How Blockchain Ecosystems Can Be a Threat to Cybersecurity

By Hassan Mansoor

The first impression of many people about blockchain technology is that it will actually enhance cybersecurity. The reason for this point of view is because of the structure of blockchain itself. With a distributed ledger system that ensures that information is decentralized, there is no single weak point from which to compromise it

Also, blockchain technology is designed to upgrade continuously as new data feeds are available. This also is often considered as another feature that helps to bolster cybersecurity. It is believed that since there’s such a consistent update, then any nefarious transactions would easily be figured out and corrected.

Furthermore, the transparent nature of the blockchain ecosystem has been considered as another plus for cybersecurity. It is thought that the update of transactions simultaneously on every computer in the network (nodes) ensures accountability and assurance. Again, a lot of stakeholders in the cryptocurrency community at large are excited about blockchain.

From the benefits noted above, a lot of traditional institutions believe the blockchain will be quite useful in their operations and activities. Some banks, for example, are said to have adopted a blockchain backed platform like RippleNet as the basis for their settlement infrastructure. Such efficient features are an added boost for cryptocurrencies as seen in the surging Ripple trade quotes among others.

Another strong point to note is that a centralized database for passwords becomes obsolete with blockchain. This is because of the use of private and public keys for identity verification, which appears like the ultimate solution to illegal password mining. Because of this, it is believed in some quarters that companies like banks, insurance houses, and credit card issuers have found a permanent solution to illegal data access.

Apart from just banking, many other mainstream and emerging industries have also been eyeing blockchain and its cybersecurity benefits. A survey by IBM indicated that 33 percent of some 3,000 executives from various industries are either considering or are already actively using blockchain technology.

A New Security Horizon

All the positives of the blockchain provide a big boost for the trade in cryptocurrencies. There are more than 1,500 coins and tokens to choose from in the crypto marketplace at present. Such range of trading options has given rise also to the boom in free bitcoin telegram signals. Market watchers and trade experts have found a way to let the world know how trade crypto for profit.

All of the potential benefits above might make blockchain seem like the cybersecurity Eldorado. Can it be the ultimate solution for internet fraud and other cybercrimes that have lingered for long?

Where Threats Lie

Cryptomining Malware

According to Help Net Security, early 2018 witnessed crypto mining dominating the cybercrime malware scene. Ransomware, which was discussed in the previous section didn’t even come anywhere near crypto mining. Illegal mining of cryptocurrencies off the blockchain ecosystem is a serious cybersecurity issue at present.

Again, the structure and system of blockchain allow this cybercrime to foster and even easier to perpetuate. Cryptominers gain illegal access to various computers and use their computing power, without …read more

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