Cyber-crime involves activities like raiding bank account and stealing information from companies’ computer crime, or cybercrime is a crime that involves a computer and a network the computer may have been used in a commission of a crime or it may be the target. Cybercrimes are offenses that are committed against individuals or group of individuals with a criminal motive to intentionally harm the reputation of the victim or cause physical or mental harm or loss using modern telecommunication. Decentralized ledger which is what known as block chain technology eliminates the need for intermediaries (middle man). Each and every participant (a computer connected to a network) gets a copy of block chain, downloaded automatically, with this record verification can be done by the whole community instead of centralized authority.
The most challenging issue of the 21st century is the cyber security some of the most deadly cybercrimes are, in 2006 TJX Companies were presented to cybercrime, which brought about lost around 200 million U.S Dollars. The hack is as yet a standout amongst the most destructive of the whole digital violations ever committed. In 2013 yahoo became the victim of cybercrime by the breach of cyber security, where the harms accounted to the greater part of its 3 billion clients and lost around 350 million USD. In 2016 there were 3.1 million data breaches.
As compared to central database structure block chain technology provides better cyber security due to its decentralized structure some of the key features of this technology which makes it a true promise for cyber security are:
• Decentralized system:
As we know that in a block chain system the information is stored on each and every node connected to a network basically this system revolutionized the concept of the central database this means that if any data is published the whole system will get that update and verified by the entire community of the block chain system. So if a cyber-criminal wants to change a particular block (transactional record) , then he has to tamper the information on all the nodes at the same time this is because any changed block would not be able to change the whole block chain system unless it is verified by every participant.
• Authentication protocols:
Block chain technology reduces the chance of cyber security breach because every node has a unique id and password which eliminates human involvation in the authentication process. Block chain uses an SSL certificate for the process of authentication, with the use of an SSL certificate block chain provides non-repudiation and integrity to the companies.
• Traceability
In block chain system all the transactions have to be signed digitally and time stamped with this companies can view any specific transaction accompanied in any period, and they can also identify the other side party of the transaction.
De centralized feature of block chain increases the audit capability and any block chain system with this capability assures companies that available data does not tamper, so authentic.
• Distributed denial of service (DDOS)
The currently available system that is Domain Name System (DNA) is not completely de-centralized hence it can easily be a victim of cyber-attacks.DDOS attacks can not be prevented in a centralized system due to which twitter Spotify and sound cloud are also worrying about these attacks. In block chain technology or decentralized system all the information in the database is available to all the nodes, (which can be million) of the system, so this can completely eliminate the threat of DDOS attack because this attack can only be effectual if all the nodes of a block chain system are hacked and altered at the same time, which is near to unsustainable.
Official links for more details,
Website Link : https://ethlimited.org
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Whitepaper Link : https://ethlimited.org/whitepaper.pdf
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