Innovative Projects in Cybersecurity with Blockchain Technology
Blockchain is an emerging technology,
which provides the way to store and manage information in a distributed
fashion. It enables the creation of decentralized crypto-currencies, smart
contracts, development of new governance, voting systems over a network of
computer systems without any human intervention. The beauty of blockchain
is that an attacker has to compromise 51% of the systems to surpass the
hashing power of the target network. Thus, it is computationally
impractical to launch an attack against the blockchain network. Unprecedented
reliability and security over other cryptographic schemes has expanded the
application domains of blockchain including financial services, real
estate, stock exchange, identity management, supply chain, and Internet of
Things. Some of the potential blockchain applications, which can be
investigated further are listed below.
• Blockchain-based Voting System
voting system has become popular due to its accuracy and faster results. Countries
with large population like India, Brazil, and Philippines use electronic
voting and counting which reduces the time require obtaining election
results from a couple of hours to a week. However, transparency and
security are two key issues since electronic voting system depends on the
third party. It would be easy and simple for the intermediaries to
manipulate the voting software to produce fraudulent results. To overcome
this situation, Blockchain-based Voting System can be developed and implemented.
Since blockchain technology stores the votes as individual blocks in a
public ledger, a voter could verify her vote at any time later. Further, each block is verified by
the by the consensus algorithm trust can be easily built into the system
and the potential for any compromise or ability to include a fake block in
the chain can be eliminated.
• Smart Contracts
contract also called self-executing contract is an automated process that
is capable of initiating, facilitating, and executing an agreement i.e.,
contract using the blockchain technology. The main objective of smart
contract is to enable two or more anonymous parties to securely run
business among each other without the need of a middleman. The smart
contract-driven applications include supply chain management (especially,
food, agriculture, and medicine), post trade solution for stock exchange,
insurance claiming process, trade clearing and settlement.
• IoT Projects
In an IoT network, the blockchain can keep an immutable
record of the history of the smart devices, which enable them to work
autonomously without the need of any centralized control. One example of
such systems is ADEPT (Autonomous Decentralized Peer-to- Peer Telemetry),
which provides a secure, low-cost way for devices to interact. In this
system, a home appliance such as a dishwasher could initiate ‘smart
contracts’ to send request to a detergent retailer for supplies.
Furthermore, these contracts authorize the dishwasher to pay for the order
as well as receive the payment acknowledgement. However, the goal of this
project is to design a blockchain based IoT
device management system where a secondary data records could be maintained
in addition to baseline authentication methods such as device model and
serial number. For example, a smart door lock system may keep a transaction
log of video activations when someone locks or unlocks the door. Each item
in the transaction log would create another historical database, linked to
its corresponding entry in the identity chain to prevent malicious attacks.
• Smart Privacy Meter
present, privacy is a key concern in our daily life since invasion of
privacy can take place in several ways without notice. The use of smart
sensors, technical gadgets, and social media makes it easy for the invaders
to collect personal information such as individual’s activities,
profiles including home address, location visits, date of birth, and
personal interests. Smart Privacy Meter App is a tool that will collect
user information from electronic devices and then provide an indication of
the privacy level. To ensure transparency and security, all transactions
will be recorded in the blockchain.
• Health Records / TeleHealth
medical records are very sensitive and must be kept secure to ensure
patient’s privacy. These records can be stored in the blockchain in
order to provide easy access to health records upon multi-signature
approvals between patients and practitioners or providers. Furthermore, the
payment systems can also be integrated with the system to automatically
bill the patient for the service provided.
N.B: If you interested to work on
blockchain, please feel free to Contact us.