Blockchain, Crypto Assets, like Bitcoin, are trends taking the World by storm. Bitcoin alone has exploded in value in a few short months in 2017 reaching a record high of over $20,000 a Bitcoin. Blockchain and Digital Ledger Technology is what’s under the hood of Crypto Currencies like Bitcoin, Ether and Litecoin. This powerful, industry disruptive engine and paradigm shifting trend is at the center of the “Blockchain Revolution“. The Cyber Security Industry and cyber security professionals will be changed forever and finally given tools to ensure confidentiality, integrity and availability of data and processes.
The Paradigm Shift
As Blockchain flips industries on it’s head, Financial Services, Media and Entertainment, Manufacturing, Legal, Blockchain is also changing Cyber Security. Blockchain is a new paradigm in cyber security that offers significant advantages over existing technologies. Blockchain represents a NEW Trust System based on “old science” security technology called Cryptography. Read more on The Science Behind Crypto-Currencies Cryptography
Blockchain represents a breath of fresh air for cyber security professionals world-wide. “Out-of-the-box” security. Although in it’s infancy and security best practices still being defined, i.e. Smart Contract Security, Blockchain is one of the rare few technology innovations built with security and data protection in mind from its inception. Most cutting edge technologies, as amazing as they are, greater than 90% of the time, bolt on security after the fact. An example of cyber security technology, processes and risks that Blockchain and Digital Ledger Technology (DLT) will not just change but improve, are listed below in the Blockchain in Cybersecurity diagram.
The Threats and Risks are Getting Worse
2017 will be remembered as the year cyber security finally “scared” everyone. Ransomware became executives, across the planet, biggest security threat to their businesses viability and future. Ask the CEO of HBO how his year went?
Digital identities and data are exchanged over networks of millions of computers and devices every minute of the day. These transactions create security risks for our individual identities and compromise personal, corporate, and government information. Today’s security solutions are leaving many gaps for cyber attacks. Ransomware, malware, and cyber espionage attacks are common occurrences. 2017 it seemed like a daily occurrence, hackers were taking hostage another major business entity with a ransomware attack?
In this recently published 2017 Emerging Threat Landscape by PWC, gives you a snapshot of the worsening cyber security threats affecting our World.
Over the next 5 to 10 years, thanks to advances in Artificial Intelligence, Cloud Computing, Mobile and especially Blockchain technology, will change the World. The safety, integrity and availability of our business data, processes and personally identifiable health and financial information will be significantly more secure because of Blockchain and Digital Ledger Technology.
So What is Blockchain?
A blockchain is a public ledger for recording transactions, maintained by
many nodes without central authority through a distributed cryptographic
protocol. All nodes validate the information to be appended to the
blockchain, and a consensus protocol ensures that the nodes agree on a
unique order in which entries are appended. Distributed protocols
tolerating faults and adversarial attacks, coupled with cryptographic
tools are needed for this. The recent interest in blockchains has revived
research on consensus protocols, ranging from the proof-of-work method in
Bitcoin’s “mining” protocol to classical Byzantine agreement. Going far
beyond its use in cryptocurrencies, blockchain is today viewed as a
promising technology to simplify trusted exchanges of data and goods among
companies. – “Blockchain, cryptography, and consensus” – Dr. Christian Cachin Senior Researcher IBM – Zurich
How does Blockchain work
Blockchain technology, Ethereum in particular, is based on a new protocol that will replace current communications and data storage protocols.
The Ethereum platform and other Digital Ledger Technology runs applications on distributed cryptographic networks. Computers at each node verify transactions and store content in a distributed ledger. While existing software platforms, Amazon, Microsoft, Oracle store data in centralized databases.
The Internet of Value – Blockchain
Blockchain technology represents the next generation of the Internet, what he calls the Internet of Value. – Alex Tapscott – Co-Author of The Blockchain Revolution
The Blockchain protocol offers significant benefits:
- High Availability – No single point of failure.
- Transparency and Trust – Data is replicated in the network nodes, information is shared with everyone.
- Immutability – Hacker resilient because data is recorded in multiple successive blocks with a digital fingerprint that includes date and time stamp and extremely difficult to change.
- Decentralization. There is no need for a trusted third party or intermediary to validate transactions; instead a consensus mechanism is used to agree on the validity of transactions.
- Highly Secure – All transactions on a blockchain are cryptographically secured and provide integrity.
- Cost Saving – As no third party or clearing houses are required in the blockchain model thus saving massive amount money by eliminating overhead costs by traditional intermediaries.
Blockchain technology was invented in 2008, and the first and most popular decentralized application is Bitcoin, the first virtual currency. Since that time, hundreds of new distributed applications have been developed on the Ethereum platform and others. However, Blockchain is at the early stages of adoption. A market in it’s infancy but represents a great future for the protection of data both personal and corporate.
Blockchain CLT Services
BlockchainCLT believes that digital ledger technology will forever change the business world as we know it. Starting with Financial Services, Healthcare, Government, plus change personal and corporate Privacy and Security for the better (e.g. Sovereign Identity, ID2020, UPort, etc) The Blockchain Revolution is hot out of the gate! The Fourth Industrial Revolution is upon us. With new Blockchain 3.0 protocols on the horizon, digital ledger technology and Artificial Intelligence leading the charge disrupting many industries and organizations left and right. As such BlockchainCLT is hyper focused supporting the adoption of Blockchain technology starting here in the Queen City.
BlockchainCLT trains, informs, advises, and assists new and established companies in the application of blockchain technology.