4 advantages of Blockchain Technology outside Cryptocurrency

Blockchain is a resourceful and farsighted invention of the human. The technology is viewed to bring meaningful and significant changes in the system of finance. Its decentralized, independent and transparency features make it more reliable and easily accessible for the users. Blockchain stores all the information and the records between the parties as a distributed ledger that can be easily accessed by them at any time and any place they want. 

Many cryptocurrencies or digital currencies are already based on Blockchain technology. Apart from digital currencies, it is also in use by some industries such as business, government, and healthcare, etc. It is helping the industries in improving their techniques of working, functioning and hence in performing better. It makes the organizations and users achieve accessibility, transparency, security, better functioning, and many such things at a very minimal cost.

Let us see how Blockchain will transform the industries and organizations for their enhanced performance by changing their functionalities.

Smart Contracts

Contractual transactions are time-consuming as well as a bit risky. In addition to that, it also lacks transparency, because contracts require the third party undertaking. It requires a third party to come in between or become a mediator between the two parties when they are signing a contract. 

Smart contracts are digital or virtual contracts. It does not need a third party and can perform without them. Smart contracts control the transfer of digital currencies or assets between parties but with certain conditions. A smart contract does not only include the rules, regulations, and penalties related to an agreement just the same way a traditional contract does, but it can also automatically execute those commitments. It is transparent and also accessible to both parties. None of the party can tamper it and even if they try to then the other party will automatically get informed.

Reduced Costs

Some financial institutions that provide cross-border exchanges, charge high transaction costs. It also involves middle-men or mediator to monitor and keep a check on the operations.

With blockchain, you do not need a third person to monitor and it will not even matter that you trust the other party because there is no room for any kind of fraud with this technology. The removal of middlemen leads to a reduction in costs.

Quality Assurance  

Blockchain assures quality providing the facilities of safety and security. It is very much essential for the organizations and industries to work efficiently, without any error or mistake, to maintain and upgrade their functioning. If any fault or error is found,
Blockchain will be able to trace it from the starting and after researching, necessary steps could be taken to fix it.

Efficient Accounting

Blockchain is virtual, where all the transactions are recorded automatically. This feature of Blockchain eliminates the chances of any human error. Records automatically get verified and this is how the chances of any mistakes lessen or even gets eradicated. This way it makes the transactions and accounting more accurate and also highly traceable.  

Conclusion

Despite the fact that Blockchain was initially explored for digital currencies or digital assets, it is in use and can be used in other different sectors and industries as well.

Top 5 Myths Surrounding Blockchain

Blockchain Technology has increasingly gained importance over the past years. From disrupting the working of industries to changing the way we live our day-to-day life, this technology has seeped into everything. This transformative technology is seen by many as the ultimate solution to all our modern-day problems. 

No wonder, people refer to blockchain as the genie of the 21st Century. However, with this blockchain has developed a mystical aura. It is surrounded by both believers and skeptics. These skeptics have spread a number of myths about blockchain. These blockchain myths have spread around the globe. 

But before going further, let us understand what is blockchain:

Blockchain technology is a distributed ledger that offers a way of recording transactions or any other kind of digital interaction. It stores and records everything in a secure, transparent and efficient way. The blocks in a blockchain are made up of pieces of information that are entirely digital in nature. These blocks secure the information with the help of cryptography which is almost impossible to break. 

