Block Chain

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BLOCKCHAIN TECHNOLOGY AND ITS CYBER SECURITY SIDE

What is a blockchain?

In simple terms, blockchain is a digital ledger.Ledger is a book containing accounts to which debits
and credits are posted from books of original entry.A blockchain is a digitized, decentralized public
ledger.

Comparing Blockchain to an Excel Sheet

Imagine a Microsoft Excel Sheet file in your laptop with details of some transactions you made. You
can call it a ledger. Now, imagine that your Excel Sheet file is copied to hundreds of your friends'
computers, connected to each other forming a network. The ledger in your laptop has become a distributed
ledger. Then imagine that this network of computers is designed with a technology to regularly update
this Excel Sheet, whenever you or your friends update the ledger. You now have a basic understanding
of the blockchain.

Definition of Blockchain

The blockchain is an incorruptible digital ledger of transactions that can be programmed to record
virtually everything of value. Each list of record in a blockchain is called block. So a blockchain is a
continuously growing list of records called blocks, which are linked and secured.

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Who invented blockchain technology?

Blockchain Technology was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency
bitcoin, as its public transaction ledger. Satoshi Nakamoto's aim in creating the decentralized Bitcoin
ledger-the blockchain-was to allow users to control their own money so that no third party, not even the
government, would be able to access or monitor it. The creator of Bitcoin, Satoshi, disappeared back in
2011, leaving behind open source software that the users of Bitcoin could update and improve. The
invention of the blockchain for bitcoin made it the first digital currency to solve the double spending
problem without the need of a trusted central authority or central server. The bitcoin design has been
the inspiration for other applications.

Technologies behind blockchain technology

1. Private Key Cryptography

2. P2P Network (Peer-2-Peer)

3. Program (the blockchain's protocol)

Bitcoin Is To Blockchain As Email Was To The Internet

What is the need of blockchain technology?

The blockchain is a mechanism to bring everyone to the highest degree of accountability. No more
missed transactions, human or machine errors, or an exchange that was not done with the consent of
the parties involved.The most critical area where Blockchain helps is to guarantee the validity of a
transaction by recording it not only on the main register but a connected distributed system of registers,
all of which are connected through a secure validation mechanism.

Blockchain technology can find applications in the following areas in future:

• Smart contracts - Any industry heavily reliant on contracts, such as insurance, financial institutions,
real estate, construction, entertainment, and law, would benefit from blockchain's indisputable way
to update, manage, track and secure contracts. Smart contracts, those that are embedded with if/
then statements and be executed without the involvement of an intermediary, also use blockchain
technology.

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• Supply chain management - Whenever value changes hands or the status of asset changes,

blockchain is ideally suited for managing the process.

• Asset protection - Whether you're a musician who wants to ensure you get royalties when your

music gets played or a property owner, blockchain technology can help you protect your assets by

creating an indisputable record of real-time ownership.

• Personal Identification - Governments manage vast amounts of personal data from birth and death

records to marriage certificates, passports and census data. Blockchain technology offers a

streamlined solution for managing all of it securely.

• Payment processing - Blockchain has the potential to be highly transformative to any company

that processes payments. It can eliminate the need for intermediaries that are common in payment

processing today.

• Crowdfunding - As with traditional crowdfunding, a blockchain powered crowdfunding campaign

seeks to secure investment for a new project from an interested community. But in this instance,

funding is most likely to come in the form of bitcoin or other cryptocurrencies.

Blockchain technology - opportunities and advantages

• The blockchain allows our smart devices to speak to each other better and faster.

• Blockchain solves the problem of manipulation. It brings everyone to the highest degree of

accountability.

• Online identity and reputation will be decentralized. We will own the data that belongs to us.

• Cryptocurrencies take the power away from governments to control the value of currencies and

hand it to people.

• The potential is great for people in the informal economy to exploit the blockchain's middleman-free

way to exchange asset.

• Blockchain technology can more equitably address issues related to freedom, jurisdiction, censorship,

and regulation, perhaps in ways that nation-state models and international diplomacy efforts regarding

human rights cannot.

