Cryptocurrency transactions are not the only

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How Blockchain Technology Can Transform the Security Industry
Charlie Osbourne | 09/06/2017
When implemented correctly, blockchain can bring greater trust in security systems to the corporate world .

application for blockchain technology, and experts believe it can also be used to improve security solutions. According to Travis Bien, a technical strategist at enterprise software and solutions firm Synopsys, blockchain is not a magic wand for ensuring security, but it has the potential to become a means not only for recording financial transactions, but also for monitoring network communications, as well as Internet of Things devices and supply chains.

Originally designed to facilitate the luxembourg mobile database of virtual currencies like Bitcoin, blockchain technology is an electronic ledger system that is decentralized in nature. There is no central system that stores data related to transactions, trades, sources, and activity, and all information is instead distributed across a world of computers, also called nodes, that carry a record of the chain between them.

“The ability to build decentralized systems using blockchain is exciting, and it could potentially be used in a variety of cybersecurity areas, including promising areas such as hardware and software supply chain issues,” Bien said. “The increased transparency provided by blockchain technology could certainly help solve many complex cybersecurity problems.”