Key Takeaways
- Did you know IT security companies and IT cyber security companies are thinking of a blockchain security boost?
- Be it data security management, security technology, information security, or more, blockchain in security is unavoidable!
- Read our latest blog about leveraging software security via blockchain technology!
The rise of digital platforms has created a goldmine of customer data that is easily available online!
In such times, software security is a paramount issue that bothers both the companies and their customers.
Blockchain technology has ensured hacking attempts go in vain, and thus blockchain software security is something that brands need to seriously consider.
In this blog, we will show you how blockchain technology can be used to boost software security.
If you are a software developer, a business owner, a cybersecurity expert, or a tech freak, this blog will help you witness the potentials of blockchain software security!
A few facts about Blockchain Technology
- The global market share of blockchain technology is expected to reach USD 19 billion in 2024.
- The expected value of blockchain technology in 2030 will be USD 3.1 trillion.
- Blockchain technology is used in financial markets (30%), manufacturing, agriculture, supply chain management, and more.
- 81% of the public companies that are leading across the globe are using blockchain.
- 80% and more banks are thinking of having their personal digital currencies powered by blockchain technology.
What is the Blockchain technology?
Think of blockchain as a digital ledger that uses cryptography to store and secure important data in the form of blocks.
Thus, multiple parties can act as recorders and verifiers of the transactions, rendering transparency and decentralized authorization.
In the case of cybersecurity, it can come quite handy, as hackers are always on the lookout for a centralized IT infrastructure that they can easily hack into!
A block is made up of important data & the cryptographic hash of the preceding block in the blockchain.
This means that it is difficult for a hacker to hack into a block of blockchain as it only stores an encrypted version of the previous block.
How does the Blockchain Technology work?
As conveyed earlier, using blockchain technology, multiple systems can play the role of verifier and recorder of blockchain data.
With each new block visible to all the participants and stakeholders of that blockchain, hacking one block becomes difficult!
A hacker cannot change the records kept at each of the participants of the blockchain when they try to duplicate one block.
And a change in block must be documented in the subsequent blocks, which further complicates any malicious attempts.
This is something that can only be handled by a pretty smart AI, which has yet to show its face in the market.
The CrowdStrike Breach: An Alarming Cyber Crisis
The recent CrowdStrike update that led to worldwide failures of Microsoft Windows-powered IT infrastructure pointed fingers at the cybersecurity put in place by the big IT players.
Because people trust Microsoft & everything that comes attached to it, and thus it should have been the responsibility of Microsoft to properly vet third-party upgrades.
But that either did not happen or the way it happened was so predictable that hackers were able to bypass it.
Had a blockchain-powered software security method been in place, hackers would have found it extremely difficult to bypass the security checks at Microsoft and CrowdStrike!
What is Blockchain’s role in mitigating risks faced by Cybersecurity?
Only by knowing the key roles played by blockchain technology in software security and information security can you understand its holistic role in cybersecurity!
Here they are:
Immutability
Being immutable means it cannot be changed, and so is the case with blockchain technology.
It means all the sensitive data, be it personal, corporate, or financial, can now be saved across the internet in the form of blocks of a specially designed blockchain to garner software security and information security.
Decentralization
The systems that are centralized have their weak spots aligned in one place, i.e., the center.
But a decentralized system created by blockchain technology caters to such a vast and unpredictable network that hackers find it hard to even target the right node.
Plus, this distributes control of the blockchain amongst varied players, and thus a single entity cannot manipulate the records.
Accountability & Transparency
Every stakeholder and participant of blockchain can see each transaction, which means a malicious change cannot stay hidden from all of them.
Blockchain software security ensures that DDoS or distributed denial-of-service attacks on software and blockchain information security helps in verifying security patches, firmware upgrades, and even software installers.
Access Control
If you wish to make a hyper secure access control panel, give each user a secure cryptographic key that will act as their passcode for entry.
With each key, blockchain software security allows to add access levels as well, for example, user level, moderator level, admin level, super admin level, customer level, and more.
Blockchain information security can help in creating secure messaging apps with cryptographic encryption.
Smart Contracts
Smart contracts are one of the most significant innovations that could happen due to blockchain technology.
It is precoded to react to certain situations, like,
- scrolling to the bottom,
- clicking on certain check boxes, and
- signature.
When these conditions are met, the smart contracts automatically execute the terms mentioned in the contracts.
They are beneficial because it makes the transactions irreversible, traceable, and transparent, leaving no possibility of fraud.
They are quite often used in royalty claims and supply chain management.
Prominent smart contract platforms are:
- Ethereum
- Binance Smart Chain (BSC)
- TRON
Leveraging smart contracts is a wise choice!
Role of Blockchain Software Security Applications Across the Industries
Blockchain is playing a vital role across various industries in helping them with software security!
Our digital world has become so advanced that it needs something as advanced as blockchain technology to protect it.
Businesses and governmental organizations are realizing it, as issues like Zero Days, CrowdStrike updates, or more are happening quite often nowadays.
Plus, almost all desktop and laptop devices on the internet have computer security services via antivirus, while mobile devices are also getting protection from mobile-friendly antivirus.
But they cannot prevent hackers as they are all centralized while blockchain is decentralized along with transparency and shared control.
Network security is also a big challenge for businesses and government organizations while with blockchain software security networks can leverage cryptographic keys to control access.
Thus, blockchain is playing a vital role now and will play an even bigger role in the near future of software security!
