"Using the Blockchain to Prevent Data Breaches"
According to the Varonis 2021 Data Risk Report, most companies have insufficient cybersecurity practices and unsecured data, thus making them more vulnerable to cyberattacks and data loss. A single data breach costs a company an average of $3.86 million and can destroy a brand's reputation as well as consumers' trust. As cyberattacks grow more prevalent and sophisticated, traditional cybersecurity solutions may no longer be enough to prevent future data breaches. Therefore, it is essential to seek out more advanced security solutions. Using blockchain technology to prevent data breaches could be an effective option. Blockchain technology, also known as Distributed Ledger Technology (DLT), is the product of decades of cryptography and cybersecurity research. The term "blockchain" was initially made popular by cryptocurrency, as it is the technology behind the Bitcoin network's record-keeping. This technology makes it difficult to alter or hack a system because data can be recorded and distributed, but not copied. Since it offers a method to store data securely, it can be a potential solution for preventing data breaches in environments with strict security requirements. Based on the concept of peer-to-peer (P2P) networks, a blockchain is a public, digital ledger of stored data shared across an entire network of computer systems. Each block contains transactions, and whenever a new transaction occurs, a record of it is added to the ledgers of all network participants. Its powerful encryption, decentralized structure, and immutability could be the solution to preventing data breaches. This article continues to discuss blockchain technology and how it could be used to prevent data breaches.