“Blockchain technology aptly lends itself to cybersecurity endeavors”
We’ve been talking about the advantages blockchain brings to the finance industry but how about cybersecurity? Blockchain is revolutionizing multiple industries including cybersecurity but one question lingers: *how* can this technology help fight cyber attacks? We talked with Floyd DCosta, co-founder at Block Armour about the role the technology behind Bitcoin plays in blocking (if possible) cyber attacks.
JAXenter: Don Tapscott wrote in his book Blockchain Revolution that “the second generation [of the digital revolution] is bringing us the Internet of value: a new platform to reshape the world of business and transform the old order of human affairs for the better.” Do you agree with his statement? Can the blockchain technology reshape the world of business?
Floyd DCosta: Definitely. The blockchain, a cryptographic ledger comprising a digital log of transactions shared across a public or private network, is setting up multiple industries for significant disruption — or crucial transformation, depending which side of the table you look at it from.
Blockchain technology can be a particularly powerful tool anywhere trading occurs, trust is at a premium and people need protection from identity theft.
SEE ALSO: How can you prepare for a cyber attack?
JAXenter: Do blockchain’s characteristics make this technology the perfect weapon against cyber attacks?
Floyd DCosta: Absolutely. Cryptographically secure, decentralized, immutable and consensus-driven, blockchain technology can help address multiple information security challenges effectively. The fast-emerging technology offers opportunities to counter the growing cybersecurity challenges in bold new ways – smarter, faster and ready for tomorrow’s challenges.
JAXenter: What is the approach blockchain provides to cybersecurity?
Floyd DCosta: Blockchains can help in multiple ways:
1. Due to their distributed nature, blockchains help decentralize control and command systems, thereby removing a central point of failure from the equation.
2. Cryptography ensures that all data on the blockchain is stored and transmitted in a particular form so that only those for whom it is intended can read and process it.
3. The immutability features facilitate the recording of all activities bringing instant visibility to security ops.
When combined with other emerging technologies, blockchain technology can help effectively address multiple existing infosec challenges.
JAXenter: What are your concerns with regard to blockchain?
Floyd DCosta: Although fast evolving, Blockchain is a very new technology, still in its infancy. It has a long way to go.
However, many of the features that are already available allow blockchain technology to aptly lend itself to cybersecurity endeavors.
JAXenter: Will blockchain eliminate the middleman? What are the benefits and/or disadvantages of a world without the middleman?
Floyd DCosta: Blockchain is a peer-to-peer technology, which by its very natures eliminates the need for middlemen. The technology helps in improving speed, efficiency and establishing trust in a trustless or semi-trusting environment with no need for middlemen.
JAXenter: What is Block Armour and how can it help developers in the battle against cyber attacks?
Floyd DCosta: Block Armour is a next-gen enterprise solution for cybersecurity; powered by Blockchain technology. It leverages digital signature based identity and authentication for humans, devices and data, securely ring-fencing an organization’s most critical resources. It delivers a new breed of digital identity and access management solutions — smarter, faster and ready for tomorrow’s cyber attacks.
Block Armour also harnesses digital signatures to identify, authenticate and authorize devices thereby securing IoT communications.