To give you an insight into this emerging technology, here are the top 5 myths about Blockchain technology that you should be aware of:

  • Blockchain and Bitcoin are the same: The popularity of Bitcoin has overshadowed the stage for Blockchain. This has spread the confusion that both blockchain and bitcoin are the same. Blockchain is the technology that provides an open and distributed ledger that records everything in a transparent method. On the other hand, Bitcoin is a cryptocurrency that was built on Blockchain. Hence, blockchain can exist without bitcoin and it has disrupted a number of industries. However, Bitcoin or any other cryptocurrency cannot exist without blockchain. 
  • Blockchain can only be used in the world of finance: No doubt, the first sector blockchain stepped in was finance. With the birth of cryptocurrency, the financial world witnessed a wave of change. However, the technology itself has transformed a number of industries. Today, blockchain has found its utilization in a number of fields like healthcare, real estate, etc. Furthermore, it has also transformed the working of governments. 
  • There is only one type of Blockchain: In today’s tech-powered world, there are majorly three types of blockchains: 
  • Public Blockchain: In this kind of Blockchain, anyone can read and write on the blockchain
  • Private Blockchain: Here there is one in charge who manages and regulates the blockchain. Hence, it is not open to everyone to see and edit. 
  • Consortium Blockchain: In this type of blockchain, there is one in charge with a group of people or a company which together makes a decision which best suits the blockchain. 
  • Cryptocurrencies are volatile hence, blockchain is also unreliable: This myth was spread due to blockchain’s initial association with cryptocurrency. However, blockchain has a number of other applications except for bitcoin and cryptocurrency. Hence, one must not associate the reliability of blockchain with cryptocurrency. 
  • The information present on the blockchain is not publically available: One of the most common misconceptions surrounding this technology is that it is completely secretive. In contrast, most blockchains are public and traceable. 

Like any other innovation taking shape in this world, blockchain has a number of initial misconceptions and myths. However, with time, these misconceptions will find their way out and turn the skeptics of the technology into its believers.

Public key vs Private Key

The Public key and Private key are the cryptographic keys that are used to lock and unlock cryptographic functions including authentication, authorization, and encryption. Cryptographic keys are divided on the basis of the functions they perform, what properties it has and how it will be used. Like, a key might have one of the properties of Symmetric, Public or Private.

The keys can basically be grouped into two broad categories, symmetric (private or secret) key, and asymmetric (public) key. 

In Private key cryptography, users share a secret key among themselves which is used to encrypt and decrypt messages. The basic difficulty lies in securely distributing the secret key as the complexity and size of the network rises.

Public key cryptography includes the use of the pair of a public and private key. The user is free to distribute the public key but must always keep the private key secret. 

Private Key:

Private Key is used for encryption and decryption. It is symmetric as it is the only key that is shared with another party to decrypt the ciphertext or encrypted text. It is faster than public-key cryptography.

Public Key:

Two keys are used in the Public key. One key is used to encrypt and the other key is used to decrypt the ciphertext. The key used for encrypting the plain text to ciphertext or encrypted text is the Public Key. The key used by the receiver for decrypting ciphertext to read the message is the Private Key.

Let’s understand this with an example if Jack wants to send sensitive data to Jenny and also he wants to be sure that the data is able to be read by Jenny only. Here, he will encrypt the data with Jenny’s Public Key. Now, only Jenny has access to her corresponding Private Key. So, as a result, Jenny will be the only person with the capability of decrypting the encrypted data back to its original form.

Differences:

1.Symmetric and Asymmetric

  • The private key is symmetrical as there is only one key which is the secret key.
  • The public key is asymmetrical because there are two types of keys- a private key and a public key.

2.Secrecy

  • In Private key Cryptography, the key is kept secret.
  • In Public key Cryptography, one of the two keys is kept secret.

3.Speed

  • Private key is faster than the public key.
  • Public key is slower than the private key.

4.Encryption and Decryption

  • In Private key, the same key is used to encrypt and decrypt the messages.
  • In Public key, two keys are used- one key (public key) is used for encryption and another key (private key) is used for decryption.

5.Privacy

  • In private key Cryptography, the key is private.
  • In Public key Cryptography, public key is public and private key is private.

Panaesha Capital Pte Ltd.

Public Key is made available to everyone by a publicly accessible repository or directory. On the other hand, the Private Key remains confidential to its respective owner. As the key pair is mathematically linked, whatever is encrypted with a Public Key will only be decrypted by its corresponding Private Key and vice versa.

