This blog will see whether it is possible to use the blockchain concept to track ransomware attackers or prevent such attacks. I have explained Ransomware in my previous blogs, and you can look into it for more details.
Everyone will be aware of cryptocurrency at this age. The arrival of cryptocurrency as a boon or curse is still a debate. Cryptocurrency uses blockchain technology for the transaction. With rising cryptocurrency trends and the advantage of blockchain technology, cybercriminals started to ask for cryptocurrencies as a ransom.
According to the data collected by chainalysis, more than 600 million USD are transacted as ransomware. They also mentioned that with continuous updates and the range of 2021 may increase further and might be higher than the year 2022.
Blockchain is a decentralized and digital log of encrypted transactions in the form of blocks. Each transaction is verified by the majority of the participants of the system. The emergence of blockchain also caused a rapid increase in a ransomware attacks. It is mainly because the attackers can demand the ransom in cryptocurrency, and because of its technology, the anonymity of the attackers can be maintained.
It becomes a game between security experts and attackers to use blockchain for good or harm.
Blockchain logs are decentralized, so there won’t be a single copy of the confidential data. Also, according to blockchain technology, once the data is entered, it’s impossible to change it. Because of this, both the sender and receiver of the data can be sure that no data has been altered.
Since the data is decentralized, the critical information ends up in many places. There may be different organizations may store data in the same decentralized storage. This also makes the attacker’s work difficult. If an attacker needs to take the data, they need to compromise multiple protocols in different places.
Blockchain also uses the sequential hashing (SeqHash) technique; this helps secure the integrity of the data or blocks every 10 minutes. Each company will use its encryption for data too.
But obviously, if there are any errors in decentralized architecture, the attackers can use them as entry points. If there is one thing that can be sure about security is there is not 100% safe. Cybercriminals will find a way to extract a loophole if security experts find a way to protect. It’s an endless cycle, and whoever is up to date and on top of their game will achieve victory for that moment.