Most likely your home is not a fortress. You probably don’t have a moat, drawbridge, and guards. In the digital world, your “home” or business is discoverable by anyone, which means your digital infrastructure needs security capable of deflecting most cybercrimes, not just the ones in your “neighborhood,” so to speak. To achieve this, “traditional” cybersecurity measures turn our virtual lives into fortified structures, sealing up vulnerabilities and demanding complex access measures. The end results are difficult for the average person to manage but irrelevant to technical cyber criminals.
Cybercrime costs businesses billions of dollars a year. Current security protocols don’t stand up to relentless attacks, particularly when those protocols are irrelevant after a successful, low-tech phishing attack. So, what to do?
Distributed ledger technology focuses on creating trust in an untrusting ecosystem. The decentralized nature of the ledger allows all nodes to record transactions, passing along transactional data with high levels of both encryption and transparency. Because data is recorded across a “chain” of nodes, no single choke point exists for hackers to exploit. Here are some key areas where blockchain — web 3.0 — can transform our relationship to the digital world:
- Money: Cryptocurrencies might seem far-fetched to some but they and the world of DeFi (decentralized finance) introduce interesting capabilities around encryption and transaction tracing, which can help eliminate fraud. The possibilities around how blockchain can impact security in the financial sector are endless.
- Passwords: Passwords are increasingly complex and hard to remember; people use the same passwords or password-management tools, both of which create single points of failure. Two-factor authentication is frustrating and slow. Blockchain is naturally cryptographic and can better incorporate biometric authentication.
- PII (personally identifiable information): Some data is more valuable than others — data related to payments and banking or identities. When it comes to how that information is stored, most critical infrastructure companies follow a combination of compliance requirements, best practices, and security controls. And yet, data breaches are rampant. Decentralized ledgers allow small amounts of information to be stored in different locations so only authorized users or the data’s owners can access it.
We have no choice but to adapt
The digital world offers us incredible flexibility and access but it comes at a cost that web 1.0 and 2.0 solutions make too dear. We don’t want to live in Fort Knox. The more mature information age demands solutions afforded by web 3.0, which means incorporating decentralized technology into our digital infrastructure and even rebuilding particularly vulnerable sectors with intrinsically secure technologies. This will allow us to live and work the way we want without living behind relatively futile digital fortresses.
Learn more about how we can help
HeraSoft’s next generation software offers a variety of products and services to improve enterprise cybersecurity.
- HeraVault™ offers distributed cloud storage with built-in replication, error correction and restoration capabilities.
- HeraFlow™, is an AI-Powered threat analysis system for fast and accurate threat data monitoring perfect for high-volume workloads and enterprise-level SOC’s.
- HeraPass™, with inherently fraud proof design, helps businesses innovate user management in IoT environments by achieving the anonymization and encryption of highly-sensitive data.
- HeraStamp™ proof-stamps mission critical data to permanent data stores and can help with data integrity in, for example, ecommerce settings.
To learn more about our enterprise blockchain solutions and how we can help, click here.
