Cybercrime is defined as one of the biggest threats facing all professions in all industries and companies globally. It is also dangerous and expensive, and the current global security protocols cannot keep up with the continuous attacks.
Blockchain, however, has shown promise in being the answer to eliminating cybercrimes. It is a Distributed Ledger Technology with a decentralized system and avails all information to members of a specific blockchain.
All members, also called nodes, can view, record, or pass along any transactional information encrypted on the blockchain.
The ledger allows blockchain members to enter the system without a password but uses biometrics, including fingerprints and retina scans. Decentralized information storage ensures that every block holds a small piece of information that is part of a larger puzzle, limiting the amount of hackable data.
Blockchain also has a public record-keeping system that alerts every node about data manipulation, exposing cybercrimes before they happen. Some of the companies that are using blockchain to prevent cybercrimes include:
Located in San Francisco, California, this is an exchange where users trade digital currencies like Bitcoin, Ethereum, and Litecoin.
The company operates entirely on encryption and stores users’ passwords and wallets in a secure database that requires employees to undergo a background check before accessing.
Located in San Francisco, California, MobileCoin is coming up with a cryptocurrency that is easy for businesses with constrained resources and those unable to handle ledger information securely.
MobileCoin cryptocurrency eliminates the need for businesses to use third-party transaction vendors, keeping all transactional data encrypted between two peers.
Located in Atlanta, Georgia, Javy developed a universal wallet to store and trade tokens and cryptocurrencies. They have a blockchain-based app that is fully decentralized, where users log in using biometrics. It also detects fraudulent activities using AI.
Located in Valletta, Malta, Founders bank wants to be the first bank globally owned by buyers of its token-based equity. It intends to use decentralized storage ways, encryption, and an extensive public ledger to secure cryptocurrency storage and trading.
Located in Boston, Massachusetts, this was the first UK bank to use blockchain to secure their international transaction services. Their blockchain allows clients to send money to other Santander accounts in South America and Europe.
This is the biggest US financial institution located in New York. It has created Quorum, an enterprise-focused Ethereum version that uses blockchain to process private transactions.
Located in London, England, the bank has filed a patent to use blockchain to increase its fund transfer security.
Located in Andover, Massachusetts, Philips Healthcare combines AI and blockchain to develop a new healthcare ecosystem to help acquire and secure all their data.
Located in Nashville, Tennessee, this healthcare innovation firm aims to help the health industry adopt blockchain and test various ledger technologies to help secure patient data and internal communication systems.
Located in Mountain View, California, Health Linkages has adopted blockchain for transparent data governance and boosting compliance in the healthcare industry. Its blockchain allows only credited employees to share patient data.
The State of Colorado
Colorado wants to adopt blockchain to secure records storage and protect data after the numerous attempted attacks.
Australia is in the early stages of implementing blockchain to securely store government documents.
Malta is implementing blockchain cyber security in its finance sector to sensitize citizen information and safeguard government information.
China is looking into blockchain to help improve efficiency and protect itself against foreign attacks to delete or tamper with military and government information.
The company is partnering with Guardtime Federal to adopt blockchain cyber security in supply chain risk management, engineering systems, and software development.