Contact Us Today! 1-844-237-4300

Central Technology Solutions Blog

Cybercrime’s Evolution and the Potential Blockchain Shield

Cybercrime’s Evolution and the Potential Blockchain Shield

Cybercrime has morphed over the past decade or so. With unbreakable encryption making breaking directly into a network all but impossible, phishing, Distributed Denial of Service (DDoS) attacks, and other methods of indirect hacking have become en vogue. As a result, software companies are looking in some strange places to find building blocks for intrusion mitigation. One interesting emerging technology being used for this purpose is blockchain.

Developments in blockchain technology have begun to be stretched past keeping records and cryptocurrency. Today there are a couple companies using blockchain to create innovative cybersecurity solutions that aim to drastically reduce a company's exposure to cybercrime. No matter what vertical you work in, blockchain-integrated solutions have begun to pop up. Building new solutions with blockchain is incredibly popular nowadays, but is it just a buzzword used for its role in marketing, or is it making a discernible difference in these solutions?

Often thought to be “unhackable”, security professionals developing a blockchain-based cyber security platform isn’t all that noteworthy, until you realize how they are going about it. Developers have begun to create blockchain-based platforms that uses the distributed nature of the solution to power content delivery networks (CDN) and DDoS attack mitigation services. It does this by allowing users to rent out their spare bandwidth to use as security computing.

This will potentially reduce the ability for hackers to execute attacks, lower the cost for businesses to mitigate the effects of these attacks, and capitalize on their extra bandwidth. Other developers are using smart contract adoption to secure their interoperability and file security.

Is Blockchain Vulnerable?

Being a human invention, there have been some kinks in blockchain technology. For those of you who do not know how the blockchain works, here is a very stripped-down definition: Every transaction made through the blockchain, financial or contractual, is given a permanent, designated “block” in the chain. In order for it to be added to the ledger, the rest of the network (every other node) needs to approve this new block’s validity. Once it is added, it cannot be altered and provides an unchangeable record of the transaction. If a block needs to be changed, a new block would have to be entered. It is only then that the transaction is completed.

While this method may seem extraordinarily secure, this “unhackable” technology has its flaws. In 2018 alone just under one billion dollars' worth of cryptocurrency was stolen. Of the $927 million taken, $532.6 million of it was hacked from the Tokyo-based cryptocurrency company Coincheck where 500 million XEM coins up and vanished from the exchange.

Other Blockchain Vulnerabilities

To my surprise, one investigation found that some blockchain and cryptocurrency constructs has over 40 different vulnerabilities. Here are a couple:

51% Vulnerabilities

Many of blockchain’s vulnerabilities have more to do with the nature of the platform as well. One such vulnerability is known as a 51% vulnerability and is associated with mining cryptocurrencies. Let’s assume you are a cryptocurrency miner and you accumulate hashing power that exceeds more than half of what the blockchain contains, you could leverage a 51% attack to manipulate the blockchain to your own advantage.

Obviously popular blockchains, typically associated with renowned cryptocurrencies, have too big of a price tag to be practical targets for such a hack. Less expensive coins, however, are, and can be lucrative targets for hackers. In 2018, 51% attacks were leveraged against new cryptocurrencies, netting the attackers the equivalent to approximately $20 million.

Security of Private Keys

Using a blockchain requires a user to have a private key to unlock the naturally encrypted platform. Naturally, if this key were to be stolen, the thief would be able to access the user’s blockchain. What’s worse, because the blockchain is decentralized, these kinds of actions are difficult to track and, as designed, harder to undo.

It’s hard to forget in this world that is completely integrated with technology that some tech is just in its infancy. Blockchain, especially outside of the cryptocurrency sphere is only emerging and the tech built with it should be looked at through skeptical eyes. Stay up to date with the latest technology concerns and information, subscribe to Central Technology Solutions blogs.

SQL Server 2008 R2 Has Reached the End of the Line
Tip of the Week: Navigating the Taskbar in Windows...
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, June 20 2019

Captcha Image

Join our mailing list!

  • Company Name *
  • First Name *
  • Last Name *

      Mobile? Grab this Article!