• Blockchain-based systems allow for the removal of intermediaries involved in the record keeping

and transfer of assets.

• The removal of intermediaries and settlement on distributed ledgers allows for dramatically increased

transaction speeds compared to a wide range of existing systems.

• Data entered on the blockchain is immutable, preventing against fraud through manipulating

transactions and the history of data. Transactions entered on the blockchain provide a clear trail to

the very start of the blockchain allowing any transaction to be easily investigated and audited.

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Potential uses for blockchain technology:

1. Payment processing and money transfers: Arguably the most logical use for blockchain is as a
means to expedite the transfer of funds from one party to another. As noted, with banks removed
from the equation, and validation of transactions ongoing 24 hours a day, seven days a week, most
transactions processed over a blockchain can be settled within a matter of seconds.

2. Monitor supply chains: Blockchain also comes in particularly handy when it comes to monitoring
supply chains. By removing paper-based trails, businesses should be able to pinpoint inefficiencies
within their supply chains quickly, as well as locate items in real time. Further, blockchain would
allow businesses, and possibly even consumers, to view how products performed from a quality-
control perspective as they traveled from their place of origin to the retailer.

3. Retail loyalty rewards programs: Blockchain could further revolutionize the retail experience by
becoming the go-to for loyalty rewards. By creating a token-based system that rewards consumers,
and storing these tokens within a blockchain, it would incentivize consumers to return to a certain
store or chain to do their shopping. It would also eliminate the fraud and waste commonly associated
with paper- and card-based loyalty rewards programs.

4. Digital IDs: More than 1 billion people worldwide face identity challenges. Microsoft (NASDAQ:MSFT)
is looking to change that. It's creating digital IDs within its Authenticator app -- currently used by
millions of people -- which would give users a way to control their digital identities. This would allow
folks in impoverished regions to get access to financial services, or start their own business, as an
example.

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5. Data sharing: Cryptocurrency IOTA launched a beta version of its Data Marketplace in November,
demonstrating that blockchain could be used as a marketplace to share or sell unused data. Since
most enterprise data goes unused, blockchain could act as an intermediary to store and move this
data to improve a host of industries. While still in its early stages, IOTA has more than 35 brand-
name participants offering it feedback.

6. Copyright and royalty protection: In a world with growing internet access, copyright and ownership
laws on music and other content has grown hazy. With blockchain, those copyright laws would be
beefed up considerably for digital content downloads, ensuring the artist or creator of the content
being purchased gets their fair share. The blockchain would also provide real-time and transparent
royalty distribution data to musicians and content creators.

7. Digital voting: Blockchain offers the ability to vote digitally, but it's transparent enough that any
regulators would be able to see if something were changed on the network. It combines the ease of
digital voting with the immutability of blockchain to make your vote truly count.

8. Real estate, land, and auto title transfers: One of the primary goals of blockchain is to take paper
out of the equation, since paper trails are often a source of confusion. If you're buying or selling
land, a house, or a car, you'll need to transfer or receive a title. Instead of handling this on paper,
blockchain can store titles on its network, allowing for a transparent view of this transfer, as well as
presenting a crystal-clear picture of legal ownership.

9. Food safety: Yet another intriguing use for blockchain could be in tracing food from its origin to your
plate. Since blockchain data is immutable, you'd be able to trace the transport of food products from
their origin to the supermarket. What's more, should there be a food-borne illness, blockchain
would allow the source of the contaminant to be found considerably quicker than it can be now.

10. Immutable data backup: Blockchain might also be the perfect way to back up data. Even though
cloud storage systems are designed to be a go-to source for data safekeeping, they're not immune to
hackers, or even infrastructure problems. Using blockchain as a backup source for cloud data centers
-- or for any data, as Boeing is considering with GPS receivers on its planes -- could resolve this
concern.

11. Tax regulation and compliance: Companies can use blockchain as a means to record their sales
and demonstrate to lawmakers that they're abiding by local, state, and/or federal laws. More
importantly, these sales act as a clear record that they've paid their fair share of taxes to the federal
government.

