The technology landscape is abuzz with a new yet promising technology, ‘Blockchain’. The distributed ledger technology (DLT), has disrupted the IT landscape in ways that has not been witnessed since the arrival of internet. The technology that underpins Bitcoin will make organizations more transparent, democratic, decentralized, efficient, and secure. While the most apparent application of Blockchain Technology is in the Financial services industry, the technology has also found application across several other industries.
In the words of Winston Churchill “Responsibility is the Price of Greatness”
Firms and businesses have a similar responsibility, as well as commitment towards the social and economic development of their stakeholders, community and the society at large. In fact, the practice of CSR or Corporate Social Responsibility as a business model has evolved from being a slogan that was considered trendy by some firms to the current era where it has become more of a business requirement rather than just an option.
Smart Contract, also called as self-executing contract, blockchain contract or digital contract, is a set of instructions that automatically performs the obligations under the agreement, which parties have committed to. By being immutable and cryptographically secure, Smart Contract gives us the security of Blockchain Technology, that is, it provides distributed trustworthy calculations.
The cyber attacks are increasing very quickly and hence the threat to Cyber Security. In this article we have discussed about Blockchain Technology – whether it can be used to secure the cyber world or not?
The Era of Digitalization, The Era of Cyber Attacks
According to reports by various agencies, the recent cyber attack of ransomware knows as ‘WannaCry’ has affected over 200,000 computers in over 150 countries. The ransomware was supposedly spread through spam emails of fake invoices, job offers, etc. which had .zip file attachments. Once the attachment is clicked, it initiates the infections of WannaCry. However, one of the CISCO’s division believes that vulnerable systems which were left open on the internet could be attacked without any need for phishing.
Blockchain Technology based on Distributed Ledger concept is being exploited by BFSI companies to increase efficiency and reduce cost. While Blockchain has found wonderful use cases for the Banking and Financial Services organization, experts have predicted that it is going ‘Disrupt’ the insurance industry in a true sense. No wonder 3 of the 15 largest VC FinTech deals of 2016 went to Blockchain start-ups.