By Kurt Seifried, Chief Blockchain Officer, CSA
I’ve been seeing a lot of articles claiming that Blockchain will save us from hackers, and ransomware, and all sorts of other Cyber-Shenanigans. So… will Blockchain save us all? Yes, well . . . sort of, it’s complicated. Let’s start with a story:
The evolution of web bwosers
This has two main effects:
- It gives people a choice of a fast web browser and…
- It shames all the other slow web browsers into improving, or being so bad that they get left behind.
…and the evolution of Blockchain
I can’t help but feel that Blockchain is sort of having the same effect. For example backups. A critical component of information security is having backups. Without backups you can’t recover from an attack to a known good state very easily (even if the attacker didn’t delete records did he modify any? Do you have anything to compare to?). Blockchain solves the backup problem in two simple ways: everyone has a full copy of the data if they want, and the data itself has protections that will show if it was tampered or modified. Even better I can be reasonably certain I have ALL the data and that it is up to date (it’s 3am, do you know if your backups are up to date?).
When it comes to ransomware the biggest problem we see again and again is that the data that got encrypted is now effectively gone because nobody has a proper backup of it that can be recovered easily, if at all. Now to be clear I don’t think we should switch every data storage medium over to some Blockchain based version (I also don’t think Bitcoin is going to suddenly replace the world’s banking system), but I do think we should maybe ask “why can’t we have some of the benefits of Blockchain in our other data storage and processing systems?”
You can read more about Blockchain uses cases in CSA’s latest research report here.
Interested in reading more about Blockchain from the Seifried Files? Continue the series here.