12. Workers' rights: Another interesting use for blockchain is as a means to bolster the rights of workers
around the globe. According to the International Labor Organization, 25 million people worldwide
work in forced-labor conditions. Coca-Cola, along with the U.S. State Department and other partners,
is working on a blockchain registry complete with smart contracts -- protocols that verify, facilitate,
or enforce a contract -- to improve labor policies and coerce employers to honor digital contracts with
their workers.

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13. Medical recordkeeping: The good news is the medical sector has already been moving away from
paper for recordkeeping purposes for years. However, blockchain offers even more safety and
convenience. In addition to storing patient records, the patient, who possesses the key to access
these digital records, would be in control of who gains access to that data.

14. Weapons tracking: One of the hot topics on any news network at the moment is gun control and/or
weapons accountability. Blockchain could create a transparent and unchanging registry network
that allows law enforcement and the federal government to track gun or weapon ownership, as well
as keep a record of weapons sold privately.

15. Wills or inheritances:Blockchain may also be able to put your end-of-life concerns to rest. Rather
than creating a paper will, people may have the option of creating and storing their digital will on a
blockchain network.

16. Equity trading: At some point, blockchain could rival or replace current equity trading platforms to
buy or sell stocks. Because blockchain networks validate and settle transactions so quickly, it could
eliminate the multiday wait time investors encounter when selling stock(s) and seeking access to
their funds for the purpose of reinvestment or withdrawal.

17. Managing Internet of Things networks: Networking giant Cisco Systems may be behind a
blockchain-based application that would monitor Internet of Things (IoT) networks. The IoT describes
wirelessly connected devices that can send and receive data. Such an application could determine
the trustworthiness of devices on a network -- and continuously do so for devices entering and
leaving the network, such as smart cars or smartphones.

18. Expediting energy futures trading and compliance: Even the energy industry is getting in on the
act. Similar to the benefits it could bring to equity traders above, blockchain offers the ability to help
energy companies settle futures trading considerably faster than they currently do. It's also worth
noting that blockchain could help energy companies with regard to logging their resources and
maintaining regulatory compliance.

19. Securing access to belongings: Smart contracts within blockchain networks also have the ability
to be customized to a businesses or consumers' needs. As a consumer, you could use blockchain as
a means to grant access to your house for service technicians, or allow your mechanic access to
your car to perform repairs. But without this digital key, that only you possess, these service
technicians wouldn't be able to gain access to your belongings.

20. Tracking prescription drugs: Finally, blockchain could be a means of transparently tracking
prescription medicines. In a world where prescription returns do occur, and counterfeit medications
are a real thing, blockchain offers drugmakers the ability to track their products based on serial
and/or batch numbers to ensure that consumers are getting the real deal when they pick up medicine
from the pharmacy. Merck is currently testing such a system for prescription drug returns.

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Banking Sector and Blockchain Technology

• Banking is one amongst the foremost sectors that stands poised to be disrupted with blockchain
technology. Since this technology presents the immutable, secured, and encrypted ledger, the same
has huge scope of adoption in the banking and financial services sector. It will not only offer accuracy
and security, but will also aid the government in expediting financial inclusion.

• All major banks are experimenting with blockchain as they can use it for money transfers, record
keeping and other back-end functions.

• The blockchain application replicates the paper-intensive international trade finance process as
an electronic decentralised ledger, that gives all the participating entities, including banks, the
ability to access a single source of information.

• It also enables them to track documentation and authenticate ownership of assets digitally, as an
un-alterable ledger in real time.

• Indian IT service providers like Infosys and TCS have been throwing their weight around blockchain
technology. Both these companies are using blockchain mechanism to create core banking platforms
for banks.

Blockchain in governance:

• Governments in particular are keen to use blockchain to streamline services. According to an IBM
survey of 200 government leaders in 16 countries, nine in 10 government organizations plan to use
the technology for "financial transaction management, asset management, contract management
and regulatory compliance by 2018."

