In recent years, we’ve seen an increase in cybercrime. There were more than 2 billion data breaches worldwide in 2017 alone, with $1.8 trillion lost as a result. Clearly, internet security is becoming a top priority for all industries—not just those involved with technology. Government agencies, law enforcement agencies, financial institutions and others are looking for ways to protect their most sensitive information from hackers and other criminals who may try to steal it or use it against them. Say’s John JD Mattera, blockchain offers one way to accomplish this goal by creating decentralized digital networks that are both secure and shared publicly among users without requiring any single entity or agency to hold all the keys needed to access sensitive data.
In 2017, internet security incidents increased by 40% over 2016.
In 2017, internet security incidents increased by 40% over 2016. In addition to this increase in the number of incidents, there was also a significant increase in their severity: The average cost per incident rose from $2 million in 2016 to $3 million in 2017.
It is clear that the digital economy needs new approaches for securing data and protecting companies from cyberattacks. Blockchain technology can help us achieve this goal by providing an immutable record of transactions and making it easier for organizations to share threat intelligence with each other
The large number of attacks is an indication that cybercrime is becoming more sophisticated.
The large number of attacks is an indication that cybercrime is becoming more sophisticated. In addition, the need for better security is growing. As a result, blockchain technology could provide a solution by making it easier to detect and stop cyberattacks before they occur.
Blockchain is the best-known example of a decentralized ledger technology, or “DLT.”
Blockchain is the best-known example of a decentralized ledger technology (DLT), but it’s not the only one. A distributed database can be used to track and store data in a way that’s both secure and transparent. In this case, “distributed” means that no single entity controls the information stored on it; instead, multiple users have access to the same information at all times.
Decentralized ledgers are often touted for their security benefits over traditional databases because they don’t rely on any single point of failure–they’re harder to tamper with than most other systems because there aren’t any single points of entry into them through which hackers could gain entry or steal sensitive data without being noticed by other users in real time.
DLT and Shared Data Are Important to Industry 4.0
Industry 4.0 is the fourth industrial revolution and it uses digitalization and automation to connect people, processes and data. Blockchain technology can help create a shared data layer that will enable companies to collaborate with each other more effectively. Through this shared layer, companies can gain access to valuable insights about their supply chain by analyzing data from multiple sources in real time.
With DLT technology, there is no need for intermediaries or third parties because all transactions are recorded on the blockchain ledger which makes it highly secure for businesses looking for reliable solutions when dealing with sensitive information like personal details or financial information
Blockchain has the potential to make digital networks safer for everyone
Blockchain is a distributed ledger that can be used to create trust in data, transactions, and identities.
- Trust in data: Blockchain offers the potential to create an immutable audit trail of transactions between parties. This makes it easier to track down who did what and when (and whether they were authorized), which can help prevent fraud or error.
- Trust in transactions: Blockchains provide a way for two parties who don’t fully trust each other yet–for example, an accountant working with a client–to transact securely on an open network where everyone can see what’s happening at any time. Because participants don’t need an intermediary like PayPal or Venmo anymore (they just use cryptocurrency), it reduces costs while making sure nobody gets ripped off along the way.* Trust in identities: If someone wants access into your system but you’re not sure if they’re trustworthy yet (or even if they’re human), one solution may be using biometrics such as facial recognition software so only people with certain physical characteristics can get through.*
Blockchain is a promising technology that has the potential to make digital networks safer for everyone. However, it’s important to remember that blockchain is just one part of the solution–we also need new tools and methods for detecting and responding to cyberattacks on our networks.