How Bitcoin Is Changing The World Of IT Security

 How Bitcoin Is Changing The World Of IT Security | Bitcoin coin
| 1st Secure IT data loss prevention cyber and IT security services risk management protection firm

Unless you’ve been living under a rock for the last decade, you must have heard of Bitcoin. It’s arguably one of the biggest, most important innovations in the entire history of financial technology (fintech).

Bitcoin itself has many uses, both as a currency and a means to store wealth. But what’s perhaps the most interesting part about Bitcoin is the technology upon which it’s built, which is called blockchain.

What is blockchain? And what does this have to do with IT security? Read on to find out.

What Is Blockchain?

Before we understand what blockchain technology means, we need to understand what it is.

A blockchain is, essentially, a public database and ledger of every transaction that ever takes place on its network. In the case of Bitcoin, that means everything that happens is publicly available. You can take a look at Bitcoin’s blockchain using a block explorer like blockchain.info and find all manner of transactions big and small.

But while this data is available to everyone, what is not available is anything identifying the parties behind transaction. To the outside observer, it just looks like a string of numbers and letters sent 0.36289 bitcoins to another string of numbers and letters.

So why is this important? Each block contains all the transactions completed up to that point online, and once a block is completed, it can’t be altered. This makes blockchain as close to a permanent record of transactions as we can get. This means nobody can go in and alter any records of what happened. It’s all there publicly.

It’s also important because it’s the first time anyone has been able to create a digital asset that isn’t duplicable. Here’s an example:

If I find an MP3 of a song I quite enjoy, I might want to send you a copy so you can hear it too. So I might attach that MP3 to an email and send it off to you so you can download it and listen to it.

Thing is, though, I didn’t send you my MP3. I made a copy of that MP3 and sent you the copy. I still have the original.

With blockchain, you can send a digital asset to someone else without copying it. If I decide to send you one bitcoin, I no longer have that bitcoin myself. It’s yours, and no copies are made. And that’s true with any blockchain project.

For a better understanding of how this technology works, check out this video below:

 

The Difference

Bitcoin is just the first app to be developed on blockchain technology, but it’s by no means the only one. Other projects are being created for all manner of different things.
Because the Bitcoin code is open source, anybody can take it and use it to build their own projects, and many have.

Here are two companies who are using blockchain technology to improve the world of IT security.

REMME Eliminates Passwords

REMME is the brainchild of Ukrainian economist and Bitcoin enthusiast Alex Momot, with a simple but ambitious mission:
“REMME is here to make sure the bad guys can’t hack the autopilot of a self-driving car to cause it to crash into a crowded street; prevent villains from launching a biological attack using just one laptop, and to stop anarchist hackers from compromising presidential election results.”
To accomplish this, they’re focusing on one of the largest gaps in the world of IT security – human error .

The vast majority of cyber attacks are a result of simple logins (usually a firstname/lastname or firstinitial/lastname combination) and weak passwords. Instead, they’re using blockchain technology to provide stronger authentication when logging into a system. But by assigning each device a specific SSL certificate (virtually impossible to forge), which it manages via a blockchain (immutable), REMME’s service makes it incredibly difficult to spoof any password system.

For more information on REMME’s service, visit their website.

 How Bitcoin Is Changing The World Of IT Security | Bitcoin coin
| 1st Secure IT data loss prevention cyber and IT security services risk management protection firm

Blockstack Prevents DDoS Attacks

The DDoS (Distributed Denial-of-Service) attack is one of the most common ways a website can get taken down. The larger a website is, the harder it is to pull off, but even some of the biggest websites out there have suffered from them, including one attack in late 2016 that took down Twitter, Netflix, Amazon, Reddit, Spotify, and a number of other big online businesses.

The idea is to send a tremendous number of junk requests to a website, increasing its traffic higher and higher until it exceeds the server’s capacity to deal with the requests and crashes. It works because of the web’s current DNS (Domain Name System), which converts a domain name which humans can understand (like www.1stsecureit.com) into an IP address machines can read.

Hackers target the centralized part of the DNS database, where most of the data is stored, and can use this to crash website after website.
Blockstack, however, is approaching this problem differently. By providing a fully decentralized DNS framework, they’re significantly reducing the possibility of a DDoS attack. But that’s only a side effect of their goals.

They’re aiming to make the entire web decentralized by removing any third party management of servers, databases, or identification. To find out more about this project, visit their website.

The Future Of IT Security

As the world of IT security continues to change, blockchain technology will no doubt become an essential part of this new landscape.

Here at 1st Secure IT, we’re dedicated to staying at the forefront of the latest innovations in IT security to keep our clients as safe and secure as possible.

To find out how your business can stay secure in the face of a frightening and uncertain digital landscape, contact 1st Secure IT today.

1st Secure IT


4613 N. University Drive #323
Coral Springs Florida
33067
(866) 735-3369
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Monday, 19 August 2019

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