• Governments around the world have established pilot projects to integrate blockchain technology
into their operations. In developed countries, blockchain will help streamline government functions
to make them more efficient. For example, The Illinoisstate government in USA is conducting five
focused pilots for blockchain across multiple government departments. The range of functions
envisaged for the technology includes record keeping (for properties and births) and an energy credit
marketplace to track renewable energy credits.

• In emerging economies, blockchain has the potential to help governments achieve policy goals by
leapfrogging intermediate layers of technology. For example, it can help in social welfare objectives
by eliminating the need for credit cards or bank accounts to disburse funds to those who are unbanked.

The potential uses of Blockchain in governance

You can program the blockchain technology to record just about anything that can be expressed in
code and holds value, not just financial transactions. Anything from educational certificates, property
deeds and titles of ownership, marriage licenses, financial accounts, insurance claims, medical
procedures, to votes, the possibilities are truly limitless. Further, blockchains open up the global economy
to everyone from small rural communities to large communities.

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The basic idea behind blockchain is that one can trust the system as a whole without necessarily
trusting any of the participants. The blockchain is a ledger - record of transactions in a database -
distributed to people in a network. Everyone on that network has their own copy of the ledger and be
"actually confident, based on mathematical structures of cryptography, that every copy is the same." So
even though there is no central intermediary - like a bank or the Federal Reserve - all the players in
the blockchain network can trust the information.

Applications of Block chain in governance

1. Disintermediating transactions: It is one of the significant potential features blockchains has to


offer. Bitcoin, for instance, has no central unit or bank to oversee the currency. The consensus is
the used model of governance. Today governments are entrusted with managing and holding official
records like a property deed. Shortly, a blockchain might come to replace a local or state government
agency role as the holder of truth for certain records.

This way, through accountability and by bypassing the middleman entirely, the blockchain
obstructs corruption. In the past year, the World Food Programme in Pakistan's Sindh province
began testing blockchain based cash and food transactions. Blockchain has brought them closer to
the people they served and allowed them to respond much faster. With the lessons learned in the
initial phase in Pakistan, WFP is now using blockchains for authentication, along with biometric
registration data, to pay for the food of refugees in Jordan's Azraq camp. With the rising ubiquity of
Aadhaar cards in India, the next sensible step in the country's pursuit of turning into a digital
economy could be adopting blockchain. From storing an individual's data, maintaining a private and
permanent identity record, helping conduct secure transactions, and eventually turning India into
a digital society, the blockchain can play a vital role.

2. Cost reduction and security: At a time when trust in the government is at an all-time low, systems
that don't rely on trust have tremendous potential. Also, government resources are constrained and
so blockchain-based solutions that wring costs out of the system are helpful. Moreover, blockchains
tend to be incredibly secure systems because they decentralize out this process of security and
create an alignment of incentives to secure the network. They're designed around an information
security and cryptography paradigm that puts security at the core and they allow for this integral
accountability in the system itself.

3. Voting: West Virginia state of USA just did a pilot test to use the blockchain for voting in its recent
primary. The target was military service members deployed overseas. If someone's on an aircraft
carrier, it's hard to get them an absentee ballot to vote in a primary. The state hired a vendor to
create a system that lets overseas military securely vote using a mobile device and it's all recorded
on a blockchain. This potentially uses the immutability of the blockchain as well as native digital
accessibility.

4. Distribution of benefits: Here we can cite the example of the United Nations World Food Programme
that provided cash transfers to Syrian refugees in Jordan. Not only did the blockchain system save
money by avoiding bank fees, it enabled the refugees to buy food from local merchants through a
biometric scan of their eye. They didn't need any physical cash, vouchers or electronic cards.

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5. Compliance: It is another area where governments using the blockchain can boost efficiency by
eliminating some of the intermediaries. For example, tax collection goes through several
intermediaries and steps. Putting it all on one ledger potentially eliminates those and creates this
environment where regulators can get direct access to the transactional data. It has great potential
for a whole variety of regulatory contacts where traditionally the process of keeping track of activity
was something that had to happen after the fact.