Hence, we can say that both the keys play an important role in the security of any data, especially in Blockchain transactions.

Block Size, Explained

A block is just like a cluster of transactions, where each transaction needs to be validated before it is accepted by the network.

This blog is going to show you what exactly is block size, issues that arise in the absence of block size and the solutions to resolve them. 

Curious to know more, read the complete blog below:

What is a Block and a Block Size?

A block consists of any file in which data pertaining to the most recent transactions is recorded permanently on a network.  

Whereas one can understand block size as the highest limit of information that a block can store.  These transactions are added to the blocks after getting validation from the miners. The blocks are then further added to the blockchain. 

Now it’s the Miners who actually get to choose how much of a block can they want to fill with transactions. However, if anybody tries to fill the block with information that exceeds the block size limit, it is automatically rejected by the network.

Why Block Size was created in the first place?

The intention to create the block size was to counter with the “denial-of-service attacks” on a network. In theory, if there is no block size limit, an attacker can potentially bring the system to a halt by overloading the network with information. 

The block size limits the number of transactions a blockchain network can process per second. Thus, it restricts the network’s ability to scale. When a block is filled, the network can become congested and can lead to a hike in the transaction fees.

What are the issues that arise in the absence of Block size?

Ther major issues that a network can face due to a lack of defined block size includes:-

  • A slowdown in the network
  • Higher transactions fees

A slowdown in the network:  The lack of a defined Block Size can cause a slow down in the network. It could be due to the excess information that is getting added to a single block. Considering the fact that the block size remains consistent and there is an increase in the number of users transacting on the network, this will result in a slowdown of the network.

Higher transaction fees:  Ad transactions increase and reach near the block size limit, it becomes a race to get their transactions approved and on the blockchain for the users. One way to ensure this is to pay higher transaction fees. The miners get an incentive to add the higher fee transactions on priority to the blockchain. This means that the smaller transactions ones will have to wait for hours or even days to just get their transactions confirmed. 

So What Are The Solutions for these issues?

To tackle these issues of potential attacks, network slowdown, and higher transaction fees, we can consider the following solutions:-

  • Increasing the block size- One simple and obvious solution is to simply increase the block size. However, the drawback which comes along with it is that by doing so, it encourages centralization.
  • When you simply increase the limit of a block size, you also increase the cost of running a full node on the network, which not everyone can afford. This, in turn, will result in the centralization with fewer people in the network.
  • Segregated Witness (SegWit) SegWit is a Soft Fork Method, that is used to increase the capacity of a network by removing the signature data of transactions. When certain data on a block is removed, it frees up space for more data. A soft fork is just a method of upgrading the blockchain by backward compatibility. 
  • Dynamic block size– Cryptocurrencies like Monero are successfully using the dynamic block size limit. This refers to the block changing its limit as per the volume of transactions at any given time. This makes the blockchain network less prone to a slowdown. 

Concluding, we can say that, cryptocurrency space is continuously growing and scalability is an important factor to consider. To prove itself to be a potential replacement of the current financial system, cryptocurrencies need to analyze how they are scalable in the long-run.

How Blockchain Technology influences the Music Industry?

The blockchain technology has influenced and helped many sectors since its inception in 2008. This technology is extremely advanced and has no competition as of now. Hence, be it banking, healthcare or the music industry,  all sectors of the trade are trying to incorporate it. 

There are many reasons how blockchain affects the Music Industry. Some of them are listed below:-

Enhanced Security:

Piracy has grown like a virus for the past 2 decades in the music industry. It has become one of the major concerns for all creative and talented musicians, as nobody wants their hard work to be stolen or copied. Recently, the music industry in the U.S. experienced:-

  • $12.5 Billion in total output costs
  • Loss of more than 70,000 jobs
  • The decline of revenue by $2.7 Billion in sound recording and retail industry

Blockchain technology helps to enhance technology and tackle piracy. This, in turn, helps the music industry decrease its losses due to piracy.

