The Blockchain as a Decentralized Security Framework [Future Directions]

TLDR

Blockchain technology is emerging as a promising cybersecurity solution, having already replaced economic transaction systems in various organizations and offering the potential to revamp business models, but its deployment must be carefully evaluated for suitability, security benefits, and cost‑reduction opportunities. This article provides an overview of blockchain technology for achieving secure, transparent, and tamper‑proof collaboration among distributed parties. The authors review how blockchain’s distributed ledger and consensus mechanisms create an impregnable, transparent security framework for collaboration among parties.

Abstract

The blockchain is emerging as one of the most propitious and ingenious technologies of cybersecurity. In its germinal state, the technology has successfully replaced economic transaction systems in various organizations and has the potential to revamp heterogeneous business models in different industries. Although it promises a secure distributed framework to facilitate sharing, exchanging, and the integration of information across all users and third parties, it is important for the planners and decision makers to analyze it in depth for its suitability in their industry and business applications. The blockchain should be deployed only if it is applicable and provides security with better opportunities for obtaining increased revenue and reductions in cost. This article presents an overview of this technology for the realization of security across distributed parties in an impregnable and transparent way.