6. Government borrowing: It can also be transformed by the blockchain. In May, city officials of
Berkeley, California voted to issue 'micro-bonds' in denominations of $10 to $25 to raise money for
community projects. The typical mini bond size is $5,000 at the minimum. Typically, finance fees
for issuing mini bonds is such that it would not be feasible for small amounts. But the blockchain
cuts those costs because it lets the government deal directly with the buyer.

7. Improve operations is in supply chains: Here goods and services flow among many different
organizations around the world. Delays come when the companies in the supply chain are not
willing to share their data with each other so there's a lot of back and forth involved. But the
blockchain can solve this problem. Walmart uses blockchain to track its produce. Before, if someone
got sick from the produce, it would take the retailer 6.5 days to find out which farm it came from.
After using the blockchain, Walmart got it down to 2.2 seconds.

Governments that are Already Adopting Blockchain Technology

With many countries constantly competing against each other in the innovation and technological
advancement theatre, no one wants to be left behind. Many governments are either studying numerous
potential blockchain-based applications for affairs of state or already in the process of testing such
applications if only on a small-scale. Blockchains have the potential to revolutionize the activities of
government. The potential use cases of blockchain technology in government include:

1. Healthcare

2. National Identity Management Systems

3. Tax and Internal Revenue Monitoring

4. Voting

5. Secure Banking Services etc.

• Dubai: Dubai has a number of big dreams for the future: flying taxis, self-driving vehicles, and
actual, literal "Robocops." The government even has a ministry dedicated to the adoption and
implementation of artificial intelligence. The city government hopes to become the first-ever
blockchain-powered government by the year 2020. The main aim of the plan is to leverage the
power of blockchain technology in facilitating license renewals, payment of bills, and visa applications.

Dubai is a prominent holiday destination with millions of tourists and visitors every year. A lot
of manhours are dedicated to processing an estimated 100 million documents every year. By using
blockchain technology for these tasks, a large percentage of those manhours can be saved which
translates into huge government savings. By making the move to a paperless transaction system
that is hosted entirely on the blockchain, the Dubai government could potentially save up to $1.5
billion per year.

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• Estonia: The government of the Eastern European nation of Estonia was one of the first to adopt
blockchain technology for government use. Right from 2008, the Estonian government has actively
been trying to develop sustainable blockchain-based solutions for many government activities. From
the year 2012, it began to implement blockchain technology in a number of government activities.

The first area of adoption and implementation was in the country's registry database across
several sectors such as security, legislative, health, and the judiciary. The government also created
ID-kaarts, a blockchain-based national identity management system. ID-kaarts has been able to
reduce bureaucratic red-tape and improve the timeliness and quality of government service delivery
to Estonian citizens.

• Gibraltar: The government of Gibraltar stole a march of many other countries in the race to be the
global hub for blockchain-based fintech companies. The Government through the Gibraltar Financial
Services Commission (GFSC) issued a ruling that effectively grants licenses which allow blockchains
to be used as conduits for the storage and transfer of digital assets. This license is essentially the
same sort of license that banks have.

The country is also one of the first to approve a blockchain Exchange. The Gibraltar Blockchain
Exchange (GBX) is a subsidiary of the country's stock exchange framework. The GBX allows for the
integration of blockchain technology with the country's trading and settlement system.

• United States: On a state level, Illinois recently launched a trial of their proposed birth registry and
identification system that will be powered by blockchain technology. The aim of the project is the
individualization and enhanced improvement of the security of identities. The project is as a result
of the collaboration between Evernym and the Illinois state government. Evernym is a tech company
that is based in Utah.

On a national level, the major interest of the US Federal Government is in the area of national
security. The Pentagon and DARPA are believed to be seriously working toward adopting blockchain-
based protocols in enhancing the security of the United States. Both the Pentagon and DARPA are
reportedly focusing their attention on the theoretical immutability of the blockchain and how it can
be applied to designing robust security protocols. Top of their agenda is the use of blockchain in
sending and receiving encrypted intelligence information without the threat of interception or
hacking.

