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Several blockchain startups are attempting to solve the global internet vulnerability issue by integrating an immutable and public ledger into the existing framework of the internet.
Banks, financial institutions, government agencies and large corporations are still struggling to deal with cyber attacks and DNS poisoning, that often lead to billions of dollars in losses every year. Several Blockchain startups are attempting to solve the Internet’s vulnerability issues by integrating an immutable and public ledger into the Internet’s existing framework.
Nebulis, a Blockchain startup founded by Philip Saunders, utilizes the Interplanetary File System (IPFS) and the Ethereum Blockchain to create a decentralized version of the Internet. Saunders states that by replacing the traditional DNS system with a Blockchain-based network, the physical backbone of the Internet will be released of pressure.
“With the Ethereum Blockchain, you read straight from your own copy without imposing costs on the network.”
He adds: “This has great potential for lifting a great deal of pressure from the physical backbone of the Internet. It also means we can do away with many of the redundancies of the traditional DNS and come up with something which is much better.”
More importantly, Saunders emphasized that the replacement of the traditional DNS system with a Blockchain-based network eliminates the possibility of DNS poisoning, a method used by government agencies and authorities to block access to certain websites.
For instance, the Chinese government blocks access to social media platforms such as YouTube and Facebook by blocking the domains or redirecting users to a different address. This method effectively blocks access to websites of the government’s selection, leading to a nationwide censorship of the Web.
Data manipulation is a serious issue which government agencies and organizations fail to acknowledge. According to the Identity Theft Resource Center, over 957 breaches occurred this year alone, exposing 35 mln sets of information globally.
Some of the recent instances of data theft, breaches and manipulation include prominent companies and organizations in the healthcare, entertainment, security and education industries.
To prevent further data theft and breaches, companies and development firms have implemented various security systems and cyber security software. However, databases and servers have failed to develop a resilience against cyber attacks, as ransomware or other forms of cyber attacks become more sophisticated and complex as technology evolves.
Guardtime, a data security startup, states that the utilization of an immutable Blockchain technology and legitimate cryptography is a viable solution to the global data theft and manipulation issue, as it prevents any attempt of data manipulation through its decentralized ledger.
Furthermore, Guardtime states that its Keyless Signature Infrastructure (KSI) is also used to detect any form of data tampering.
Guardtime CTO Matthew Johnson stated:
“The fundamental threat with PKI is that you need to base your security on the secrets (keys) and the people who manage them. That is very hard to do well and impossible to prove — just as in the real world you can‘t prove a secret has been kept, in the security world you can‘t prove a key has not been compromised.”
As more innovative and sophisticated forms of technology emerge, cyberattacks and cyber criminals will evolve as well, adapting to the rapidly evolving environment. Thus, it is crucial for companies and organization to utilize a technology like Blockchain to secure data and prevent the manipulation of information.
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