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5 Ways Blockchain Technology is Improving Business Cyber security

Primarily conceived as a technological basis for trading cryptocurrencies, blockchain has risen to become a popular platform capable of pushing the entire world forward. Yes, if developed and applied properly, blockchain can serve many a purpose in today’s tech-driven world, helping entire industries grow and evolve while ensuring next-level security and the complete safety of […]

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Primarily conceived as a technological basis for trading cryptocurrencies, blockchain has risen to become a popular platform capable of pushing the entire world forward. Yes, if developed and applied properly, blockchain can serve many a purpose in today’s tech-driven world, helping entire industries grow and evolve while ensuring next-level security and the complete safety of sensitive business data. In short, blockchain is the new, safer internet that the world needs, taking cyber security to the next level for the commercial and residential sector. 

This is becoming particularly important in our tech-driven world where malicious online scammers and hackers are always looking for ways to breach corporate data structures and access business and consumer information. Forward-looking business leaders should look toward blockchain technology as a way to enhance security on all fronts and create a safer environment for all. With that in mind, let’s take a look at how blockchain technology is improving business cyber security.

Maintaining data integrity and confidentiality

For many companies, ensuring data integrity and confidentially, particularly while data is being transmitted, is of the utmost importance. After all, the last thing you want to happen is for someone to intercept the data you’re sending or receiving and use it to access your network, or launch a social engineering attack on one or several of your team members. While standard data encryption is a powerful way to prevent these scenarios and deter hackers, it not foolproof by any stretch of the imagination.

This is where blockchain comes in as a complete end-to-end data encryption system that ensures you have complete control over the data you’re transmitting or storing, and that none of it can be accessed by any external parties. For this reason and many others, companies from around the world are using blockchain to maintain data integrity and confidentiality through secure access control and various restrictions. Combined with your standard cyber security measures, you can transmit and store data knowing that no one can access it without your explicit approval.

Advanced domain name security

One of the primary targets of hackers and scammers is, of course, your domain name system (DNS), simply because breaking into DNS accounts allows them to completely disrupt a company’s online presence, and bring down their entire website with ease. Not only that, but hacking into a company’s domain name system allows them to access sensitive business and personal information, which opens numerous doors for further exploitation and abuse. Needless to say, you can’t allow anyone to break into your DNS if you want to keep your operation running smoothly.

This is especially important if you accept payments through your site and if you want to ensure PCI DSS compliance in your country and abroad. To that end, blockchain technology is the perfect way to store domain name systems because of its decentralized nature and comprehensive data encryption along with other security features, which effectively make it impossible for hackers and scammers to access your domain name systems. In turn, this ensures that your online presence is safe against domain name theft and attacks.  

Diminish and prevent DDoS attacks

Speaking of cyber-attacks, one of the most common ways hackers will try to attack corporate data centers is through DDoS (distributed denial of service) attacks, which usually means that they are attacking your server using numerous computer systems. This effectively leads to system crashes or slow-downs at the very least, as well as various other problems that can jeopardize your entire operation.

Now, it is important that every one of your IT team members masters cyber security through a comprehensive cyber security course online in order to protect your systems and thwart malicious activity. However, it’s also a good idea for you to leverage blockchain technology to make your computers, network, or server a part of its decentralized system in order to help protect against DDoS attacks, and any other type of cyber threat.

Incorporating blockchain technology into IoT

Smart technologies continue to evolve and find their place in residential and commercial sectors around the world, helping entire industries improve their processes and improving the overall quality of life for the consumer in many crucial ways. It should come as no surprise, therefore, that cyber-criminals are continuously looking for ways to exploit IoT devices and applications to access corporate data stores and obtain sensitive consumer and business information. 

This creates numerous weaknesses in an organization’s cyber defenses, which IT experts have to constantly test and improve to prevent cyber-attacks. Given the fact that data stored on the blockchain cannot be altered or accessed externally, it’s a good idea to incorporate blockchain technology into your IoT system. This will provide security to remote IoT devices as well. 

Taking messaging security to the next level

Companies nowadays are constantly communicating internally and externally, which is why they need to ensure complete data protection for private messaging, whether employees are communicating with other team members or if they are communicating with clients, partners, and customers. Blockchain technology enables complete and fully-private encrypted messaging for all parties, making it the last piece of the puzzle for all companies that want to ensure the privacy of all data transmitted via messaging apps and devices.

Wrapping up

Cyber security has become a real problem for companies in almost every industry, simply because the online world has become a dangerous place where hackers and scammers are constantly looking for ways to access corporate information. With blockchain technology at your site, though, you can take your cyber security efforts to the next level and ensure complete online security for your team.

The post 5 Ways Blockchain Technology is Improving Business Cyber security appeared first on PrimaFelicitas.

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Blockchain

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

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  • Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
  • Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
  • CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins. 
  • The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
  • Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
  • Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
  • In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.

Featured Image Courtesy of AlJazeera

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Source: https://cryptopotato.com/facebooks-libra-could-reportedly-arrive-in-january-2021-in-a-scaled-down-version/

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Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternatives

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Users withdrew a record 29,300 BTC from OKEx after the Malta-based cryptocurrency exchange resumed withdrawals yesterday. This comes after bitcoin (BTC) price kickstarted its epic freefall dropping to levels near $16,500 before bouncing back up again. But what is the reason behind the massive bitcoin exodus out of OKEx?

