There are numerous practical use cases between blockchain and cybersecurity, and the overlap seems to be only growing larger. With new technologies comes more opportunities for hacks and cybersecurity threats. As more companies prepare for modern hacking and digital extortion attempts, blockchain and cybersecurity are a hot topic.
Blockchain and Cybersecurity
Whenever you talk about the blockchain, you almost always enter a discourse of hypotheticals. This is true in relation to government and commerce, and it’s true of cybersecurity as well. But cybersecurity is a pressing problem, costing the global economy an estimated $450 billion a year.
So, rather than speculate over how blockchain may eventually resolve the woes of this problematic industry, what problems is it tackling now? And which companies are getting their hands dirty (so to speak)?
“Blockchain has plenty of genuine use cases,” says Nick Bilogorskiy, Cybersecurity Strategist at Juniper Networks, “for example decentralized storage, preventing fraud and data theft, and distributed public key infrastructure for user or device authentication.”
DDoS (Deliberate Denial of Service) attacks are one of the most common cybersecurity threats in the industry today. And they are rampant and widespread mainly due to our existing Domain Name System. When we hold data in one centralized location, it’s infinitely easier to break into. With blockchain’s decentralized structure, distributing information over nodes, systems will become virtually impossible to hack.
“Instead of all passwords of users being held in one database in the network operations center of one company, each individual holds their private key,” says Nick Spanos, founder of the Bitcoin Center NYC. “Companies like Equifax and Wells Fargo would never again handle information the way that they did. You would have to hack millions of their users simultaneously–a much more difficult feat.”
Winner of the Microsoft Blockchain Incentive award, blockchain security startup REMME is currently preventing cyber attacks on companies large and small. By eliminating the room for human error, and the simple one-step password system widely used, we close the window for opportunist hackers scouring for easily crackable passwords.
REMME’s robust solution is built on the decentralized ledger and manages and authenticates users and devices through multi-factor authentication. This eliminates the chances of preying on the easiest target for cyber attackers (weak passwords).
The company is also working with several Bitcoin exchanges to help prevent phishing attacks like the Bitfinex attack that lost $60 million (120,000 BTC at the time). They provide the security of an authorized platform based on cryptographic principles and a user-friendly, one-click 2FA.
Improving IoT Security
One of the stumbling blocks in the road of IoT’s growth is the constant threat of device security. According to research by Gemalto, 96 percent of companies and 90 percent of consumers believe that their IoT devices aren’t secure–and that there should be government regulation in place. Their main concern, it seems, is that a hacker will take control of their device, or that their personal data will be stolen.
When baby monitors and medical devices are infected with Malware, and major car manufacturers lose control over their vehicles, the public’s concern is understandable. The thought of losing control of your car or respiratory equipment is indeed panic-inducing. But here too, blockchain is starting to show some results.
IBM has a long history of innovation. So it’s not surprising that they’re leading the charge when it comes to blockchain tech. The IBM Watson IoT Platform is allowing IoT devices to transmit data to blockchain ledgers. This data is then included in shared transactions and records that are tamper-resistant and validated through secure, smart contracts.
Australian telecommunications giant Telstra is also seeing success using blockchain to secure their “smart home” IoT ecosystems, by verifying people’s identity through stored biometric authentication data. And IOTA is also showing promise for the scaling of IoT through its Tangle technology.
Filling the Talent Gap
You may have thought there were more than enough computer engineers to go around. But it turns out that there’s quite a talent shortage when it comes to cybersecurity.
Unemployment in the industry hovers around zero. This means that when new positions crop up, they are extremely hard to fill. And with the constant challenges of emerging tech (and with them, greater cyber threats) by 2020, Frost & Sullivan predict at least 1.8 million vacant positions in the cybersecurity industry.
Companies like PolySwarm, a decentralized antivirus marketplace, incentivize techies around the world to contribute toward fighting cybercrime. Not only does this give bright talent a chance to shine, regardless of their location, education, or history, but it also helps detect cybercrime faster.
Dwell times (the amount of time a virus sits dormant inside a system before activating) is one of the most serious threats today, meaning speed is of the essence. With former McAfee Antivirus CIO Mark Tonnesen as an advisor to the PolySwarm team, stopping cybercriminals in their tracks and preventing attacks is becoming a reality.
