The success of Bitcoin came about as a result of the decentralized ledger. In sharp contrast to other record-keeping systems, the blockchain infrastructure made if possible for the ledger to be shared across all shareholders thus making it impossible to be tampered with. In addition, the accuracy of recording blocks on the blockchain made it the first system to be fully dependable.
In addition, the blockchain infrastructure came with unprecedented transaction speeds. The efficient utilization of 21st-century technologies to develop a financial system ensured that no other system came close to blockchain in terms of speed. Blockchain still remains the fastest platform in terms of making smart contracts and approving transactions.
According to BitMoneyNews, the potential for higher speeds still exists on the blockchain platform.
Finally, the openness of the platform is like no other. Being a decentralized platform, there is barely any dominance of a single institution when it comes to sharing information. This openness has made the platform credible and also open for scrutiny by all. On the downside though, the openness of the platform has brought about security challenges.
How Blockchain Can help With Cybersecurity
Having looked at the benefits of blockchain, it is now time to look at how these advantages can be used to boost cybersecurity. The main cyber threat is data. Data can be stolen, manipulated, or changed to for the purposes of fraud and other crimes. Blockchain can aid in the protection of data in many ways.
First, blockchain has been proven to have nearly foolproof records. The platform is organized in blocks which record data and keep it untampered. Once a register of the data on the blocks has been established and shared on the blockchain, there is no way of changing the data without disrupting the consensus of the nodes spread across the chain.
Secondly, there are no official records made by the platform. Since the ledger is basically shared across the platform, there is even no need for any other official records. This has a lot of advantage for data security because it removes the possibility of tampering with information.
Finally, blockchain can be used to produce cryptographic certificates which can prove ownership of an asset. Any kind of copyrighted content can be recorded in the blockchain from which documents of ownership can be reproduced. Blockchain would thus act as the original source of copyright and data information.
