Enhancing Cybersecurity with Blockchain Technology for Business Operations

Abstract

The rapid growth of the digital economy has brought unprecedented advantages, enabling seamless transactions, real-time data exchange and global connectivity for the businesses. However, this digital expansion has also exposed businesses, governments and individuals to an evolving landscape of cyber threats. Traditional cybersecurity frameworks which rely heavily on centralized models are increasingly proving inadequate in the face of sophisticated cyber intrusions. Blockchain technology is a decentralized, cryptographically secure and immutable ledger system that introduces an innovative approach to cybersecurity. This research article examines the role of blockchain technology in enhancing cybersecurity, discussing its capabilities in securing online transactions, ensuring data integrity, preventing cyber threats and facilitating a proactive security mechanism against cyberattacks for businesses by integrating the CHIPS framework (Connect–Harness–Innovate–Protect–Sustain). This framework emphasizes the ability of blockchain to Connect stakeholders via trust less networks, Harness distributed ledgers to ensure data integrity, Innovate mechanisms for secure transactions, Protect digital assets with tamper resistant architectures and Sustain long term cyber resilience through scalable and adaptable systems. This study also highlights the effectiveness of this integration in securing digital transactions, thwarting cyberattacks and facilitating proactive cybersecurity strategies in business operations.