Blockchain Has The Potential To Bolster Cybersecurity: Report

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Cyber security

Companies run the risk of losing out to cyber-theft if they do not soon embrace technologies like Blockchain, Artificial Intelligence, Machine Learning, Robotics and Virtual and Augmented Reality, states a new research.

These new era techs especially Blockchain have the capability to reshape digital business in 2018, according to global IT solutions and services provider Dimension Data.

“In the financial services sector, we’ve seen the US and European capital markets moving onto Blockchain platforms and similar activity in markets such as Japan. Considering how conservative and compliance-focused this sector is, that’s quite remarkable,” ANI quoted Ettienne Reinecke, Dimension Data’s Group Chief Technology Officer as saying. ”I believe that Blockchain has the potential to totally re-engineer cybersecurity, but the industry has yet to come to terms with it.”  Blockchain will also prove its potential on the Internet of Things (IoT) front in the year ahead, he said.

In 2018, some interesting applications of Blockchain and IoT in the area of cybersecurity will come up.

Another emerging trend is the rise in new wireless technologies that will enable IoT and bring more proximity to passive connectivity.

“Some of these advancements will include 5G and Gbps Wi-Fi, new controls, virtual beacon technology, and low power, long distance radio frequency,” Reinecke said. 

The adoption of emerging technologies in India is at par with other countries globally, ANI quoted K.N. Murali, Head Solutions, Dimension Data India as saying. “There has been an increase in the adoption of Blockchain especially within the Indian BSFI sector, and is currently being used for fund transfer, digital identity and payments infrastructure.” “In 2018, we will see the ‘zero trust’ security model re-emerging which means that enterprise systems will vigorously authenticate whether users are indeed entitled access to specific sets of data, before making them available,” he said. 

Blockchain will become the implementer of the ‘zero trust’ policy, Murali said.