The digital age is now well upon us, and we live in an era where cyberspace has become indispensable for our everyday activities. The digital form has entered all aspects of our lives – shopping, entertainment, banking, and so on. Without a doubt, these advancements have made our lives easier. However, our increasing reliance on cyber infrastructure makes us more vulnerable to cyberattacks.

While as individuals, it is important to ensure our personal data is protected, the impact of a data breach on a corporation can be far-reaching. The firm can lose its intellectual property, trade secrets, and most importantly, hard-earned customers and stakeholders. Problems do not end there – the company could also come under regulatory scrutiny from a number of agencies

With the progress in technology and increased complexity in cyber protection, several companies are showing interest in blockchain as part of their cybersecurity strategy. Blockchain is a decentralized and digitized public ledger containing blocks of information or transactions linked to each other.

Some reasons for switching to blockchain technology are:

Decentralized: It is one of the main reasons why companies are contemplating using blockchain technology. Traditional databases are kept in a centralized location, making it easier to attack, as the coding is also concentrated in a single place. In the case of blockchain, when an unauthorized person tries to tamper with a block of data, the system checks each block to ascertain which one differs from the rest and simply discards this block from the chain if it finds out it is false.

Easily traceable and permanent:: All transactions added to a blockchain are timestamped and digitally signed. This makes it easier to trace the time period of the data and the authorized owner of the data. When new data is added, it only gets linked to the original data; hence, data in the blockchain is permanently available.

No human errors: With blockchain technology, companies can authenticate users while avoiding a user-created password. This blocks a potential route to attack, as the need for login and password is eliminated. It also saves time for employees.