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Blockchain and Cybersecurity: The ‘Cyber’ of Cybersecurities doesn’t Equate to Cybersecure

By Dick Weisinger

While Blockchain technology forms the basis for how cybercurrencies work, the ‘cyber’ of cybersecurities does not mean that blockchain can be effectively used to solve other kinds of ‘cyber’ problems, like cybersecurity.

Marta Piekarska, , said that blockchain is no magic bullet, but more like a “very advanced screwdriver.”

Ron Rivest, MIT professor and one of the inventors of RSA security, said that “blockchain is often viewed as security pixie dust… any application you have can be made better and more secure with blockchain. While the technology has interesting properties – decentralized, public access and immutable – it fails on scale, throughput and latency… Blockchain is essentially an inefficient database.”

Despite those words of low confidence in blockchain, a recent RSA conference was flooded with sessions and discussions about how to use blockchain to solve security problems.

A recent survey by 451 Research found that about 3 percent of enterprises have started to use blockchain-based applications and that there is intense interest in blockchain.  28 percent of enterprises say that they are actively testing blockchain and 67 percent say that they’ve already spent more than $100,000 investigating blockchain solutions.

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