In the rapidly emerging fields of Data Science and Big Data there is a new kid on the block. That new kid is Blockchain technology; this is data encryption technology that the world has never seen the likes of before! Any company that is serious about its own IT Security really must take a look at it!
It works by first of all removing any need for a middleman, such as, for example, you would have in the Euroclear Banking network. It also provides a virtually impenetrable level of data encryption, which can be scaled according to any companies own individual security requirements.
The penetration of blockchain protected company data would be too much of a trial for any hacker to consider worthwhile. It would take literally years of supercomputer processing power to have any chance to defeat the technology.
Securing everything from Small companies to large corporations
For small SME’s and larger organisations alike, the benefits of blockchain are therefore clear to see.
Imagine if your business depended on the secure delivery of its data to a client, but the data was interrupted and compromised on the way to its intended recipient. If the data is corrupted, modified or altered then there could be serious ramifications, which could cost the company money or, indeed, the clients business.
It is fair to say then that many companies would likely benefit from adopting this new blockchain technology into their processes. Many Banks and the military are currently evaluating its use in the field of war or financial services!
Big Data and the blockchain encryption that is demands are therefore here to stay!
How can a company use Blockchain?
Todays IT security protocols and safeguards all too often have a plethora of security vulnerabilities and exploits that hackers can utilise for nefarious purposes.
Any corporate organisation or company therefore needs to ensure both the secure transmission and reception of its data packet transactions. Protection of corporate and customer data is a necessity!
Blockchain encryption technology is the answer that securely bypasses many of the existing flaws within IT security protocols and procedures, providing added layers of protection. Blockchain has no bloated middleware processing or other hindrance to the safe and secure transmittal of data.
Blockchain in operation
To explain how it all works we need to delve into the inner workings of Blockchain technology. We enlisted the help of the respected blockchain, IT and Pen Testing team at UK based company Security Audit Systems to explain how it all works in some detail!
- The Blockchain technology has both ‘miners’ and ‘hosts’. The ‘miners’ are the computers used to calculate a solution to a sophisticated arithmetic equation. The hosts are, of course, the clients.
- There is a branch of arithmetic that Blockchain uses called ECDSA (Elliptic Curve Digital Signature Algorithm). The miners use Asymmetric Key Cryptography as the data encryption technology.
- When the transaction first enters the network the data miners will utilise their computing power to basically solve the transactions ECDSA equation. After continual repetitious computation, the equation will be solved and the transaction will then be verified from the data in the solution, this then matched up to the data string first input into the algorithm.
- Once a match is made successfully, the transaction is then added into a network of ledgers, this is the accounting system of the blockchain network. A record of all completed transactions is stored here for the benefit of all hosts or users.
- Paired public/Private key technology always protects the final output solution, which means any hacker will not be able to corrupt or modify the solution record in the blockchain network. The level of encryption that is used can be increased or decreased depending on the level of protection that is desired by the parties to the transaction. This can be modified, just like a central heating thermostat, as required.
For any Big Data technical help, seek out a blockchain and pen test company such as the team at Security Audit Systems for all your IT security needs.
Its not rocket science, or is it!