Question

Objective: The goal of this assignment is to familiarize students with blockchain and its implementation in cybersecurity Directions: Read each question carefully and answer each questions base on a legitimate source. You must cite your sources using the IEEE format. 1. Give a complete definition of block chain/blockchain. 2. Who is responsible for inventing block chain/blockchain and when was it introduced? 3. What was the main function of block chain blockchain in its initial stage? 4. List the advantages and disadvantages of block chain/blockchain. 5. Explain the block chain/blockchain process. 6. Explain how block chain/blockchain is used in cybersecurity

Answer 1

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1)

Blockchain is the technology that deals with the online or digital currencies such as Bitcoin, Etherium, Ripple, Litecoin etc, this kind of technology only allows digital information to be distributed but does not allow to copy it which in turn means each individual piece of data will have each individual owner. A block is a record of transactions, when a block is processed it is added to the chain.

2)

A person named Satoshi Nakamoto invented the term and technology Blockchain in the year 2008 initially to work with bitcoins and digital currencies it was termed to serve as a public transaction ledger for Bitcoin.

3)

The main function of blockchain is to enable peer-to-peer transaction between users with out the interference of any other single trusted party intruding into the whole ledger and involving in transactions and blockchain is the first and foremost technology that enabled this.

4)

Advantages of Blockchain:

1. Zero Fraud : It is an open-source ledge every transaction is made public so there is no chance of fraud being done.
2. Transaction Speed(Instant): As blockchain is based on virtual or digital currencies like Bitcoin, Ripple etc the transaction speed is way more than transaction speed of usual bank transfers (which take 2-7 days)
3. Security and Efficiency: Blockchain transactions are very much secure and efficient as they don't require the involvement of any third parties
4. Zero Government Interference: The government has no control over the virtual or digital currencies which work with blockchain so, there is no interference of government

Disadvantages of Blockchain:

1. Unstable Value(Volatility): The value of digital currencies are extremely volatile or unstable as they go up and down very frequently
2. Illegal Transactions: As there is absolutely no interference from third parties and even the government most of the transactions related to illegal activities are processed through blockchain
3. Difficult to understand: Blockchain concept is a bit difficult to understand to not so tech savvy people because to existence of lot of cryptocurrencies and dealing with all the information related to their values.

5)

Block are the units that hold group or batches of valid transaction made that are hashed and encoded into a Merkle tree each and every one of the block contains the cryptographic hash of the earlier or prior block in the chain resulting in liking the two blocks adding this block to the chain and forming a chain this process is carried out in iterations and in each iteration the integrity of the previous block is confirmed way back to the original starting block.

6)

Block chain Is used in cybersecurity in many ways:

1. Protected edge computing: Edge computing is commonly used in IT industry but it poses security threats for CIO's and extensive business, in this case blockchain is providing security to secure IOT through strengthening the authentication and data attribution and data flow.
2. Secured Private Messaging: A lot of It company industries and other industries are using blockchain to secure the data transmission through chats, messaging apps and social media.
3. Enhanced Data Integrity and Privacy: The nature of blockchain as a public distribution blockchain technology has now a good scope for implementing privacy and data integrity
4. DDoS attack: A distributed denial of service attack is a type of attack which is caused a series of compromised computer systems on properly working system or server causing denial of service this is solved by introducing blockchain into decentralised solution which can provide security and protection against such type of attacks.