Will Blockchain Technology be able to grow to consign ransomware to history

Will Blockchain Technology be able to grow to consign ransomware to history

In recent months the proliferation of successful ransomware attacks has filled the front pages. The colonial pipeline in the USA, Canada Post, the National Health Service in the Republic of Ireland have all fallen foul of ransomware attacks that have closed them down. The disruption caused has been immense and has led to people being unable to obtain medication and treatment, petrol to run their cars, receive their mail…

Most businesses or government departments today still operate centralised data systems. The collecting and storing together of all information pertaining to a particular function may have seemed beneficial but this approach really does put all the eggs in a single basket! With hackers and cybercriminals becoming ever more sophisticated the operators of centralised data systems have merely invested more time and money strengthening existing firewalls instead of changing the game.

For a ransomware attack to succeed all that is needed for a centralised data system to be corrupted is for the ransom malware to be infiltrated into the central data bank. Large organisations with perhaps thousands of people who routinely access the system therefore have thousands of potential failure points. The failure points include those duped into allowing in the malware, as well as those who may deliberately do so for personal reasons or financial gain.

In a Blockchain based decentralised data system many of the security issues simply do not exist. An organisation that operates a decentralised data storage system can control which system nodes can access which information and limit that access to specific areas. A decentralised blockchain system is an immutable system which means it is not capable of or susceptible to change. This means that even if malware was infiltrated into the system the protocols within which the system operates would freeze out the infected node allowing the system to continue to operate unaffected.

For the cybercriminal the resources and financial cost of trying to subvert a decentralised data system would place it far beyond economic viability. For the operator of a centralised system the cost of moving their operations onto a Blockchain decentralised system would be recouped in short time. On an ongoing basis the cost of maintaining the blockchain would be far cheaper than constantly upgrading digital defences. The threat of loss of clients personal data would disappear along with the threat of its associated legal action and this would no doubt be accompanied by a reduction in insurance premiums related to this risk.

In short, the move from a centralised to a decentralised blockchain system would greatly increase security, greatly reduce the cost of ongoing security measures/upgrades, reduce running, and insurance costs.

With so many upsides what's slowing down the process? Answer, Developers!

Programming and developing Blockchain projects is complicated and precise. The majority of the World’s current developers have little or no experience and the learning curve is lengthy and steep. This means that the majority of developers that wish to transition to blockchain are forced by financial imperatives to do so on a sideline basis whilst maintaining the ‘ day job’ income. This is the barrier that Blockchain Technology has to overcome.

When Chainlify began life its aim was to develop a number of Blockchain projects. At that time we headed out into the market to pick up the tools we believed would expedite them. It was at this time we found that Blockchain developer resources were non-existent. Chainlify then shelved existing projects, swam upstream, and began the development of our Blockchain Development Platform.

As our Platform transits Alpha and Beta we are confident that our free to use service will open up the prospect of developing Blockchain projects to all interested developers. As this happens we believe the day of the ransomware pirate will be over.

By Glyn Craig on 17 June, 2021


Share this article via