Did you know that according to a study conducted by Euler Hermes in 2021, 43% of cyber attacks would target small businesses, a prime target since they have little or no defence. Moreover, two companies out of three have experienced at least one fraud attempt in 2021. What if it was your firm?
As you have understood, hackers do not rest, and it has become essential for all professionals to be concerned about cyber security. Even more when their activity relies on data confidentiality and meticulous archiving!
For you, we have highlighted a technology that is a game changer when it comes to cybersecurity: the Blockchain.
Blockchain, what is it?
You may have already heard this term, and perhaps heard explanations that left you in the dark. We'll be nice, we'll explain you the Blockchain in a few words.
The Blockchain is a database that keeps track of all the exchanges made between its users. Each user is identified by a cryptographic process, unbreakable. Each exchange of data is recorded in a computer network spread around the world, consisting of "nodes". The nodes are the individual parts of the blockchain's data structure.
The security of the data hosted on these nodes is ensured by a data authentication system. Depending on the type of transaction, the validation of transactions may be managed by algorithms, or by so-called miners (natural persons). Generally, transactions involving cryptocurrencies are validated by miners, those involving other data are validated by algorithms.
Each time stakeholders add information to the database, one algorithm or all miners authenticate and validate that information, and it is added to the database as a block of encrypted data (by cryptographic hashing, if you must know).
It is this decentralized validation system that guarantees total data integrity, without any possible falsification. All the exchanges made are thus added to the "blockchain" as they occur, allowing for reliable archiving.
In other words, the Blockchain is a marvel of technology for all activities that seek to secure data and reassure their customers about their confidentiality. And you will have understood, as a lawyer, being irreproachable on its computer security and archiving, is to reduce litigation, and problems. Blockchain has a long life ahead of it, not only for lawyers but also for other legal professions.
