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Blockchain Technology Is the Future of Cybersecurity

Blockchain Technology Is the Future of Cybersecurity
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Monday, 26 March 2018 03:42 PM Current | Bio | Archive

In a time where there is an increasing number of connected devices coming online thanks to the IoT (Internet of Things), cybersecurity is becoming a major concern for virtually all industries. 91 percent of security professionals believe that bad actors will use AI to launch sophisticated cyberattacks in the near future.

IoT ransomware is something that could make our critical infrastructure extremely vulnerable, particularly in the case of our power grids which have already been breached in the past. And with most organizations failing to utilize multi-factor authentication, gross data breaches will only proliferate in the years ahead.

Thankfully, the future does not have to be as gloomy as it may seem. Deception technologies have been developed to mimic a company's critical assets, serving as a trap for hackers aiming to steal their data, and organizations can now purchase privacy software from a wide array of VPN services.

But it doesn't stop there.

In the age of Bitcoin and Ethereum, our options are far from limited and we're now seeing an advancement in open-source technology that could just eliminate the need for traditional cybersecurity solutions.

To explain: You've doubtlessly heard of cryptocurrencies like Bitcoin which have become a decentralized alternative to standard brand assets like cash money or gold, but what you may not have heard is that they operate on a blockchain.

For the uninitiated, a blockchain is a consistently growing ledger that is linked and secured using cryptography. They can record transactions, as is the case with cryptocurrencies, but they can also record events, medical records, et al.

The growing number of blockchain use cases is something that has yet to be fully quantified, but there is every reason to believe that blockchain technology is reinventing cybersecurity. For starters, it has an innate connection to cybersecurity in that it was developed to offer a new approach to storing information and establishing trust.

Blockchain has successfully withstood cyberattacks for the last eight years and has become the go-to cybersecurity solution for U.S. global aerospace, defense, and security companies.

A number of data security startups have embraced blockchain tech; Guardtime, a company founded by Estonian cryptographer Ahto Buldas, is betting on blockchain to secure sensitive records. The company has already created a Keyless Signature Infrastructure that utilizes blockchains.

And they're not the only ones to make the move towards blockchain-based security. REMME is a service that provides businesses with foolproof authentication that eliminates the need for passwords and protects employees and companies' data against cyber attacks.

REMME's encryption has attracted much attention with Ukraine's umbrella association for the defense industry establishing a strategic partnership with the company.

It is something that can benefit all human beings, both on a vocational and personal level. With hackers targeting individuals as well as businesses, it only makes sense for private citizens and organizations to take advantage of blockchain tech.

In the past, people have had to rely on credit monitoring services to ensure that their financial information hadn't been compromised, but a blockchain can render that concern a thing of the past. Distributed ledger technology (DLT) is now being explored by some of the world's largest banking and financial institutions.

Goldman Sachs and Morgan Stanley are but two of the many heavy-hitters that are researching blockchain tech and they have found that it could save them money and assist in circumventing legacy infrastructure.

The Australian Securities Exchange aims to shift the majority of its post-trade clearing and settlement on to a blockchain system. Here in the United States, the DTCC is working in concert with IBM to do the same thing with single-name credit default swaps.

Central banks are also examining the potential of moving portions of their payment systems on to blockchain tech and are mulling the prospect of launching digital currencies.

If cryptocurrencies have anything to teach us it's that there is a clear and consistent way to safeguard ourselves against theft or identification. For the billions of global Internet users that require online security, this may very well be the ultimate armor we need to battle the bad actors of the world.

Sam Bocetta is a defense contractor for the U.S. Navy, a defense analyst, and a freelance journalist. He specializes in finding radical — and often heretical — solutions to "impossible"? ballistics problems. Through Lakeview Capital, he also cultivates funding for projects — usually naval, defense, and UAV startups. He writes about naval engineering, mechanical engineering, electrical engineering, marine ops, program management, defense contracting, export control, international commerce, patents, InfoSec, cryptography, cyberwarfare, and cyberdefense. To read more of his reports — Click Here Now.

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In a time where there is an increasing number of connected devices coming online thanks to the IoT (Internet of Things), cybersecurity is becoming a major concern for virtually all industries.
blockchain, cybersecurity, technology
761
2018-42-26
Monday, 26 March 2018 03:42 PM
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