Not Everyone’s in Agreement
Of course, the debate about blockchain and cybersecurity, and their suitability as a technology rages throughout the cybersecurity industry as well. Despite the growing number of use cases and gathering momentum for blockchain, not everyone’s in agreement about its potential.
CEO of Gunner Technology Cody Swann says, “We’ve been inundated with requests for blockchain apps from entrepreneurs. Unfortunately, none of these products have made it past alpha on the blockchain. Why? Because in the vast majority of the cases, the blockchain is an inferior choice to most technologies.”
Worldpay Vice President and Head of Global Cyber Defense & Security Strategy, Peter Tran, is also less than enthused with blockchain technology so far. He believes that artificial intelligence and machine learning have the upper hand in fighting cybercrime. And also that rehauling existing infrastructures may not be an economic reality.
The challenge here will be in making blockchain and cybersecurity technology easier, more effective, and cheaper to use. But it’s heartening to know that blockchain is already solving many of our problems and can only go up from here.
The post How is Blockchain Being Applied to Cybersecurity Right Now? appeared first on CoinCentral.
Is Bitcoin changing hands or being exchanged for altcoins?
HODLers are known to sell at the top of the market cycle. However, since the price rally in July 2020, dormant coins from 2017 and 2018 are selling at the current price level. Pioneer of on-chain analysis, Willy Woo recently tweeted saying,
In several instances in 2014, 2017, and 2018, HODLers have booked unrealized profits. However, Bitcoin’s price was an ATH in that case. Currently, the price is above $11300 and dormant coins getting sold at this price level may indicate the possibility of an upcoming drop in price.
On the contrary, since the second week of October 2020, several altcoins have been performing well. Offering double-digit returns in a week or a 24 hour period and this is lucrative to HODLers. Based on CoinMarketCap’s on-chain analysis, 88% of HODLers have unrealized profits in their portfolio. In anticipation of a Bitcoin price rally, HODLers may book a couple of tranches of profits and wait. They may buy altcoins like ADA, XLM, or FIL based on their weekly and 24-hour returns and book profits in the short-run.
This is evident from the sudden and unpredicted increase in the trade volume of FIL, in the past 5 days. From 31 million it increased to 155 million in a single day. Corresponding to this increase in trade volume, the price has increased by nearly 22% in one week.
Altcoins are a lucrative option for another reason, Bitcoin’s volatility and volume are low. The recovery is taking longer than expected, even with the ushering in of smart money. It may be long before HODLers who purchased above $10000 would see an ROI of 100%. In the meanwhile, the ones who have persevered through $3k-$9k level are selling and turning in.
Holding an asset long enough comes with an opportunity cost. HODLers who are aware of Bitcoin’s potential long-term return have paid this cost and may be ready to take by selling Bitcoin and trading in Altcoins, or reducing risk exposure and switching to Bitcoin options. This move by HODLers does not signal towards a price drop. There is an equal possibility that this builds a bullish case for Bitcoin in the longterm and altcoins in the short term.
Founder of DeFi’s Yearn.finance (YFI) just launched another Ethereum experiment
The DeFi innovator recently unveiled his latest experiment, a network called the Keep3r Network, whose native token is KPR.
Unfortunately, like his other recent experiment, some participants got burned as they bought the token of the project without thinking, then got dumped on by bots and power users that managed to accumulate large swaths of this asset.
Here’s a recap of Cronje’s latest project, including what it is and what went down after he released it.
What is the Keep3r Network?
According to Cronje’s Github, which published for this new system on Oct. 19, Keep3r Network is a decentralized marketplace where projects can post jobs and where users can take jobs.
Jobs can be anything as “simplistic as calling a transaction, or as complex as requiring extensive off-chain logic.” A sample job Cronje mentioned was calling the “harvest” function in a Yearn.finance Vault, which collects and liquidates the coins farmed by the invested capital.
The idea with Keep3r is to allow projects strapped for manpower, such as Yearn.finance perhaps, to offload some of the work or maintenance to a group of freelancers.
To ensure that the user is right for a job, job posters can “specify a minimum bond, minimum jobs completed, and minimum Keeper age required to execute this function.”