Intellectual Property Rights:

Blockchain can be used to determine the copyright of the particular intellectual property with the help of a Distributive Ledger. A Distributed Ledger is like a record book that contains all records of transactions within a blockchain. 

Hence, claiming ownership over the particular music can be done easily and can be used in the court of law, if it comes to that. The ledger makes it easier to determine the original owner of a particular song or music. The music industry sees many legal battles related to lyrics, music and the song itself. But this can be prevented by using blockchain technology. This would stabilize the music industry and help in resolving legal battles. 

Blockchain technology can also help:

  • In resolving any issues of purchased right of music, album or label between two or more parties.
  • Music labels to pay for buying the rights to use a particular music
  • An artist can claim his rights over the music with the entire history recorded in the blockchain technology.

The use of smart contracts can also go a long way in preventing future disputes from arising. Smart Contracts are self-regulated coded agreements between two parties that are managed by a P2P network. Any parties can sign this contract without needing the tradition contracts.

Fair Pay for all parties involved:

According to a report in 2017, the artists were paid only 12% of the total revenue generated in the music industry. This has lead to an uprise in the artists for a lack of fair pay for their hard work. This is generally due to a piece of music being sold on numerous platforms and no designed way to keep a track of it. Blockchain eliminates this problem.

Using blockchain, a music label or company can keep a record of all transactions across multiple platforms. This will create a transparent platform for all the parties involved and will give a fair picture of how much a record or music made. This will enable the artists to get a fair idea of their share and how much is the cost by third parties for selling their work.

This will also provide the editors, producers, songwriters, and sound engineers and collaborators with a chance to own the property right to a part of the song or music. In case the end-product does use the work of someone, they would know about the same and get their fair share of pay accordingly. end-product

Timely Payment:

Artists are generally not paid on time and are dependent on the agencies or companies to keep them updated with the revenue being generated and their share of the payment. These tend to misuse this power and exploit the artists. But with blockchain at the forefront, the artists will be regularly updated about the revenue generation, market value and will maintain the property rights of their work. 

With artists being aware of the revenue pouring in for their work, they can ask for their fair share of payment and receive it in a timely fashion.

Eliminating Distributors:

The most prominent use of blockchain is to eliminate the third parties involved in a transaction. Just like in cryptocurrency, blockchain eliminates the banking sector, the same can be done in the music industry.  Blockchain can play an instrumental role in bringing fans and artists closer. Just like readers pay to read content in content marketing, the fans can pay a micro fee for listening to an artist’s music. 

Some music companies already using Blockchain technology are:-

  1. Mycelia: A British Musician named Imogen Heap found this company. It was established with an aim to provide fair and timely payments to the artists by using ethical and technical standards in place. By the use of blockchain, they plan to convert this in a reality.
  2. Musicoin: They use the Pay-for-Play model, where the users have to pay for the music they listen to. They are using the smart-contracts feature by Ethereum and allow users to build their own network for distribution and generating revenue.
  3. Mediacoin: With a centralized focus on security, they want to create a platform to publish music, videos, and streaming services. These are paid by in token and anyone downloading the same without it will just get an unopenable file.
  4. Ujo: Another platform that is built on Ethereum, it is working to create a transparent database that records the ownership rights of all intellectual properties involved. 

It is estimated that within the next few years, the music industry will adapt to blockchain technology. This will reshape the entire music industry and make it more transparent and secure.

How Blockchain And AI Can Assist Master Data Management

Master Data is one of the most important and critical property that a business can possess. With the upcoming fourth industrial revolution, the significance of master data is only increasing. Along with the growing importance of master data, the branches of blockchain are also growing. Today, blockchain has emerged as a technology that has disrupted a number of sectors and fields. But before we go further into the advantages of using blockchain in Master data management, let us learn a bit more about master data. 