OKEx Sees Significant BTC Withdrawals And Deposits

As per the latest update from on-chain and market analysis firm Glassnode, OKEx users have withdrawn a record 29,300 bitcoins after the exchange gave the green signal for resuming withdrawals yesterday. These BTC transactions amount to roughly $5 billion (considering the current spot rates).

Glassnode also observed a deposit of 21,600 BTC on OKEx. Withdrawals and deposits together had a depreciating effect on the exchange’s overall bitcoin balance which reduced to around 212,000 BTC.

The potential cause behind the massive exodus of bitcoin holdings could be a result of users leaving OKEx in search of other alternatives. Binance, Huobi, and some third party wallets were at the receiving end of the initial bitcoin transfers from the exchange.

Users Dissatisfied With OKex; Seek Other Alternatives

OKex announced the resumption of withdrawals on November 19. Few folks welcomed the developments, but most of them seemed miffed with the exchange’s recent bitcoin and crypto withdrawal suspension, with a lot of users demanding compensation else they make their move to other platforms.

Large BTC Deposits Point To ‘Centralized Failure’ Risks

As reported by CryptoPotato, OKEx had more than 200,000 BTC stored in their wallets during the ‘withdrawal lockdown.’

Although OKEx CEO Jay Hao assured users that their funds are safe and that there’s no “cause for alarm,” the vastness of the above bitcoin stash is pretty alarming. Especially because it is controlled by one single organization.

What’s more disappointing is that the official who had access to the private keys was ‘out of touch’ with the management. The OKEx personnel wasn’t able to reach out to him. This is not desirable since it poses huge risks to these BTC stashes falling prey to coordinated attacks that target centralized points of failure.

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Source: https://cryptopotato.com/bitcoin-worth-5-billion-withdrawn-from-okex-as-users-look-for-other-alternatives/

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Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

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Bitcoin has a way of surprising people. This week was no exception. A few days ago, almost everyone believed that the cryptocurrency is inevitably headed to a new all-time high. And how could they not? BTC was trading at a few hundred USD below the record from back in 2017. Unfortunately, things took a turn for the worst.

Yesterday was undoubtedly a bad day for bitcoin as it plunged a total of around $3,000 in less than 24 hours. From a high of about $19,500 down to $16,200, the bears poked and showed their faces. The entire market lost around $80 billion of its capitalization as altcoins actually had it worst.

During the market dive, Bitcoin’s dominance actually increased, showing that not only altcoins failed to hold their ground, but they dropped harder than BTC. Since then, there has been a slight recovery and at the time of this writing, the primary cryptocurrency is trading at around $17,000.

The move was seemingly propelled by the news that US regulators might seek to require identity verification from crypto wallet providers. Coinbase’s CEO, Brian Armstrong, commented on the matter, expressing his worries that if the new rules are implemented, they would be rather harmful to the users and the industry, in general.

At the same time, the popular cryptocurrency exchange OKEx opened withdrawals for the first time since they were shut down around a month ago, which might have prompted users to cash out the profits that they have been sitting on. In fact, CryptoPotato reported that around $500 million were withdrawn from the exchange as the crash started to take place.

In any case, the results are here, and it remains particularly interesting to see where will bitcoin go from here.

Market Data

Market Cap: $512B | 24H Vol: 181B | BTC Dominance: 62%

BTC: $17,132 (-7.98%) | ETH: $516.86 (+1.71%) | XRP: $0.56 (+74.08%)

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternative. Data shows that users withdrew a total of 29,300 BTC from the popular cryptocurrency exchange OKEx right after it resumed full functionality. This happened just as bitcoin plunged $3,000 in a matter of 24 hours. The exchange also resumed the withdrawals a day earlier than announced and during the Chinese trading hours.

Bitcoin Black Friday 2020: The Sales You Better Not Miss. It’s the end of November, and with this comes the long-anticipated shopping season. For many, this is a time to enjoy massive sales. We’ve taken the liberty of listing a few sales within the cryptocurrency field that aficionados might find interesting.

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version. Libra, Facebook’s long-awaited cryptocurrency project, might be set to launch in early 2021. However, the version that’s potentially hitting the market is scaled-down and specifically intended to abide by the regulations of Switzerland’s FINMA.

Research Suggests Satoshi Nakamoto Launched Bitcoin From London. New research shows that activities associated with Satoshi Nakamoto from 2008 and 2010 might have taken place in London when Bitcoin’s network went live. This brings the experts a step closer to identifying who’s behind the legendary pseudonym.

6 Possible Reasons For Bitcoin’s $3,000 Daily Price Crash. Bitcoin went through a massive crash two days ago when it lost around $3,000 of its value in a sudden red candle. These are six reasons for which this may have happened and a brief outline of what might be next to come.

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration. Brian Armstrong, the CEO of the leading US-based cryptocurrency exchange Coinabse, has said that he’s worried about the rumored regulations concerning third-party wallet providers having to identify their users. He said that this might harm users and the entire ecosystem.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Stellar Lumens – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoin-temporary-correction-or-no-ath-this-year-the-crypto-weekly-market-update/

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