      QR-Code dieser Seite

      Tag Cloud

      Security Tip of the Week Technology Best Practices Cloud Business Computing Email Productivity Hosted Solutions Malware Privacy IT Services Network Security Hackers Internet Data Software Productivity Data Backup Outsourced IT Managed IT Services Business IT Support Innovation Microsoft Mobile Devices Ransomware Data Recovery Hardware Tech Term Computer Google Cloud Computing Small Business Efficiency IT Support Backup Managed Service Provider User Tips Internet of Things Business Continuity Collaboration Smartphone Android Upgrade Communication Business Management Remote Monitoring Smartphones Paperless Office Disaster Recovery Windows 10 Data Management Phishing Windows 10 Encryption Social Media VoIP Server Windows Workplace Tips Browser Managed IT Managed IT Services Artificial Intelligence Cybersecurity communications Facebook Save Money Risk Management Mobile Device BYOD Passwords App Office 365 Mobile Device Management Holiday Saving Money Robot Compliance Apps Bring Your Own Device Gmail Managed Service BDR Business Technology Vendor Management Network Password Automation Recovery Analytics Virtualization Chrome Applications Government Firewall Bandwidth Wi-Fi Document Management Quick Tips Unified Threat Management Employer-Employee Relationship Money Infrastructure Content Filtering SaaS Data storage Telephone Systems Going Green Vulnerability Blockchain Information Wireless Microsoft Office File Sharing Big Data IT Management Help Desk Tip of the week Healthcare Scam Hosted Solution Website Project Management Antivirus Miscellaneous Customer Relationship Management Computing Data loss Data Security Regulations Training Office IT Service Printing Computers Storage Tablet Remote Computing Users Unified Communications Files Settings Downtime Customer Service Apple Two-factor Authentication Politics Router Social Work/Life Balance VPN Virtual Reality Patch Management Websites Identity Theft Wireless Technology Legal Networking Twitter Net Neutrality IT solutions Licensing Remote Workers Virtual Private Network End of Support Health Network Management Internet Exlporer HIPAA Budget Assessment Sports IoT Access Control Cooperation Information Technology How To Monitors Server Management Electronic Medical Records Gadgets Machine Learning Mobility Operating System Alert Mobile Security Uninterrupted Power Supply Mouse Employees Consultation Outlook Company Culture Google Drive RMM How To Samsung Word Spam YouTube Business Growth Redundancy Chromebook WiFi Flexibility Avoiding Downtime Private Cloud Proactive Software as a Service Tech Support The Internet of Things Mobile Computing Hacker Administration Maintenance Management Education Smart Technology Digital Payment Remote Monitoring and Management Upgrades LiFi Current Events Cost Management E-Commerce WannaCry Computer Repair Teamwork Virtual Desktop Technology Tips Chatbots Wires Human Error Time Management Cybercrime Physical Security Database Multi-Factor Security Wearable Technology Telephony Alt Codes Vulnerabilities Authentication Retail Cortana Database Management Microsoft Excel Modem Sync Connectivity Hacking Printer Alerts Law Enforcement Enterprise Resource Planning Bookmarks Display Options Distributed Denial of Service Annual Convention Public Cloud Cryptocurrency WPA3 Financial Servers Data Breach 3D Printing Notes Hard Drive Features Shared resources Comparison Identity Botnet Permission Processors Travel Disaster Trending Office Tips Voice over Internet Protocol Google Calendar Typing Geography Authorization Cookies Mobile Device Managment Software Tips Hacks PowerPoint Gadget Best Practice Mobile Favorites Mail Merge Update Marketing 5G Managed IT Service San Diego Automobile Computer Care Bitcoin Fleet Tracking Procurement Technology Laws Unsupported Software Virus Cache Electronic Health Records VoIP Sponsor OneDrive Specifications Test Touchscreen Techology Buisness Windows 7 Legislation IT Technicians GPS High-Speed Internet Lenovo Social Engineering USB Permissions Nanotechnology Star Wars Monitoring Professional Services SharePoint Staff Conferencing Address Wireless Internet Break Fix Social Networking Windows 8 Save Time Asset Tracking Statistics Mobile Data Crowdsourcing Meetings Recycling Cyberattacks Digital Obstacle Manufacturing Black Friday Roanoke — Central Technology Solutions Supercomputer Identities MSP Disaster Resistance Security Cameras Unified Threat Management Hotspot Utility Computing Consulting Search Dark Data Personal Information Transportation Mirgation Tracking Development Zero-Day Threat Superfish Safety Fraud Screen Reader G Suite History Virtual Assistant Downloads Augmented Reality Taxes Google Wallet Managing Stress Instant Messaging Employer/Employee Relationships Dark Web Motherboard Google Maps OneNote Bluetooth eWaste Read Only Spyware Course Hard Disk Drives Cyber Monday technology services provider IT Budget Hard Drives Google Docs Tech Terms Proactive IT Notifications Remote Worker User Error Language Humor Managed Services Provider Shortcut Migration Cables Backup and Disaster Recovery Black Market Smart Tech Cabling Wasting Time Operations Drones Enterprise Content Management Finance Firefox Writing Emoji Proactive Maintenance Data Warehousing Backups Employee-Employer Relationship Computing Infrastructure Point of Sale Deep Learning Network Congestion Solid State Drives Technology Assurance Group ’s 18 Solid State Drive Theft Heating/Cooling IT Consulting ROI Emergency Web Server CrashOverride GDPR Cameras Regulation Motion Sickness CCTV Administrator Relocation Webcam Hard Disk Drive Students IT Consultant Printers Error