Blockchain for Cybersecurity - Standards & Implications

Abstract

Cybercrime is estimated to cost most than $500 to individuals and businesses. The CEO and chairman of IBM, Ginni Rometty said in an occasion “cybercrime, by definition, is the greatest threat to every profession, every industry, every company in the world.” Blockchain technology is seen as a promising emerging technology to benefit the cyber security domain. Blockchain technology is made up of different components working together in a distributed decentralized network. The technology ensures ‘trust’ into the completely untrusted network with unknown parties.