Blockchain Tech: We Could Learn a Cybersecurity Thing or Two from Bitcoin
Although developed as a core technology underlying the infamous bitcoin, the blockchain ledger mechanism is proving to have a multitude of potential use-cases, from IoT micropayments to capital market trading, retail banking and even voting. The bitcoin blockchain is, in effect, a distributed ledger, shared with hundreds of thousands of automated machine auditors all running the bitcoin open-source code; they verify the authenticity of every transaction, drastically reducing, if not completely eliminating, fraudulent entries. But contrary to popular belief, bitcoin does not guarantee bulletproof anonymity. Emerging forms of cryptocurrency are privacy-preserving. This brings new complexity to both business transactions and justice in the wake of cybercrime. In this session, we'll walk through the potential impact of broader blockchain deployment, and review cybersecurity lessons blockchain technology provides for other deployments.
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