Can Blockchain Technology Keep Our Data Secure?
The Digital Age Has Brought Security Risks
Well-known brands such as Equifax, Sonic, and Western Union recently encountered security breaches that put their customer’s private information at risk. However, data breaches in the digital world are actually widespread, highlighting the need for data security to be prioritized by all entities, ranging from gaming companies, third-party healthcare providers, and even universities.
The United States Department of Homeland Security lists the following overview concerning cybersecurity on their website:
“Cyberspace is particularly difficult to secure due to a number of factors: the ability of malicious actors to operate from anywhere in the world, the linkages between cyberspace and physical systems, and the difficulty of reducing vulnerabilities and consequences in complex cyber networks.”
The department further addresses recent actions in the attempt to secure the digital sphere:
“On January 5, 2017, the U.S. Department of Commerce and the U.S. Department of Homeland Security released a draft report to President Trump in response to the Executive Order on Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure issued on May 11, 2017. The report, which was created with broad input from stakeholders and experts, summarizes the opportunities and challenges in reducing the botnet threat, and offers supporting actions to be taken by both the government and private sector in order to reduce the threat of automated cyber-attacks.”
Blockchain Presents Possible Solutions
“Blockchain” is a continually growing list of records which are linked and secured with cryptography. You can think of it as a digital ledger for cryptocurrency such as bitcoin.
In a recent interview, executives from Coral Health, a company focused on using blockchain solutions in healthcare, explained how their healthcare platform will reduce administrative waste while also giving patients enhanced security and control over their medical information.
Chozun’s attention to privacy is enhanced by the security protocol that blockchain offers. Travis Biehn, a technical strategist at the solutions firm Synopsys commented to ZDNet:
“The decentralized systems that can be built with blockchain are exciting and applicable across cybersecurity topics — with promising areas like addressing hardware sourcing supply-chain problems, and software supply-chain problems, the increased transparency afforded by blockchain technology definitely lends itself to solving a lot of tricky cybersecurity problems.”
The following video explains why blockchain may be an effective cybersecurity solution:
The Future of Digital Security
While blockchain technology enhances privacy online, it may take several decades for the technology to be accepted by the global community. If the technology can go without any major security breaches, skeptics who are privacy advocates may begin partnering with blockchain companies.
It’s likely that younger generations will accept companies like Chozun and Coral Health much quicker than those who did not grow up in the digital age.