Blockchain and Bitcoin Cyber Security Risks?

Cyber security breaches and violations are increasingly on people’s minds and in the news as new threats appear more and more often, compromising our personal data and causing economic damage.

Currency manipulation, identity theft and fraud, and web-based espionage are all among the possible calamities that “black-hat hackers” — hackers with bad intentions — can bring about if given the opportunity.

In the financial arena, certain alternative techniques can help reduce the chances of costly security breaches. The cryptocurrency bitcoin now has a global presence as a result of its highly secure nature, which stems from the use of information transmission and encryption to form a blockchain.

In the wake of bitcoin’s rise and the need for bitcoin cyber security, many other industries are adopting blockchain to securely deliver data in a series of difficult-to-trace encrypted transmissions.

But what might the risks of these methods be? Bitcoin, in particular, has encountered some doubt, as it’s commonly deployed in black-market purchases. And although blockchain is well known as the driving force of bitcoin, some are skeptical of its usefulness outside of financial matters.

Regardless, it’s quite clear that these subjects will remain prominent in the cyber security conversation for the foreseeable future. If you’re interested in becoming an information security professional, it’s important that you understand blockchain’s core tenets.
The possibilities that blockchain technology presents are the major reason behind investors’ and entrepreneurs’ embrace of the currency.

Writing for the Huffington Post, Vala Afshar, a leading tech executive at Salesforce, explains that identity verification, shipping and supply chain logistics, manufacturing, prescription drug regulation, and many more processes can all be enhanced and better safeguarded through blockchain implementation.

In what could serve as a succinct argument for the pursuit of blockchain development and the need for bitcoin cyber security, Afshar writes, “Blockchain [has the] ability to digitize, decentralize, secure, and incentivize the validation of transactions.”