Blockchain in Cyber Security
Cybercrime becomes the most dangerous and costly attacks that estimate over $500 billion a year. These attacks cause danger to all types of businesses, domains, and markets.
Blockchain/Distributed Ledger Technology (DLT) is based on the secured and trust transaction that is inherently decentralized in nature making it a true technology for Cyber Security. It has its hands on everything from Medical and Financial data sharing to encrypted messaging. It is an open pass along transaction for the members of the blockchain but all are encrypted and secured.
In a Blockchain, two parties can make all their transactions (maybe money, credentials, smart contracts, etc…). It creates an unbreakable wall of security access between a hacker and your information. Transparent data are up with password-free entry while the private data are up with an uncrackable form of entry including retina scans and fingerprints. A decentralized form of storage makes the small block to appear like a large puzzle to crack, which makes the data more secure. Let’s see some sectors which use blockchain.
Cryptocurrency
Cryptocurrency in simple terms is digital cash. It’s similar to regular money like ₹₹ or $$ — but it’s digital-only, so there are no bills or coins to carry around.
According to Wikipedia, a cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain. Cryptocurrencies have the potential to make the world better by letting any two people in the world exchange money directly, without involving a financial institution or government. This will mean more equality of opportunity for those without access to traditional financial services, like bank accounts and credit cards.
Not actual coins. Image for representation
Bitcoin is a cryptocurrency first introduced on October 31, 2008, with a computer science paper that described how it would work. A few months later, on January 3, 2009, the code was released and the first bitcoins appeared
The number of cryptocurrencies available over the internet as of 19 August 2018 is over 1600 and it might be above 2000 now.
Traditional Banking
Most of the banks are now undergoing many security breaches and now undertaking blockchain for their solution. Top banks like Scander and JP Morgan do it. State Bank of India has taken the lead in bringing lenders and tech companies together for using blockchain technology to share information among banks which will eventually help prevent frauds and tackle bad loans which are almost one-fifth of banks’ loan book.
The SBI’s initiative christened Bankchain (a platform for banks for implementing blockchain software), is in partnership with IBM, Microsoft, Skylark, KPMG and 10 commercial banks. The country’s largest lender has also tied up with a startup firm Primechain Technologies for this exercise. Axis Bank, ICICI Bank, and Federal Bank, which are experimenting with this technology in some way or the other, have teamed up with SBI as well.
Health Care
A new model for health information exchanges.
Blockchain technology has the potential to transform health care, placing the patient at the center of the health care ecosystem and increasing the security, privacy, and interoperability of health data. This technology could provide a new model for health information exchanges by making electronic medical records more efficient, disintermediated, and secure. While it is not a panacea, this new, rapidly evolving field provides fertile ground for experimentation, investment, and proof-of-concept testing.
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