Blockchain Software Security: Use Cases
It would delight you to know that blockchain software security is currently utilized in many sectors, and a few examples of that are mentioned below.
Blockchain Technology in Supply Chain Management
Blockchain in supply chain management improves transparency, traceability, and efficiency, enabling real-time tracking and streamlined processes.
It also verifies ownership and licensing while mitigating risks through smart contracts.
Here are a few examples of how blockchain technology is used in supply chain management:
Walmart: Leverages blockchain technology to monitor the journey of food products from farms to store shelves.
Maersk: Collaborated with IBM to develop TradeLens, a blockchain-powered platform offering real-time insights into global shipping operations.
Provenance: Employs blockchain to ensure transparency by tracking and tracing products through every stage of production.
Examples like Hyperledger Fabric, VeChain, and more highlight the usage of blockchain in supply chain management.
Blockchain Technology for Digital Identity Management
Blockchain is the best method to manage digital identities because it is decentralized, transparent, and immutable.
It helps reduce the risk of identity theft, fraud and provides people with access to a verifiable digital identity & control over their personal data.
Examples like Solana, Blockchain Helix, Polkadot, and more are real-world examples using blockchain technology in digital identity management.
Blockchain Technology in Financial Management
Blockchain technology plays an important role in the development of decentralized financial systems, providing a more secure and efficient alternative to traditional finance.
Examples like Quorum, Stellar, USDC, Ripple, and more depict the usage of blockchain technology in financial management.
Cybersecurity
Blockchain technology enhances cybersecurity by securing sensitive data, enabling robust identity verification, and improving risk management through transparency.
It helps mitigate DDoS attacks, safeguard IoT devices, and ensure data integrity.
However, blockchain is not a standalone solution and should be complemented with traditional cybersecurity practices.
Examples like R3 Cora, EOSIO, ConsenSys Quorum, and more are examples of blockchain usage in cyber security.
All these industries depict how blockchain-powered software security is easily possible!
Software Security: Challenges with Blockchain Technology
Here are some of the challenges that can be faced in case you wish to leverage blockchain technology for software security.
They are as follows:
Complexities in Integration
Traditional IT systems are not designed for incorporating something so unique and revolutionary like blockchain software security.
It makes the integration of blockchain in software security quite expensive and technically challenging!
Plus, even the blockchains don’t talk to each other, which means if you start using one type of blockchain technology, you cannot integrate it with other blockchains.
Scalability Hassles
The blockchain software security networks that leverage the proof-of-work functionality can only process a finite number of requests per second!
This means that if such a system is used in industries where there are a lot of simultaneous requests, then it will require scaling.
Scaling will be quite difficult because it is as complicated as the initial installation and feasible only up to a certain extent.
Compliances & Regulations
Every country has their own laws about blockchain due to its infamous past with cryptocurrencies!
This means if you are planning to utilize blockchain for software security, first make sure that your target audience doesn’t have stringent blockchain rules, compliances, and laws.
All the three challenges mentioned above will be the thing of the past in not time because, as the blockchain software security usage increases, the transition time from legacy to blockchain-powered systems will drastically reduce as the challenges will automatically melt away!
What is the Future of Leveraging Blockchain Technology in Software Security?
The future of blockchain technology in information or software security is quite promising!
When companies worry about contracts, NDAs, and IP protection, blockchain offers such an era that will make all these trouble points transparent and easily attainable.
This will reduce the time & energy spent in getting the documentation correct and updated as per the present-day requirements.
Conclusion: Blockchain technology is the best way to cater to Software Security!
There is no telling how, when, or where the next malicious and cyberattack is going to happen.
Instead of waiting for a hacker group to rob your customers and clients of their precious data and valuables, your business must act now!
Right now, you have time to experiment and find out the best possible software security blockchain solution for your company.
But when this time passes, then you will be forced to use blockchain software security to some extent or other while paying exorbitant fees to the blockchain software developers and vendors.
So, make the right choice and opt for blockchain for your business’s software security now!
Wildnet Technologies is a leading company in India’s Digital Transformation space and is helping its clients incorporate Blockchain technology for software security via our software consulting services.
If you would like to know more,
- How Blockchain Software Development is disrupting the Traditional software development?
- The Role of Blockchain in Developing a Fintech Software
- Wildnet’s Digital Yum (our weekly newsletter from the desk of our thought leaders regarding the latest and hottest in the digital world)
Connect with us now at info@wildnettechnologies.com and get your brand the blockchain software security!
FAQs
FAQ 1: Can any business leverage the power of blockchain for software security?
Ans: Yes, any business can utilize blockchain for software security!
Because each business has some important data sharing, transactions, contracts, and transparency requirements to maintain across the internet for its users & stakeholders.
And it can all be done easily via blockchain technology.
FAQ 2: Should a startup wait to grow into a medium or a large company before using blockchain?
Ans: Not at all!
Because startups are the leaders of change and innovation, if they do not cater their unique solutions with the utmost software security, then they will lose out to the other players that do.
FAQ 3: What is a crypto wallet application?
Ans: A crypto wallet application helps you access, manage, and transact cryptocurrencies with other crypto users.
FAQ 4: What are hard crypto wallets?
Ans: Hard crypto wallets are those crypto wallets that are present in the physical world, like a CD, DVD, SD card, USB drive, or more.
FAQ 5: What is a blockchain stock?
Ans: A stock that is linked to a blockchain technology is known as a blockchain stock.
Examples of blockchain stocks are NVIDIA, IBM, Amazon, GlobalX Blockchain ETF, and more.
