Did you know that, according to a study by Euler Hermes in 2021, 43% of cyber-attacks will target small businesses, a prime target since they have little or no means of defending themselves? In addition, two out of three companies suffered at least one fraud attempt in 2021. What if it were your firm?
As you can see, hackers never rest, and it has become essential for all professionals to be concerned about the subject of cybersecurity. All the more so when their business relies on data confidentiality and meticulous archiving!
For you, we’ve put the spotlight on a technology that’s revolutionizing cybersecurity: blockchain.
You may have heard the term before, and perhaps heard explanations that left you in the dark. Let’s be nice and explain Blockchain in a few words.
Blockchain is a database that stores all exchanges between its users. Each user is identified by a tamper-proof cryptographic process. Every data exchange is recorded in a worldwide computer network of “nodes”. Nodes are individual parts of the blockchain data structure.
The security of data hosted on these nodes is ensured by a data authentication system. Depending on the type of transaction, validation may be managed by algorithms, or by so-called miners (individuals). Generally speaking, transactions involving cryptocurrencies are validated by miners, while those involving other data are validated by algorithms.
Each time stakeholders add information to the database, an algorithm or set of miners authenticates and validates this information, and it is added to the database, in the form of a block of encrypted data (by cryptographic hashing, if you must know).
This decentralized validation system guarantees total data integrity, with no possibility of falsification. In this way, all exchanges are added to the blockchain as they take place, enabling reliable archiving.
In other words, Blockchain is a marvel of technology for all businesses seeking to secure data and reassure their customers of its confidentiality. As you can see, as a lawyer, being irreproachable when it comes to IT security and archiving means fewer disputes and fewer problems. Blockchain therefore has a long life ahead of it with lawyers, but also with other legal professions.