What is Master Data?

Master Data can be referred to as the business objects that include the most precious, agreed-upon information which is shared across an organization. This information can include the names of products, people like suppliers, employees, customers, etc. Moreover, information about special tools and equipment and facilities also comes under the Master Data. The purpose of Master Data is less in terms of measuring and more in terms of identifying. Now that you know what is Master Data, let us learn about Master Data Management. 

What is Master Data Management? 

Just like Master Data, Master Data Management is equally important for a business. It is important to curate and manage master data to ensure quality. With Master data management, the organizational members and enterprises get help in making decisions about the business. With effective master data management, the optimization and speeding of organizational processes also improve to a great extent. 

For large companies and firms, master data management has extra importance as it ensures compliance with regulations. This helps them align their processes with the laws set by the regulators. 

Now let us understand why we should involve AI and Blockchain in Master Data Management. 

What is the role of AI and in the field of Master Data Management?

Advantages of Artificial Intelligence (AI) comes in when we wish to make the process more autonomous by using computational capabilities. AI makes information system smarter by making sure that the right type of information is delivered to the right type of people at the right time. In a similar manner, AI can bring autonomy and swiftness in the sector of Master Data Management. 

In its primary stages, AI can be used to make sure that the data storage is kept clean. With AI, we can also ensure that the data stored is accurate and complete. One of the advantages of incorporating artificial intelligence in master data management is that the standards are upheld and followed. This will not only introduce extra accuracy but will also minimize the requirement of human intervention. 

However, AI is not the only evolving technology today. Blockchain has also gained huge popularity with its ability to disrupt a number of industries. No doubt, that blockchain holds the ability to transform the field of Master Data Management. 

How will Blockchain make Master Data Management better? 

Knowing that the security of master data is essential not only for business but also for compliance with regulatory bodies, we cannot leave out blockchain. In today’s technical world, no discussion about security and privacy can be complete without the involvement of blockchain. Blockchain can be counted as a revolutionizing factor for the privacy of master data. 

Businesses and companies can build internal blockchain networks to ensure the security of master data. This will not only protect the data from illegitimate modification but also from its accidental loss. 

Just like the advantages of artificial intelligence and blockchain in master data management cannot be doubted, similarly, the importance of Master Data can’t be denied either. Business and firms leading the race of employing AI and Blockchain technology do not only see the results in the present situation but also have a more secure future.

The Undeniable Potential of Blockchain Technology in India

Today we breathe in a world where technology is rapidly growing and reshaping our lives. The world is reaching new levels in terms of technology advancements every day. One such revolutionizing and redefining technology taking over the world is the Blockchain Technology. It is said to be limitless and taken as an ultimate solution to a number of modern-day problems. Blockchain holds the potential to change our lives in a number of ways. From the way we buy our groceries to the manner we interact with our government, blockchain can disrupt everything. 

Due to such qualities, blockchain has been accepted and implemented by a number of countries and industries. A number of developed nations like USA and many European countries have integrated blockchain seamlessly in their operations. India is also heading fast in the same direction. Future of blockchain in India appears to be bright and transforming.

Growing number of Blockchain projects in India

While talking about the future of Blockchain technology in India, one cannot ignore the fact that Hyderabad was recently declared as the Blockchain district of India. This shows the number of blockchain projects being taken up in this growing nation. A report says that Indian Public sector has taken up a number of blockchain projects which includes nearly half the Indian states. Furthermore, even the state governments have also taken a positive stance. 

One of the unbeatable and strongest benefits that blockchain technology brings along is its ability to keep data confidential. India’s developing infrastructure has also increased the amount of confidential data massively. With The Personal Data Protection Bill coming in action in 2018, the Indian government has taken data protection seriously. Blockchain can be a saviour in this situation as it can bring in a better and systematic point of view in this scenario. 

