Blockchain in HTS Software Development
The blockchain utilizes the features of a computer network and allows for the unique and secure management and updating of a ledger containing data and information (such as monetary transactions) in an open, shared, and distributed manner without the need for a central controlling and verifying entity.
The increasing interest in recent years is related to the boom of cryptocurrencies in the financial market during the COVID-19 pandemic. Many have wondered how to expand this technology to other areas such as cybersecurity and not limit it only to cryptocurrencies.
Benefits for Cybersecurity
The blockchain provides an innovative approach to cybersecurity and is a technology that allows for the design of systems based on the principle of security by design. This principle involves designing software and hardware with a focus on cybersecurity from the beginning of the project, rather than as an afterthought.
Returning to our topic, the security that blockchain technology brings is mainly based on three elements:
- Confidentiality: The blockchain offers extensive functionality to ensure user anonymity. The only link between the user and their data is the keys.
- Data integrity: Blockchains are designed as ledgers. Therefore, once a transaction is recorded, it cannot be modified or deleted. Changes are considered new transactions.
- Availability: A high number of nodes, each containing a copy of the ledger, makes it more difficult for the system to collapse. Consequently, if one of the nodes were to fail or become unavailable, the others would keep it accessible.
Why did we talk about Blockchain?
Rightfully so, we come to the point. Within HTS in recent months, we have leveraged blockchain technology during the development of some projects for our clients. The main results were as follows:
- We have developed specific smart contracts published on the Iota and Ethereum networks, through which we have further increased the guarantee of traceability and non-alterability of the information handled by the computer systems. This advantage can be applied to other blockchains and different operational contexts in the future.
- We have generated NFTs (Non-Fungible Tokens) for the identification of unique resources and the management of transactions involving these resources (e.g., artworks, company assets, access permits to specific applications).
- We have generated tokens for the management of resource exchange processes and risk evaluation.
You can download a copy of the Truthster paper below