Blockchain and Cybersecurity: Changing the Game?
Blockchain isn’t a new technology, it was first used commonly to send and accept cryptocurrencies like Bitcoin, but over time, people have begun to utilize this technology in numerous other ways, even to impact Cybersecurity. There are a variety of benefits of using blockchain for cybersecurity.
A few benefits of blockchain on cybersecurity:
- Blockchain helps in decentralizing the data, peer to peer sharing and recordkeeping. The fun part about this technology is, there is no central authority of the stored data. Every user of the network plays an important part in verifying the data making hard for the hacker to break the chain.
- Because of blockchain technology hackers can find it difficult to breach data. There are several tools that help organizations to safeguard the data thereby reducing the chance of the data being compromised or stolen.
A few noteworthy examples of blockchain in cybersecurity impacting cryptocurrencies, traditional banking, and healthcare:
Located in San Francisco, California, Mobile Coin is utilizing a quick recipe of blockchain for businesses with limited capacities to maintain and handle their regular ledger. This crypto module replaces the need of any third party and keeps the transactions up to two peers only making them more secured and safer. The products of Mobile Coin can be integrated with Facebook messenger, WhatsApp and more.
Belongs to the city of Atlanta in Georgia, Javvy has successfully built a wallet that stores all the data related to cryptocurrencies and tokens. The company offers a fully decentralized database which has biometric login along with AI capabilities to track and limit any frauds or thefts.
Coinbase, another popular crypto company from California, creates popular currency for people to exchange digital currency worldwide. Users with Coinbase can deal with anything starting from Ethereum, Litecoin, Bitcoin from the company’s secured blockchain platform. Coinbase completely runs on encryption and thus, it is quite safe.
Santander is one of the first banks in the US to use cryptocurrency to strengthen cybersecurity within the organization. Being one of the largest banks in the US, the banks blockchain enables the customers to complete the monetary transactions between the Santander accounts in Europe and South America.
J.P. Morgan is one of the largest financial institutions in the US and the organization has successfully developed their own business version of Ethereum known as Quorum. The platform uses blockchain technology to process private transactions. The contracts run through the Quorum network are cryptographically assured and implemented transparently.
Cryptocurrency has disrupted healthcare by offering dozens of ways to build and maintain secure digital blockchain networks to secure patient’s information. Hashed Health has put a strong foot forward in adopting to blockchain technologies. The entire eco system of Hashed Health comprise of a blockchain community and the company is also exploring various ledger technologies.
Phillips Healthcare is the child company of the Phillips Research firm and recently they have started to pair with blockchain and AI to create a refreshed healthcare ecosystem. The company is discovering and utilizing all aspects of blockchain to secure the massive amounts of data collected on a daily basis from operational, administration and medical data. AI along with blockchain offer impeccable solutions to fix the problems in the current health system.
Blockchain technologies have disrupted cybersecurity in its entirety. However, the future will have something more in store.