India is not only accepting blockchain now but is also pushing further in the field. Blockchain was born in 2008 however, it travelled to India only in 2015. However, since then a number of enterprises have embraced the technology and a number of blockchain projects in India have been initiated. 

Sectors that have shown the highest adoption of Blockchain are the Banking and Financing sector. However, other industries like healthcare, logistics, and retail have also raced behind. India has caught up with other nations with great speed and ranks at sixth position in getting approved patents in the field of blockchain. Within 2018, India has secured a total of 67 patents. 

With blockchain in hand, India can transform itself into a technically advanced nation. This will not only affect the nation and its growth but it will also ease our lives and make it even more efficient.

Revolutionary Use of Blockchain in HR

For quite some time, blockchain has been transforming the financial world and now it has turned its focus on the HR industry. The opportunities of incorporating blockchain technologies in HR sector are endless and HR departments are embracing this technology with open arms. If blockchain technology is used in HR industry, it can completely transform this industry.

Let us examine some of the prominent ways in which blockchain can revolutionise  the way HR sector operates:

  • Easy and Efficient Recruitment Process

Traditional recruitment process usually consists of going through numerous applications, conducting interviews and negotiating salaries. A lot of time goes into verifying the information that candidates provide. Blockchain can help make the recruitment process more streamlined – by creating a “candidate verification system”. The system can help verify education, work history, performance of candidates which could ultimately determine if a candidate is a good fit for an organization or not. This also brings more transparency in the recruiting system.

  1. No more Traditional Resumes

Blockchain technology makes use of digital resumes and career networking websites. Companies can access the database of candidates using their “digital profile” or “digital footprint”.  With the help of Blockchain, one can also map performance of candidates and store various other information, such as- why a candidate was promoted or exit a particular organization.

  1. Easy Matching for Job Profiles

Use of blockchain technology in HR can make predictions about the future job market. With blockchain, searching a job won’t be a tedious process rather it would make matching of job profiles easier for the employee as well as the candidates.

  1. Securing HR Data from Within

Security is one of the biggest advantages that blockchain system provides and which can be put to great use in HR industry. With use of Blockchain, HR departments don’t have to worry about company data being breached from internal or from external sources. No information or data of any employee can be tempered or modified.

  1. Efficient Overseas Payroll Process

Overseas payroll can be a lengthy process because of involvement of multiple banks and third parties. By adopting a decentralized and secure ledger system that blockchain provides, we have a method of validating information more efficiently, therefore cutting out the middleman. Blockchain solutions can effectively reduce the fees for employers and the wait time for employees, which is a win-win situation for both parties.

The above list is just a sample on how blockchain technology can impact and revolutionise the HR industry whereas the possibilities are endless.

The Second Wave vs The First Wave of Fintech

Fintech as a term described in Wikipedia is as follows, “FinTech is the new applications, processes, products, or business models in the financial services industry, composed of one or more complementary financial services and provided as an end-to-end process via the Internet.”

Financial technology is an industry in itself, offering disruptive alternatives for the delivery of financial services. Over the past years, fintech has been a magnet for investment, and it has changed the way that people and institutions transact and interact with each other. It has provided people with a valid and reliable exchange platform.

The first wave focused on fintech startups, providing new ways of doing existing things more efficiently that aimed to supplement large financial institutions. Initially, the first wave focused on Business-to-Consumer (B2C) interactions in the banking sector, in the areas of payments, banking, lending, and securities. Fintech is aimed to reshape the banking industry. Disruptive entrepreneurs use software to create radical new services so as to lure customers away from the traditional banks. The goal was to reinvent finance.

Whereas the next wave of fintech is going to bring greater collaboration and partnership between technological and institutional companies. It is going to extend its impact into other areas of the fintech industry, such as alternative investments, that did not receive much attention in the first wave.

Why do fintech companies want to collaborate with the companies that they were supposed to destroy? There are various reasons for why collaborating is a huge trend in the fintech industry. Firstly, the partnership model gives fintech companies instant access to customers and secondly, it provides them with the capital and expertise of banks.

