Information Privacy and the Internet – Let’s Talk Blockchain!

“The Stone Age didn't end for lack of stone, and the oil age will end long before the world runs out of oil.”

- Ahmed Zaki Yamani - Saudi Arabian Minister of oil.

(Author’s note: Nor did the hard copy of the White and Yellow Pages end because of lack of paper or trees…)

Change Happens!

Vast and rapid improvement in technologies helped mankind realize that the room to improve is infinite, and that we cannot become complacent and sit back fine-tuning our old tech tools, when they may become obsolete sooner than we think. The same stones used only to make primitive tools are now used primarily in building all infrastructure; we just needed better technology.

In the world of data, Information Privacy is not just a buzz word; it is an economic driver. The whole world is grappling with how to best protect data. For example, the Privacy Act of 1974 was not written with today’s challenges in mind. Yet, these old laws still govern how data is accessed and stored. Data breaches, ransoms, theft of State secrets, public embarrassments, and loss of business all stem from inadequate technical enforcement of Information Privacy. The same long-standing laws and rules can protect Information Privacy by using the same old technology features, but a different approach needs to be devised on data protection.

Blockchain Technology

Many people hear blockchain and they think of digital currencies like Bitcoin or other alternate Crypto currencies which leverage this technology. Blockchain technology is built on widely understood and sound cryptographic principles. It is a system of recording information, using specified National Institute of Standards and Technology (NIST) - approved hashing algorithms, in a way that makes it difficult or impossible to change, hack, or cheat the system. Blockchain is a system that can keep information on the Internet private. Yes, blockchain is the future, and also the current solution for specific Data Privacy needs.

 

Why are data breaches unavoidable in today’s network architecture?

A small number of companies control all, if not most of the data in the world. Be it in the medical and financial fields, social media platforms, cell phone backbone carriers, or Internet Service Providers (ISPs), all have massive data storage in centralized repositories, along with advanced administration and security protocols. Protecting today’s data requires security professionals to be constantly vigilant--and a bit lucky—while trusting their consumers to use better password entropy. Unfortunately, hackers need only be lucky one time to hit the treasure trove of data.

Blockchain – the revolutionary technology!

Blockchain technology is sophisticated, distributed, tamper-proof and yet does not remove inherent cybersecurity risks that require thoughtful and proactive risk management. Many of these inherent risks involve a human element. As a platform, blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the chain.

Amazon’s success could not have been possible but for the simultaneous creation of HTML and Microsoft’s ingenuity and creation of the Windows Operating System in 1995. A year prior, Amazon was just a jungle in South America and Windows were simply a common feature in homes—and today they are synonymous with two behemoths in the tech world. Amazon, Microsoft and many corporations who adopted the newer technologies at the time are thriving today and were not deterred by the novelty of technologies--a challenge many organizations have when they try to consider implementing blockchain.

Today, unlike 1995, we have faster computing power, ubiquitous networks, an Internet of Things (IoT), and mobile computing. The confluence and convergence of these technologies and capabilities makes it possible to take advantage of this relatively new, and connected, digital ledger. Practically unbreakable encryption standards are in place, and now many businesses can take advantage of these advancements.

 Blockchain is already changing how business is done.

Some of the most practical and common blockchain uses include:

  • Secure sharing of medical data

  • Music royalties tracking

  • Cross-border payments

  • Real-time Internet of Things (IoT) operating systems (OS)

 

  • Personal identity security

  • Anti-money laundering tracking systems

  • Supply chain and logistics monitoring

  • Voting mechanisms

  • Advertising insights

 

  • Original content creation

  • Cashless digital currency supermarkets

  • Cryptocurrency exchange

  • Real estate processing platforms

 

Early adopters of Blockchain include corporations like CISCO, IBM, Stellar, Morgan Stanley, Fox News, and UNICEF, as well as the Aerospace industry.

Visual Connections and Blockchain

At Visual Connections, we understand blockchain technology and its practical applicability. Our approach is to first learn where it fits, and then identify systems that may fit the blockchain concept. Blockchain technology helps reduce risk (real-time), enables secure transactions without the need for a central authority, stamps out fraud (eliminating the need for audits) and brings compliance to rules and regulations in a transparent and scalable way. There are many ways in which blockchain technology could potentially benefit companies and government agencies alike, well into the future.

 

Nelson Lubinda, CISSP, GECD, CSA
Sr. Director of Information Security, Visual Connections

 

More stories on Blockchain:

Blockchain

https://www.nist.gov/blockchain

Blockchain Good Stories

<https://www.unicef.org/innovation/blockchain>

Fox Corp. Makes Significant Investment in Eluvio, a Blockchain Media Startup

https://variety.com/2021/digital/news/fox-corp-investment-eluvio-blockchain-1235049014

Missy Brandenburg