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Use of Blockchain in Cybersecurity - the 2019 Perspective

Author: Helen Yu
by Helen Yu
Posted: Feb 11, 2019

The use of blockchain to improve cybersecurity has shown to be an incredibly profitable business - in the past years, it has been demonstrated as a powerful result and a rapidly developing crypto movement.

Due to the highly advanced encryption and data protection system described in the previous section, blockchain and cybersecurity now go closely together, as one of the most efficient ways to safeguard sensitive data. Why?

  • To compromise blockchain, an offender would have to demolish the data contributed by each of the possibly millions of the computers in the chain - no trivial task;
  • The computers that have not been destroyed would still keep record of the data, and if there’s any suspicion it’s under threat - take additional measures to protect it;
  • The more computers there are in a chain, the smaller the chances of destroying it.

Industries that have to deal with personal and valuable information on a regular basis are turning to blockchain more and more frequently - insurance, banking, healthcare, real-estate, social media, and even the government. We would like to demonstrate a few most recent blockchain cybersecurity use cases by big corporations.

Blockchain Cybersecurity Use Cases

Although 2019 is likely to bring along more threats to cybersecurity, the best and most successful companies, as well as smaller businesses, are catching up on the trend by introducing the cybersecurity blockchain technology: Telstra, REMME, Obsidian, and others. Below are just a few examples.

Telegram’s Upcoming Blockchain-Based Platform

The popular Russian messenger platform, widely exploited by users from all over the world, have announced the new Telegram Open Network that will be based on Blockchain. It is said to use smart contracts for operation and have unusually fast data processing standards. The platform will have its own cryptocurrency and facilitate all of the essential functions, such as money transfers and storage of data.

Telegram is known for its powerful encryption technologies, safe messaging and data storage facilities. It is especially popular among cryptocurrency enthusiasts. Introducing TON to the messaging experience will make the app the next hit in the crypto world, as it will guarantee secure and reliable transactions.

Blockchain’s Impact on the Banking Industry

We all know how annoyingly slow and inefficient banking software can be sometimes. It introduces additional costs and extra hassle to the already fussy financial operations. Until recently, there was no equally safe alternative - until the emergence of blockchain.

Banks like Santander have noted the useful features of Blockchain that allow secure transaction record and swift money transfer, which makes the process more cost-effective. In addition, the smart contracts aspect of Bitcoin could unlock the potential of a much faster and protected record of loans.

Blockchain’s Impact on the Banking Industry

We all know how annoyingly slow and inefficient banking software can be sometimes. It introduces additional costs and extra hassle to the already fussy financial operations. Until recently, there was no equally safe alternative - until the emergence of blockchain.

Banks like Santander have noted the useful features of Blockchain that allow secure transaction record and swift money transfer, which makes the process more cost-effective. In addition, the smart contracts aspect of Bitcoin could unlock the potential of a much faster and protected record of loans.

Blockchain and the Future of the Health Industry

The healthcare industry is one of the most complex cases when it comes to data collection and sharing due to the sensitive nature of the information. This problem results in millions of dollars wasted each year due to highly inefficient healthcare payments.

The blockchain technology allows the data to be distributed among the shareholders securely and guarantees a record of transactions that can be viewed and inspected by all parties. Thus, blockchain majorly speeds up all processes involved in healthcare payment, especially when it concerns insurance. This can ultimately save lives of millions of patients that would have otherwise been lost due to poor communication and technology use.

About the Author

In 2019, the use of blockchain in security promises to resolve a lot of the issues with cybercrime, data theft and fraud .

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Author: Helen Yu

Helen Yu

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Ukraine

Member since: Feb 08, 2019
Total live articles: 1

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