The blockchain trading is considered to be more secure than any current system as it is a distributed ledger system that keeps copies of the participants who agree on the changes by mutual consensus and the file consists of blocks, where every block has a cryptographic signature of the last block, making an unchangeable record. The blockchain’s distributed network that verifies the transactions’ authenticity each time a transaction takes place makes it impossible for the smartest of fraudsters to get their way around it. The blockchain technology is completely transparent and it’s transactions cannot be altered.
The blockchain now is also trending as the solution to substitute all incompetent information processing set ups, like recording of the property transfers, legal contracts and deed services, the centralised aspect being the only common factor in these systems. There is mostly just one control system that is present on a single computer or a set of computers from one place, for majority of the cases, and there being no measure of rectification in the place if something goes wrong. The solution to that can be decentralisation of these systems and this is where the role of blockchain based systems can be used, on account of its precisely decentralised nature. Records are saved on various devices all over the world, eradicating the central point of failure. A similar technique can be taken when it is about highly complex system, for example, using a blockchain oriented communication system for distributing the workload with distribution and decentralisation being the most important elements for cyber security solutions development in future. Blockchain technology is able to provide us with a sort of all-in-one cyber security solution. The blockchains give end-to-end security including transaction security, protection against negligent or dishonest insiders, and server failures rather than seeking the encrypting data at the initial point, or ensuring security at the final point.
The future of the cyber and data security, whether or not is based on blockchains as an important tool must embrace the comprehensive safety philosophy that is their basis. When we develop a communication system first, and then the security system or a transaction mechanism first, and then the security system, we are actually accepting the thought that these systems should be developed with zero security to start with. There is going to be direct applications of the blockchain to the security space, apart from immutable records.