We recently sat down with the team at SmartLedger to discuss some of the work they are doing with blockchain and cybersecurity. SmartLedger is dedicated to solving governmental problems through custom-made blockchain solutions.
Blockchain technology offers several key benefits, one of which is its capacity to establish a distributed and transparent network security. This entails storing data (or hashes thereof) across multiple nodes and recording and verifying every transaction in a distributed ledger – a significant benefit for cybersecurity professionals.
By removing the necessity for a centralised authority, the decentralised nature of blockchain significantly raises the bar for hackers attempting to compromise the system. Moreover, the transparency inherent in this technology allows individuals to monitor and track any modifications made to the network, thereby adding an extra layer of security.
What is Certihash?
SmartLedger developed the Certihash suite specifically for enterprise clients, offering them a solution to mitigate the risks of data breaches. The initial module released within Certihash is called Sentinel Node, which provides real-time event notifications for network activities. This comprehensive toolset leverages the BSV blockchain to ensure the confidentiality, integrity, and availability of records, making them publicly accessible on a permissionless blockchain.
The traditional approach to data storage involves centralising data in one or multiple locations, creating attractive targets referred to as “honeypots” for hackers. By adopting blockchain technology, Certihash by SmartLedger allows for the individual distribution of records. Consequently, hacking all these distributed records becomes much more challenging and expensive compared to breaching a single centralised honeypot.
Why should my company use Certihash?
Cyber threats are a major concern for businesses today. The average cost of a data breach is $4.24 million, while the average time to detect a breach is 221 days, said Greg Ward, Chief Development Officer at SmartLedger.
According to Key Cybersecurity Statistics, every 39 seconds, one cyber-attack takes place worldwide. Globally, one ransomware attack occurs every 14 seconds. Cybercrimes have led to damages worth $2 trillion so far – and this is based on the 10% of cybercrimes that are actually reported.
This data indicates that it is not a question of ‘if’ an organisation will face cybersecurity breaches, but rather ‘when’, said Ward.
Why Certihash is built on the BSV blockchain?
While there are numerous benefits to building on the BSV blockchain, micropayments and massive scalability are vitally important when dealing with cybersecurity. Legacy systems are simply not capable of scaling to the required levels of attestation needed to test a network every second.
However, hashing these records on-chain and providing this time chain of events for detection lowers that window of opportunity for a cyber breach to occur, as well as the data silos that are being built to protect and maintain information now.
BSV Blockchain Association – a proud partner of SmartLedger
BSV Blockchain Associaiton is proud to partner with SmartLedger on a series of explainer videos about its Certihash and Sentinel Node products.
BSV Blockchain Association is a non-profit association (Verein) based in Switzerland and the global industry organisation which advances the BSV blockchain (BSV). It brings together enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others in the BSV ecosystem.
The Association supports BSV as the original Bitcoin, with a stable protocol and massive scaling roadmap to becoming the world’s new money and global blockchain for enterprise. The organisation seeks to build a regulation-friendly ecosystem that fosters lawful conduct while encouraging digital currency and blockchain innovation.