Technology enthusiasts claim that Blockchain technology can be used to introduce major changes to the security industry. They argue that technology is not only effective in powering digital currency exchange, but can also be use to strengthen the existing security solutions.
Travis Biehn, technical strategist at enterprise software company Synopsys, believes that the technology has great promise in the security industry. It can be used to improve the recording of financial transactions, as well as in controlling network communication, Internet of Things (IoT) devices and supply chains.
Brief background of Blockchain technology
Blockchain technology was originally intended as a tool to expedite the exchange of digital currencies such as Bitcoin, Ethereum, Dash and others. The Blockchain is an electronic ledger system that is decentralized in nature. Information about transactions is distributed around the world through computers. Each computer that runs the Blockchain software has a full copy of the decentralized ledger, eliminating the need for a middleman.
How Blockchain can benefit the security industry?
According to Biehn, Blockchain-based decentralized systems can be used in cybersecurity, particularly in such areas as hardware and software supply-chain problems. He added that the increased transparency offered by the technology can solve many complex cybersecurity issues.
"If you look at other ways of doing this, if a single database were shared for example, or a traditional leader-election protocol were used, any one of the members can change the data-store at any time. In applications like identity or supply-chain tracking, you obviously don't want a consumer of the data to be able, or someone who has compromised a participant, to change all the information in that ledger."