first time when cyber-criminals have taken advantage of such a situation and it surely won’t be the last. Enterprises, Governments as well as people at large aim to find solutions to safeguard sensitive data, information as well as protect people from falling prey to scams. 

Challenges faced under the cybersecurity which can be resolved by Blockchain

  1. Centralized data storage – As the data/information is all stored under a centralized medium which makes it susceptible to hackers. 
  2. Avoiding Data Theft – Data is the new gold and now when it is under threat, it becomes absolutely important for businesses as well as industries to prevent data theft. 
  3. False Data Entry Prevention – With centralized storage comes to another issue of falsifying identity. Hackers pretending to be the data owners enters and steal information/assets.
  4. Dos and DDoS attacks – Attacks like DoS and DDoS have given nightmares to the cybersecurity firms for years and saving data for such attacks becomes a tedious process. 
  5. Without Dedicated Server Apps – With dedicated services, applications are vulnerable to cyber-attacks which at times cannot be stopped by the cybersecurity departments. 

Blockchain as new technology has been adopted in every business and industry vertical. These sectors facing an increasing count of financial data, healthcare records, and intellectual property, and sensitive personal information. Blockchain as a potential enhancer of cyber-defense mechanism can safeguard against fraudulent activities with transparency, immutability, encryption, distributed ledgers as well as a consensus mechanism.

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