In this system, the reward for each job being completed is meant to be paid in KPR tokens.
Job posters can pay out KPR by providing KPR-ETH liquidity on Uniswap.
There is no formal user interface for this network, with Cronje using the term “beta” in the project’s readme document.
A stealth launch
Like with Eminence and Liquidity Basic Income — Cronje’s two prior experiments released in the past month — Cronje directly interacted with the Keep3r Network contracts, signaling to Ethereum users that it is him behind this project.
Unlike with Eminence and Liquidity Basic Income, though, this project flew under the radar.
Cronje did not tweet about it, nor did he publish a Medium blog on the matter.
This meant that the only ones who know of Keep3r Network existence for a long time were those that followed Cronje’s GitHub, or those that tracked his Ethereum address. Twitter, which catalyzed the hype around Eminence and Liquidity Basic Income, did not pick up on this stealth launch.
As a result, little capital flowed into the KPR token itself.
However, there was some money that found its way into KPR.
By the evening of Oct. 19, KPR traded for $2,000 — 200,000 percent than its starting price just shy of $1.
But as quickly as it rallied, the original KPR dumped back under $100.
The reason: Cronje redeployed the Keep3r contracts a number of times, seemingly to iron out bugs in the network.
He continues to test KPR’s functionality with new contracts. But for some reason, bots or users experiencing FOMO continue to buy the coin anyway as they seek to capture the next coin that rallies 1,000,000 percent.
Like what you see? Subscribe for daily updates.
Bitcoin Decoupling Nearing $12K As Wall Street Tumbled: Crypto Market Watch
Bitcoin finally made a move in the past 24 hours and surged to a new 7-week high of over $11,800. Interestingly, BTC’s price increase contrasted with the US stock markets as the three most prominent indexes closed yesterday’s trading session with serious losses.
Bitcoin Spikes To $11,820
CryptoPotato reported yesterday that Bitcoin had remained relatively calm in the past several days, despite recent negative news. The popular digital asset exchange OKEx suspended withdrawals after reports that its founder was taken away by the police, and the CME gap left open at $11,100 suggested a possible short-term price drop.
However, the primary cryptocurrency tends to prove people wrong, and that precisely what transpired yesterday. BTC traded around $11,400 but initiated an impressive leg up that resulted in a 3.7% increase to $11,820 (on Binance). This was the highest price level Bitcoin had seen since early September.
The asset has retraced slightly since then and currently hovers around $11,750. Nevertheless, this is still a 2.8% increase on a 24-hour scale.
The technical aspects indicate that the $12,000 – $12,100 area is the next major resistance in BTC’s way up.
With the price jump mentioned above, Bitcoin displayed early signs of decoupling from Wall Street. After weeks of resembling the US stock indexes, BTC surged in value, while the S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite all dropped by over 1.5% in a single day.
Bitcoin Extends Its Market Dominance
Although some alternative coins mimicked Bitcoin’s gains, most have remained relatively still. Consequently, the metric comparing BTC’s market cap with all altcoins, namely the Bitcoin dominance, has increased by nearly 1% to 59.7% in 24 hours. On a weekly scale, it has expanded by almost 2%.
Ethereum’s 1.4% price spike has taken ETH near $380. Ripple (3.1%) is the most impressive gainer in the top 10, and XRP trades close to $0.25.
Bitcoin Cash (0.8%), Chainlink (0.5%), Cardano (1%), and Litecoin (2%) are also in the green from the top ten. In contrast, Binance Coin (-0.2%) and Polkadot (-1%) have decreased slightly.
Dash has surged the most on a 24-hour scale (11.6%) to $74. Nano follows with a 10% pump to $0.9.
On the other hand, Aave (-12%) and ABBC Coin (-10.5%) have lost the most value. AAVE trades below $35, while ABBC hovers around $0.57.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Blockchain1 month ago
Bitcoin price volatility expected as 47% of BTC options expire next Friday
Blockchain1 month ago
Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto
Blockchain2 months ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
Ethereum: Is the HODLing in yet?
Blockchain1 month ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain1 month ago
Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch
Blockchain1 month ago
YFI Founder Puts Himself Forward for Uniswap (UNI) Delegation Duties
Blockchain3 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics