For those of you who believe we need a complete rethink on how we protect our online identities and our data, Blockchain could be the answer.
In addition to lowering the cost of moving money around the world, Blockchain could also safeguard data from hackers and keep internet services running smoothly.
Hackers can shut down entire networks, tamper with data, lure unwary users into cybertraps, steal and spoof identities, and carry out other devious attacks by leveraging centralized repositories and single points of failure. The blockchain’s alternative approach to storing and sharing information provides a way out of this security mess. The same technology that has enabled secure transactions with cryptocurrencies such as Bitcoin and Ethereum could now serve as a tool to prevent cyberattacks and security incidents. Blockchains can increase security on three fronts: blocking identity theft, preventing data tampering, and stopping Denial of Service attacks.