Blockchain Technology: Can It Open A New Front In Cybersecurity? by Jeshin Jayamon, Saurabh Sortee and Anoop Rao

Cybersecurity is getting critical as cybercriminals continue to exploit new vulnerabilities and cyber-attacks show no signs of abating. As such, while regulatory authorities are busy drafting stringent cybersecurity standards, cybersecurity companies are aggressively developing innovative cybersecurity solutions based on the latest technologies. Blockchain technology is one such disruptive technology that can potentially transform the overall concept of cybersecurity.

Although blockchain technology was initially introduced as a way to store or transfer Bitcoin, the first cryptocurrency, it has gradually advanced and become versatile enough to be used for several applications, including cybersecurity. Implementing a blockchain-based security system fundamentally changes the game for cyber security, presenting a nearly impossible task for cyber thieves. The blockchain technology is being applied by cyber security companies in the field to create private blockchain solutions:

• Deterring data tampering
• Creating peer-to-peer consensus mechanisms to reduce fraud
• Creating end-to-end privacy and encryption
• Ensuring that there is no single point of failure

According to a study undertaken by Grand View Research, the blockchain technology market is anticipated to grow at a CAGR of 69.4% over the....

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Hiep Nguyen

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