Cybersecurity a crucial component of blockchain ecosystem: CEO of QuillAudits

moneycontrol.com:

Cybercrime is the greatest threat to enterprises, and blockchain technology could go a long way in fighting it. Most data breaches in 2020 were caused due to human errors, of which 45 percent involved hacking, 22 percent featured phishing, and 17 percent involved malware.

The inherently decentralised nature of blockchain technology has several applications, of which cybersecurity should be explored. Data on blockchain cannot be tampered with, as network nodes automatically cross-reference each other and pinpoint the node with misrepresented information.

Blockchain technology provides the highest standards of data transparency and integrity. As blockchain technology automates data storage, it eliminates the leading cause of data breaches — human error.

Moneycontrol spoke to Preetam Rao, CEO of QuillAudits, which offers cybersecurity solutions for blockchain and cryptocurrency products, who explains how cybersecurity is a crucial component of the blockchain ecosystem. Edited excerpts:

Which techniques have been adopted to achieve cybersecurity in the growing blockchain ecosystem?

There are various techniques such as authentication, non-repudiation, and confidentiality. For authentication, we can say that a transaction in the blockchain or the smart contract can be used to authenticate the different entities. In complete non-repudiation, the actions of all entities are recorded in the blockchain. Some sort of non-repudiation is provided by blockchain technologies using digital signatures. Confidentiality is analysed within the blockchain network. In complete confidentiality, only selected entities can access information from other entities.

Then there is partial and no confidentiality. The information is accessible to only a