The internet has been exponentially growing and with it, the threat of hackers and cyber attacks. 1 in 5 small businesses are attacked by payment data breaches each year, with 60% of those attacked going out of business. These preventable cyber breaches cost retailers and small business more than 445 billion dollars in damage a year and lose Americans thousands of jobs.
On the other hand, cryptocurrency data cannot be manipulated without detection. Due to this, cryptocurrencies protect the integrity of payment data and cyber infrastructure for victims of data breaches. Cryptocurrencies are immune to such attacks as their encryption would take 3 times the age of the universe to crack. Even if a few users are hackers, overall databases would stay protected. The usage of Bitcoin’s underlying technology, blockchain, is even being invested by government agencies such as DARPA and the pentagon. Blockchain’s security attraction stems from the fact that any database changes are immediately sent to all users to create secure records. For example, DARPA engineers are experimenting with this technology to create secure messaging services.
It is clear that cryptocurrencies have expanded beyond their original uses. Its underlying technology is spreading to become the infrastructure of many more systems and cybersecurity is just one benefactor.
Sources:
- https://venturebeat.com/2017/01/22/blockchains-brilliant-approach-to-cybersecurity/
- https://www.pcworld.com/article/2046300/hackers-put-a-bulls-eye-on-small-business.htm
- https://www.nbcnews.com/tech/security/cybercrime-costs-businesses-445-billion-thousands-jobs-study-n124746
- https://www.washingtontimes.com/news/2017/aug/17/pentagon-eyes-bitcoin-blockchain-technology-as-cyb/