Fidor Bank is one such bank, involved in the partnership movement. It was launched in 2009 as an online-only retail bank, offering radical options such as bitcoin banking, whereas today Fidor has almost 30 partnerships with fintech companies.

“The reason we are in the second wave is that people realized that you are not going to own the whole value chain”

– Jennifer Hansen, Saxo Bank

Small Businesses are the Next Focus of Fintech Wave

The war for fintech dominance in the consumer market is still going on, but a new battle line is emerging as they set their sights on small businesses. As of now, the fintech startups are focusing more on the consumer market, changing the way people bank, borrow, invest and pay for purchases, but they are also eyeing the small business markets.

The next wave is focused on helping small businesses manage their cash flow. It is a huge opportunity for the fintech, since many big banks are reticent to lend money to these small and risky enterprises. That presents fintech as an opportunity to fill an unmet list of needs and do it at a lower cost of customer acquisition.

In comparison to the first wave of fintech, the next wave promises to be more cooperative and collaborative, rather than disruptive of traditional ways, and more broad-reaching. As a result, it will be even more impactful and transformative than the first, and use of innovation and technology are already beginning to bear fruit.

Applications of Blockchain in the Field of Cybersecurity

We have got used to hearing about new and innovative projects with blockchain as the underlying technology. Whether it is an online marketplace or green energy blockchain technology is everywhere these days.

Cybersecurity and Blockchain Technology

Cybersecurity is becoming a pressing problem due to the unreliable nature of today’s world wide web. Cybersecurity alone costs approximately $450 billion per year to the global economy. Blockchain has a lot of potential to restructure the way cybersecurity plays out its part.

Nick Bilogorskiy, Cybersecurity Strategist at Juniper Networks, said, “Blockchain has plenty of genuine use cases, for example, decentralized storage, preventing fraud and data theft, and distributed public key infrastructure for user or device authentication.”

Let’s look at what problems in cybersecurity is blockchain technology tackling right now?

Multi-Factor Authentication

Deliberate Denial of Service (DDoS) attacks are quite common threats when it comes to cybersecurity. DDoS attacks are widespread and rampant due to the existing DNS (Domain Name System). If the creator of data holds complete data in just one location which is centralized, then it becomes infinitely easier to hack and manipulate. Data security offered by blockchain’s decentralized structure can help distribute information via nodes, due to which systems will become impossible to hack virtually.

A blockchain Technology based security startup, REMME, is making attempts to prevent cyber attacks such as DDoS on large and small companies. Blockchain ensures that there remains no room for any errors, and the easy to hack into one-step password system which are so widely used is taken down by introducing multi-factor authentication.

Improving Security of IoT

A major threat to device security is a big roadblock in the IoT industry. A research by Gemalto highlights the fact that 96% of companies and 90% of consumers using or working with IoT devices believe that they aren’t secure and they should be better regulated. The main concern for most people is that a hacker can take control of any device and their personal information without the data security of blockchain

IBM is leading with innovations in IoT with blockchain technology. IBM’s Watson IoT Platform allows IoT devices to transmit files to blockchain based ledgers which will ensure that data is shared through records and transactions which are completely tamper-resistant and are validated via smart contracts.

Filling Talent Gaps

There is quite a lot of talent shortage, especially in cybersecurity industry. Unemployment in the cybersecurity industry is almost negligible with constant challenges of the emerging tech and greater threats. Firm, Frost & Sullivan predicts around 1.8 million vacancies in the industry.

PolySwarm, a blockchain based antivirus marketplace, incentivizes cybersecurity experts from across the globe to work towards fighting cybercrime. This gives bright talents an opportunity to shine, despite their location, education, and history, and help detect cybercrime faster.

Which other fields within the cybersecurity industry can blockchain technology be applied to? Comment below and let us know.