Use-Case of Blockchain in Cybercrime and Cyberattack

Abstract

Cybercrime involves unlawful activities done by the individual in cyberspace using the internet. It is cyberbullying, financial theft, code-hack, cryptojacking, hacking, etc. The main difference between cybercrime and cyberattack is that cybercrime victims are humans. The crime associated with the latter is that of a computer network, hardware or software. Cyberattack activities include ransomware, viruses, worms, SQL injection, DDoS attacks, and government and corporate are potential targets. Cyber security provides a specialised approach to the protection of computer systems from cybercrimes and cyberattacks. As of now, no cyber defence is 100% safe. What is considered safe today may not be secure tomorrow. Blockchain enables a new way of recording transactions or any other digital interaction within the network with security, transparency, integrity, confidentiality, availability, and traceability. This chapter explains in detail about cyber risks and how blockchain can be used to avoid risks in financial and insurance frauds.