BlockchainExperts say Blockchain is part of Australian cybersecurity solution

Experts say Blockchain is part of Australian cybersecurity solution

The Cybersecurity and Blockchain Forum with leading Australian experts and government officials has identified blockchain technology as a direct response to the rise of cyber attacks aimed at system integrity through data manipulation.

The newly appointed CEO of Blockchain Australia, Steve Wallas, hosted a panel discussion on the cybersecurity use case for blockchain on July 30 with experts from various fields, who became part of over 300 participants.

The group consisted of National Blockchain Leader Chloe White of Industry and Liberal Senator Andrew Bragg, CyberCX CEO John Paitaridis, and ProvenDB founder and CTO of blockchain database Guy Harrison.

Experts with decades of experience in the cybersecurity industry identified new technologies as a critical component of Australia’s defense against future attacks and stressed that blockchain, while not a complete solution, should be considered by businesses around the world as the country strives to stay ahead of potential attackers. …

Blockchain about data integrity

During the discussion, Paitaridis explained that the number and frequency of attacks is increasing, suggesting that China has been the cause of major attacks by statesmen since June that have threatened many industries, including the Australian government:

“This June, the Australian Prime Minister announced an ‘unnamed government actor’, you can read about that – China – targeting businesses and government agencies across Australia in a massive, committed, ongoing attack.” …

These cybersecurity violations have increased by almost 80% over the past 12 months, with specific adjustments in their focus, he said:

“I am very concerned about the integrity of our systems. Instead of deleting information, Australia is increasingly facing attacks that manipulate data to compromise system integrity.”

This could lead to unrest, Paitaridis explains, as “senior government officials, corporate executives and investors can be harmed if they cannot trust the information they see.” This is not all bad news, as this vulnerability can be addressed with blockchain , concluded Paitaridis.

It’s not about keeping people out, but rather maintaining the integrity of the data, which, as Harrison explained, “the consequences of people tampering with data are enormous […] and this is where blockchain comes in.”

“For the first time in computer science, we have a storage mechanism where we can write something and we can be sure it hasn’t been overwritten.”

In response to a question regarding real-time data manipulation, that is, the manipulation of data before it enters the blockchain, Harrison suggested that blockchain would need to be used in conjunction with other solutions such as artificial intelligence.

“Most blockchains do not have many of the other features we need to use data efficiently,” he concluded, stating that while integral, they are not the only technology needed to properly address cybersecurity.

Matthew Leising
I cover market structure for News Alarms, specifically how the bond, derivatives, and cryptocurrency markets work or don't.

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