Kaspersky Chief Security Expert: Blockchain can prevent data theft and ensure the security of all information

The number of cyberattacks and security breaches is on the rise, and is expected to surge in 2017. In particular, the cryptocurrency ecosystem has been the subject of several serious attacks, resulting in the loss of millions of dollars.

Alexander Gostev, chief security expert at Kaspersky Lab, believes that blockchain technology can help deal with this problem. According to CoinFox, Gostev said in a speech at the 2017 Cybersecurity Outlook press conference that blockchain may help improve cybersecurity.

Kaspersky Lab experts believe that cybercriminals will continue to develop new ways to steal money. They say attackers will not only target banks, but also other financial institutions, such as stock exchanges and investment funds. In particular, they believe that the cryptocurrency market will become an important target for cybercriminals in 2017 , as this sector has undergone significant changes.

Alexander Gostev, Chief Security Expert at Kaspersky Lab

Kaspersky Lab said:

“If there was only one cryptocurrency, Bitcoin, on the market, there are now as many as 50, and the top 10 have huge market capitalizations. Countries have accepted the inevitability of virtual currencies and are gradually beginning to implement them in their financial systems. Therefore, the cryptocurrency market is likely to welcome new entrants issued by real banks next year. In view of these circumstances, the extensive use of blockchain technology and digital currency-based banking transactions may face new threats and vulnerabilities. The information security industry will need to solve new problems to protect cryptocurrency infrastructure.”

Gostev, chief security expert at Kaspersky Lab, said that blockchain can be used to create a distributed application system that distributes different components of a program or service to participants in the blockchain network. He believes that this approach will not only prevent data theft, but also provide a high degree of confidentiality for all information.

Gostev:

“Blockchain technology, which is currently used mainly for financial transactions, could easily become an alternative method to ensure the security of all information. The principle of blockchain construction based on certain rules and secure encryption ensures that only one data block is required at each stage of information transmission. Therefore, intruders cannot control the transaction flow because they do not receive all the necessary information. This principle can be extended to the entire Internet.”