Blockchain, once something that was only talked about among tech experts and gurus, has now become one of the most well-known if not most anticipated technologies in the early 21st century. The potential of blockchain is vast, enough that it is generally considered to be among the most disruptive technologies that will greatly change the world going forward. At the immediate moment, it’s set to greatly change how we protect our networks and how we perceive transactions involving currency or great monetary value.
To start with let us begin with one of the biggest things we care about, money. But more importantly how we perceive the transaction of this money. At the moment the transaction of money from two different parties across vast distances require the use of a third party, right now this system we use comes with a plethora of critical flaws. By relying on a third party to make sure money is sent to the correct party businesses are forced to pay a fee each time they commence a transaction, over time these fees could represent a significant cost for any business.
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This is especially problematic for startups and smaller businesses that do not have the financial resources of larger businesses. This is where blockchain comes in. Blockchain does not require a third party to ensure transactions are made correctly, instead everything is on a highly encrypted but public ledger that everyone is able to access. This ensures that every transaction is made to the right group and anyone on the blockchain can verify it at a moment’s notice at the cost of nothing to the business.
Another key part of the blockchain is how it can verify and authenticate each transaction to make sure everything is correct. With third parties’ businesses run the risk that the third party could alter the transaction in any way, take the money, or hand it over to a completely different group.
The only way a business could make sure a deal went through is to go to a said third party, who could change the info at any moment so the company may theoretically never know if their transaction went through until it was too late. With blockchain, the systems keep all records of every transaction on a vast public ledger that is available to anyone at any moment. This ensures that everyone on the blockchain can verify that the transaction was successful at any moment, making it extremely difficult for others to alter the data in any malicious way.
Now of course there is always the chance that somebody could hack into the system and take it over, causing untold damage for everyone using it. But that is where the second strength of blockchain comes in, its protection from being hacked. Blockchain has the tremendous ability to be able to greatly change the field of cybersecurity and offers a new tool to stop any potential hacker.
The main idea of the security of the blockchain is that the info on all recent transactions is stored at a certain place, which is called a block, then that block is encrypted and placed onto the previous block before, thus creating a chain of blocks. This makes it incredibly difficult for computers to brute force their way into the system, and that is not taking into consideration the hundreds of blocks that would be added shortly after.
Now if somehow a hacker was able to acquire an account on the blockchain that would not guarantee he/she would be able to do anything. The big reason for that is the decentralized nature of blockchain, so even if the hacker could control an account or two that would not allow them to be able to do much harm to the system. It is because of this unique nature of blockchain that makes it so useful for people in the cybersecurity community.
Implementing it into critical networks will allow us to not only detect possible hacks but also help save various businesses on the cost of manpower and network security while keeping critical data away from any malicious hackers.
In conclusion, a once-obscure piece of technology has now become the forefront of not only changing the global economy but also how we protect critical data from any malicious hackers. It is through this technology, that will not only allow various parties to distribute data across each other in safety but will also offer future business leaders new avenues for them to start up business, helping both the local and global economy. And because of these critical reasons Blockchain is not only set to change the world but also set the future for many generations coming afterward.
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