These are just a few examples of some of the blockchain-based applications being pursued or
implemented by various governments from around the world. Blockchain technology continues to
be an interesting proposition for many governments. It is definitely here to stay and governments
are most likely going to be trying to outdo one another in the hopes of creating superior blockchain
applications.

Blockchain in industries:

While the Bitcoin currency has earned a somewhat shady reputation, the blockchain ledger
infrastructure behind it has huge potential to simplify transactions in a variety of industries. Because
each transaction is verified by a network, it takes out the middleman, putting the power back in
consumers' hands. This could not only save you money, but make your personal data more secure.

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There is a clear application for financial industries. Fewer hands involved in a stock trade, or a
money transfer, could mean a faster transaction and lower fees. Mainstream companies like IBM and
Goldman Sachs are investing in blockchain research. Nasdaq is already experimenting with a private
blockchain-powered stock exchange. According to a survey report by the World Economic Forum, "10% of
global gross domestic product will be stored on blockchain technology by 2025."

Blockchain Technology and India

India has also been quick to realise the potential of blockchain in good governance. The Andhra
Pradesh government is setting up a Blockchain Centre of Excellence and inviting startups and experts
to set up the country's first blockchain state. Other states like Maharashtra, Karnataka, Kerala and
Rajasthan are following the lead.

Blockchain has the potential to streamline land records, asset registries, auto records, voting records,
national identity, financial transaction records and traceability. All these can eliminate corruption on
a large scale and bring the large informal sector into the formal economy.

The NITI Aayog-led IndiaChain plans to implement a full-fledged blockchain infrastructure to


compliment IndiaStack and leverage 'electronic Know Your Customer' (eKYC) using Aadhaar. This is
expected to positively affect subsidy distribution, regulating land records, small and medium enterprise
(SME) financing, court cases and other big challenges being faced now.

GoI has allowed interoperability among prepaid payment instruments. This means that users will
soon be able to transfer funds from one mobile wallet to another. This collaboration and 'co-competition'
will widen the reach and provide a homogeneous environment to drive digital payments industry into
the next phase.

More significantly, these measures will ensure that payments are safe, secure, authorised, efficient
and accessible as the propensity for highspeed mobile internet with affordable data plans accelerates
migration to digital.

Interoperability will undoubtedly improve the credibility of a wallet, making it a virtual bank through
which one can transfer money anywhere. It will bring more liquidity into the system and boost consumer
confidence in the fast-growing economy.

Collaboration between banks and fintech startups coupled with blockchain technology are creating
new financial segments globally. An increasing tech-savvy millennial population, the need for superior
customer experience, ease of payment, and cheaper and faster alternative being offered by ubiquitous
fintech players are driving the adoption of digital payments.

In fact, global payment revenues in 2018 are expected to total $2.3 trillion( about the size of Indian
economy), representing 43% of banking revenues. The payment landscape is undergoing unprecedented
transformation and companies are altering their archive systems with a strong focus on data analytics.

Payments have witnessed increased use of consumer data to provide value-added services. In
insurance, too, there is increased usage of advanced data techniques and analytics to identify and
quantify risks. Fintech startups are using artificial intelligence (AI) to improve and expand credit offerings,
insurance options and personal finance services.

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Internet of Things (IoT) is being applied through telematics that allow for monitoring of, say, driver
behaviour for car insurance. Similarly, home insurance customers with connected technologies can
be provided potential threats in real time.

GoI has proposed a two-percentage-point discount in GST for consumers who make digital payments.
This is a good move that will automate workflows, encourage good accounting practices, ensure tax
compliance and spark a new approach towards digital inclusion.

With these trends, India should transform into a knowledge-driven economy through a digitally
empowered society. Much sooner than the world expects.

Blockchain technology - Criticisms and Challenges

• Huge power required: Remember all that computing power required to verify transactions? Those
computers need electricity. Bitcoin is a poster child of the problematic escalation in power demanded
from a large blockchain network. That's not appealing given today's concerns about climate change,
the availability of power in developing countries, and reliability of power in developed nations.

