If blockchain technology can do wonders in different business sectors, can it also be a good weapon to combat cybercrime? Will blockchain be the answer to the unending issue in cybersecurity?
Experts believe that the whole concept behind blockchain technology may be a possible answer to fight cybercrime. If this is indeed true and can be implemented the soonest, the web may be a much safer place to do all sorts of transactions.
Though the term “ultimate” might be an overstatement, many experts believe that blockchain can re-engineer cybersecurity. This will be another development that we will witness in the coming years.
Blockchain has potential to re-engineer cybersecurity
Companies that have not started digital investments yet in technologies like Blockchain, artificial intelligence, machine learning robotics and virtual and augmented reality are at high risk of being disrupted, new research predicted on Tuesday.
These technologies, especially Blockchain, have the potential to deliver disruptive outcomes and reshape digital business in 2018, said global IT solutions and services provide Dimension Data.
The top trend for the coming year is the adoption of Blockchain – the technology behind Bitcoin – and its immense potential to disrupt and transform the world of money, business, and society using a variety of applications.
“In the financial services sector, we’ve seen the US and European capital markets moving onto Blockchain platforms and similar activity in markets such as Japan. Considering how conservative and compliance-focused this sector is, that’s quite remarkable,” said Ettienne Reinecke, Dimension Data’s Group Chief Technology Officer.
“I believe that Blockchain has the potential to totally re-engineer cyber security, but the industry has yet to come to terms with it.”
According to him, Blockchain will also deliver on the promise of Internet of Things (IoT) in the year ahead.
In 2018, some interesting applications of Blockchain and IoT in the area of cybersecurity will emerge.
Another exciting trend to look forward to is the boom in new wireless technologies that will enable IoT and bring us a step closer to the dream of pervasive connectivity.
“Some of these advancements will include 5G and Gbps Wi-Fi, new controls, virtual beacon technology, and low power, long distance radio frequency,” Reinecke said.
According to K.N. Murali, Head Solutions, Dimension Data India, the trends in India are similar to those being seen globally when it comes to the adoption of emerging technologies.
“There has been an increase in the adoption of Blockchain especially within the Indian BSFI sector and is currently being used for fund transfer, digital identity and payments infrastructure.
“In 2018, we will see the ‘zero trust’ security model re-emerging which means that enterprise systems will vigorously authenticate whether users are indeed entitled access to specific sets of data, before making them available,” he said.
So essentially, Blockchain will become the implementer of the ‘zero trust’ policy, Murali added.
Via Economic Times