The blockchain’s value lies in its ability to automate, bringing savings and efficiency to any process. As the cybersecurity community delegates more tasks to machines and algorithms, the blockchain will become more prevalent.
There’s a parallel trend to explore replacements for the standard username-password security paradigm. It turns out it’s broken. The blockchain’s device-linked security layers are more convenient, and indications are that it’s far more secure too.
Industry observers expect cybersecurity professionals to roll out private blockchains as a litmus test for the technology’s effectiveness. If these prove successful, look for larger-scale implementations to emerge. The same goes for smart contracts.
As industries go digital and cybersecurity pros police a larger playing field, preventing breaches and fraud is priority number one. The industry’s ability to contain new threats will help determine blockchain’s course for cyber security purposes.
1. Paul Brody, Global Innovation Leader at EY
“My own hypothesis is that this industry will mature the most with regard to using blockchain tools to secure blockchain applications in the next year or two. The ecosystem as a whole is still maturing, and because it is one where financial value is moved between users, we will see a lot of focus on securing those transactions and preventing fraud.
Using blockchain applications to secure non-blockchain systems may come a bit later, as the existing security infrastructure already has a lot of mature applications with large installed bases, something that risk-averse CIOs prefer to new, less tested technologies.”
2. David Campbell, COO of Electric Coin Company
“Blockchain provides for trust without dependence on a mutually trusted centralized entity, and as such has the potential to replace foundational components of the Internet such as the root DNS. That said, it's early, and we are without question still living in the dial-up age of the blockchain Internet.”
3. Steven Sprague, CEO of Rivetz
“The shift to a decentralized model of access control built on strong identity and device identity – and away from the use of just username and passwords on an unknown device. One of the core driving use cases will be compliance for blockchain transactions assuring provable controls were in place at the transactional level.”
4. Stephen Savage, Professor and Course Lead at Purdue University Global
“We will see increased distribution and adoption of “permissioned” (non-public) blockchain solutions, especially in the financial and supply chain sectors. These replacement solutions can provide substantial security benefits to individual enterprises and enterprise groups.
It is also impossible to talk about blockchain in isolation from the other emerging technologies, especially machine learning. Machine learning needs reliable data in order to be effective, current systems have major issues with the integrity of data, permissioned blockchain solutions help but do not eliminate all security issues, fully formed public blockchain solutions provide full and complete data integrity and, combined with machine learning, is where the future is.”
5. Sarbari Gupta, President and CEO of Electrosoft Services Inc.
“Automation is the top trend in the field of cyber security that will shape and further drive the application of blockchain in this arena. As more and more security operational tasks are automated (such as log reviews, network traffic monitoring, continuous monitoring of security authorization of information systems, maintenance of security documentation for systems, etc.), blockchain will fill a critical gap in providing the transactional assurance needed to promote more automation in these activities.”
6. Robert Paul, Director of Research of Development at NuID
“Widespread credential breaches. We have already seen massive data breaches with Marriott/Starwood, Collection Number One, BlackRock, Fortnite, over 140 major airlines and dozens of other breaches. This problem will only get worse as long as people continue to store login credentials—even hashed credentials—inside of traditional databases. Blockchains offer a way to break credentials and other identity data out of company-specific siloes and put ownership back in the hands of users.”
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