• Security about the private key: The private key must remain secret at all times because revealing
it to third parties is equivalent to giving them control over the bitcoins secured by that key. The
private key must also be backed up and protected from accidental loss, because if it's lost it cannot
be recovered and the funds secured by it are forever lost, too.

• Transaction speed: Transaction speed is also an issue. As we noted above, blocks in a chain must
be verified by the distributed network, and that can take time.

Is Blockchain Technology answer to cyber security?

Over time, blockchain technology has proved to be a very resourceful technology, with applications
ranging fromfinance, to communication, to transportation. Since it is built to be decentralized, it becomes
much more secure and flexible than traditional architectures.Blockchain technology has directly
addressed multiple other security concerns in the following forms:

Data Confidentiality

The nature of blockchain allows for verifiable data integrity, and ensures information will not be
available to unauthorized parties, eliminating man-in-the-middle concerns. This is particularly useful
for securing private messages, which is what for example, platforms like Obsidian are doing. Obsidian
is a STRAT coin based blockchain, and their app Obsidian Secure Messenger uses end-to-end encryption
to safeguard user metadata. Their platform addresses privacy concerns without compromising usability,
a delicate balance that is hard to achieve.
Public Key Infrastructure Enhancement

Emails, websites, message applications, and many others use Public Key Infrastructure for security,
but most use certificate authorities (CA) to distribute, remove, and store keys. This results in CA being
vulnerable to targeted cyber attacks. If the keys are published on blockchain instead, spoofing attacks
would be eliminated and identity verification would become possible. Removing CA all together and
distributing keys with blockchain verification would be another secure solution.

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Web Security
Websites manage massive amounts of traffic daily and many are supposedly unprotected, stemming
from issues within the market itself. That ultimately means all forms of data, including digital assets,
are at risk of being breached. The cybersecurity market has too many options for consumers to possibly
purchase and test out, along with vastly different options that require unique setups. Many of these
products are also not guaranteed to work, with some even being malicious if not vetted properly. These
vendors do not share data with one another, leading to a fragmented security sector where non-
communication becomes the norm. The decentralization of cyber threat information could spark
innovation and greater adoption of cybersecurity if that data was shared.
However, companies like Cloudbric are utilizing blockchain as a decentralized solution that is
accessible to all. They roll enterprise level website security, malware protection, spam and phishing
prevention and more into one package, employing an AI-powered detection engine for lower false positive
rates. They will also allow users to play a more critical role in the growth of their security system by
allowing anonymous attack logs to be sent to their deep learning engine, VISION. In addition to being
beneficial to end-users, the Cloudbric security service helps enterprises, governmental agencies, and
product developers create new tools and/or update their existing solutions with the most up to date
insights on malicious cyber threats.

Internet of Things (IoT) Decentralization

Smart homes and appliances are possible due to the IoT and are becoming increasingly popular, yet
security is stagnating. If one were to be compromised by a cyber attack most of everything in a smart
home would be subject to the attacker's control. Now with IoT entering the public infrastructure, a
secure solution is becoming needed more than ever before. Typically, IoT platforms are controlled by a
central hub, through which everything is authenticated through cloud servers. Centralized networks
are very easy to tamper with, hence decentralization. It allows security to be distributed and eliminates
single points of failure by communicating directly to other devices without going through a middle man.

Summary
In scaling society up from tribes and small groups, governments have had to confront the problem of
enabling secure commerce and other interactions among strangers. The methods now may be very
different, but the goal is still the same - a secure way of transactions.
The complex world of big data and IOT is emerging. Blockchain will be an important part of our
financial and technological digital future.The 'blockchain' technology behind bitcoin could prove to be
an ingredient of an entire new world of technology, as big as the internet itself, a wave of innovation
that drives the middleman out of much commerce and leaves us much more free to exchange goods and
services with people all over the world without going through corporate intermediaries.It could radically
decentralise society itself, getting rid of the need for banks, governments, even companies and politicians.
Cybersecurity still has a long way to go, especially in this increasingly interconnected digital age,
and blockchain technology serves to be one of the leading drivers in security.



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