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By SecureWorld News Team
Mon | Mar 20, 2017 | 2:02 PM PDT

The possibilities are endless. 

Naked Security explains:

This week, the International Telecommunications Union is holding a workshop to see how blockchain technology might be useful as a security tool. It’s a good indicator of the technology’s ongoing success. Eight years after the original bitcoin blockchain emerged, efforts are well under way to push its security benefits into multiple industries. What strengths does it carry, and what challenges will it face, as a next-generation security tool?

We explained basic blockchain operations here. The technology’s biggest security benefit is its ability to cut out the middleman. Instead of transacting via a trusted arbiter, parties get to transact with each other directly, and seal the outcome so that neither can dispute it in the future.

Why is this useful, if trusted third parties promise to do all that work for you? The problem with trusted third parties is that you can’t always trust them. Just look at what happens if your trusted third party happens to be Wells Fargo, or Bank of America, say.  Or Deutsche Bank, or Barclays, UBS, Rabobank, and the Royal Bank of Scotland. We could fill an entire article with links like this. You get the picture.

Tags: Cybersecurity,
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