Is Blockchain The Answer To Blockchain Security Problems?

Yes, you read that right! Blockchain security problems might be best solved by blockchain itself. Here's how and why that can be.

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April 2, 2019
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Given blockchain’s impressive new prominence in the marketplace, it’s of little surprise that so many people are finally discussing the myriad of ways in which it can positively disrupt the market. Most conversations surrounding blockchain technology have often centered around its security applications, particularly since the decentralized nature of it threatens to upend traditional understandings of information security. Precious little attention is being paid to how blockchain projects themselves might be secured, however, a problem to which an obvious solution awaits. Is blockchain the answer to blockchain’s security problems? Here’s how blockchain technology might be used to secure the very same enterprise projects that rely on it.

There are more blockchain developers than ever

It’s growing increasingly obvious that blockchain’s explosive foray onto the modern marketplace was only the beginning. The technology’s debut ignited a movement that helped bolster cryptocurrencies to international fame and spawned a number of impressive startups. These days, there are more blockchain developers than ever before and seemingly endless options to pick from when it comes to investing in a blockchain-based startup. Nevertheless, it remains to be seen if these endeavors are as digitally secure as they should be, especially as the nascent industry keeps scaling at a rapid pace. Many of those who are unfamiliar with blockchain technology continue to have their doubts about whether it can be used to secure personal information, too. For blockchain to become the solution to its own security dilemmas, its proponents must make a firmer argument that it’s a positive development in terms of information security rather than a negative one. As consumers begin asking questions like whether blockchain can secure their information as it comes to dominate financial institutions, startups and entrepreneurs trying to profit from the tech need to passionately demonstrate that the answer is “yes.” Blockchain can only become the answer to the security problems plaguing its rise if it’s truly a better alternative than traditional options. This is good news, as it’s becoming increasingly obvious that blockchain tech stands apart from traditional security technologies and could come to occupy its own niche in the IT security sector. As this technology continues to penetrate different industries and spread across the marketplace, we’ll need more and more IT specialists and defense experts to become familiar with its intricacies. In other words, coming to know the differences between blockchain and traditional security technologies will become an essential part of IT security in the near-future.

A decentralized web of security

Why is blockchain so jam-packed with potential when it comes to IT security, anyway? The answer largely revolves around the fact that blockchain technology produces a decentralized web of security, with no single point of failure existing so that outside hackers can exploit it in their nefarious efforts to breach your network. Building your company up from scratch with the help of blockchain technology, while conducting a cloud data review, is thus incredibly alluring for entrepreneurs, who are increasingly realizing that they need to master the realm of digital security in order to remain attractive to customers in the 21st century market. Consumers everywhere are increasingly panicked when it comes to data privacy and IT security, after all, and blockchain technology is an innovative way to help ease their fears. The ledger-like nature of blockchain technology makes security solutions that rely on it incredibly auditable, meaning customers everywhere can be reassured that the people handling their data can be held accountable. This kind of commercial appeal is just another reason why blockchain will keep helping itself out when it comes to confronting the security crises that plague any new technology. Another reason blockchain will become imperative for security solutions in the near-future is that the technology is going global, which is lowering the international costs of entry into the realm of IT security and introducing new IT experts to the international marketplace. A Deloitte survey recently fielded by Deloitte on the topic of blockchain featured something relatively unusual; unlike many tech-centric studies, this one included many respondents from outside the Western world. Deloitte found that interest surrounding blockchain is growing in all corners of the globe, with there being obvious security applications for the technology in a wide array of industries.

Blockchain will provide international IT solutions

With blockchain obviously on the path towards becoming an internationally-utilized technology, it’s safe to say that it’s going to be necessary to provide international IT security solutions in the near-future. As we become more interconnected and companies spread further across the globe, it will be important that we have technology which mirrors this worldwide reach. Those who claim that blockchain doesn’t have a sustainable future have obviously not given enough consideration to the fact that the international appeal of the technology will keep supercharging its security potential for years to come. Besides attracting bright minds from all over the globe to work on IT security, blockchain technology is also rattling existing IT security providers and forcing them to innovate in order to keep up. Perhaps more than anything else, this will help ensure blockchain makes a positive impact on IT security in the long-term.

Conclusion

With investors and consumers alike growing increasingly interested in blockchain technology, and with a myriad of startups becoming more capable of fielding blockchain-based security solutions, we have every reason to believe this decentralized technology will keep being a central part of IT security. As blockchain technology continues to grow, expect it to provide its own solutions when it comes to data privacy.