Cybersecurity. Advantages of blockchain
Although blockchain technology is not very common in the field of cybersecurity nowadays, it still has some advantages over other systems.
Data protection and privacy. Blockchain creates an immutable and decentralized ledger, because every node in the network stores its copy. Such a ledger uses cryptography to complicate the creation of a fake copy of the ledger that all the nodes on the network would accept. This combination of distributed storage and ledger immutability makes it very difficult to tamper with the ledger by removing or modifying the data it contains.
Decentralized decision making. In a case where the system relies on a single node to make all decisions, an intruder can cause the system failure by disabling or corrupting that node. Due to the decentralization enabled by blockchain consensus algorithms, an intruder needs to disable or corrupt numerous nodes in the blockchain network in order to gain control over decision-making processes, which is almost impossible under current conditions.
Reliable consensus algorithms. The consensus algorithm plays an essential role in ensuring smooth operation of the entire blockchain, being the very heart of the decentralized network. Relictum Pro has developed a unique consensus algorithm including the introduction of innovative solutions in blockchain architecture, internetwork relationships, and data signing algorithms.
The Proof of Tsar consensus is unique, because the algorithm selects the node to process transactions (the “Tsar”) in such a way that this node does not even know it is the “Tsar”. This is why a decentralized system is inaccessible to both external and internal hacker attacks. Consequently, this eliminates the possibility of a 51% attack.
Distributed data processing and storage. In case of a cyberattack or other business disruption event, some nodes of the blockchain network may go down. Due to the distributed system of data processing and storage, the blockchain network can continue to operate much longer than the traditional centralized system and maintain full access to information.
Data authentication and integrity. A digital signature confirms that the data being signed originate from the owner of a particular private key and have not been tampered with since then. Anyone can verify the signature and the authenticity and integrity of the protected data if they know the public key associated with the private one.
Functions of smart contracts. Cybersecurity is a valuable function of smart contracts for many of the same reasons as the blockchain distributed storage. Such programs are more resilient due to the ability to run programs on a distributed and decentralized platform, because the failure of the program can be caused only by a failure of all the systems. Storing transactions in the publicly available immutable ledger enables auditing of those transactions as well.
