Digital transformation is now in full swing across Asia where people, businesses, organisations and whole nations are seizing digital technologies to leapfrog into the next industrial revolution and achieve prosperity.
Many major hubs in the region now view to be the world’s next smart city. But Asia’s rise to technological heavens has also made it an extremely appealing target for hackers who like a good challenge.
A recent report by Cisco revealed that the Asia Pacific region receives as many as 6 threats per minute, but only 50 per cent of these threats are actually investigated.
Companies that do become victims of cyber attacks experience severe economic and financial loss, not to mention all of the data that gets compromised in the process. In Southeast Asia alone, 51 per cent of cyber attacks cost as much as USD1million in 2017.
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The technology is touted to be secure, efficient, and transparent. And since data is distributed across the blockchain network with no centralized location like traditional storage mechanisms, hackers will have difficulty penetrating every access point available. Not only that, each data block is fully encrypted and requires authorization to be accessed.
So how are companies around the world leveraging blockchain to fend off cyberattacks? Let’s look at some interesting use cases.
1. Internet of Things (IoT)
The Internet of Things (IoT) is definitely one of today’s most common tech buzzwords. In recent years, however, it has become more than just that. The IoT, or the chain of devices that can interact with humans seamlessly, has resulted in smarter devices that can prevent suspicious activities based on artificial intelligence.
One of the more famous companies working on an auto-scalable and privacy-centric IoT platform is IoTeX. Based out of Menlo Park, California, the company markets itself as a decentralized IoT platform that combines blockchain, secure hardware, and data service components.
Founded by Silicon Valley-trained experts Raullen Chai, Qevan Guo, and Jing Sun, IoTeX offers developers several products, including decentralized identity (IoT), trusted data oracles, trusted computing, and IoT data marketplaces.
According to IoTex, their ultimate vision is to become the underlying infrastructure for all IoT devices using the following main innovations: blockchain-in-blockchain architecture, privacy-preserving techniques, and Roll-DPoS consensus mechanism with a more democratized governance model.
2.Cryptocurrency and retail
Much of the criticism and scepticism surrounding blockchain technology comes from a misunderstanding of what it is.
Nonetheless, companies are fast realizing that customers who experience the power and security of blockchain do help spread the word about the technology. And what better way to mainstream blockchain adoption than retail?
Singapore-based Pundi X saw blockchain technology as an opportunity to make cryptocurrency accessible and trustworthy for everyone. The company launched the world’s first-ever blockchain-based point-of-sales (POS) solution called the XPOS, where customers can easily and securely pay with any cryptocurrency of their choice.
Through the XPOS, customers can also view their credit history, pay with XPASS cards and the XWallet app anywhere in the world, and get rewards for every transaction they make.
Merchants, on the other hand, can rely on the platform’s superb data management and real-time conversion of cryptocurrency into its equivalent fiat value.
Pundi X’s goal of financial inclusion and access enabled the startup to roll out the XPOS not only in developed economies like the US, Singapore, and Germany, but also in developing countries like Brazil, Venezuela, and Vietnam.
Within their first two years of operations, Pundi X has released almost 100,000 XPOS units to restaurants, department stores, and supermarkets in as many as 17 countries.
CEO Zach Cheah said that their mission is to create real-life use cases for blockchain, such as shoppers being able to transact using cryptocurrency.
3. Digital identity
The prevalence of data phishing and stolen identities have led to more stringent data privacy regulations around the world, including the famous General Data Protection Regulation (GDPR) implemented by the European Union in 2018.
This has resulted in another compelling use case for blockchain technology, which involves the sovereignty of personal data and the need for decentralized digital identity management.
Many companies and organizations have begun to explore how users can have more control over their data through blockchain technology. One of these organizations is the Sovrin Foundation.
Sovrin Foundation is responsible for the Sovrin Identity Network, an open-source project designed to make analogue IDs, such as passports and professional licenses, accessible through the internet. Sovrin Foundation itself does not own user data but makes it digitally verifiable for users whenever they need it.
Blockchain is indeed a powerful, secure, and highly flexible tool that can accommodate a wide variety of use cases. Many companies and governments in the region have already made it possible for blockchain-driven startups to assist them with supply chain management, asset tokenization, healthcare data management, and the decentralization of the energy market, among others.
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Blockchain technology is a compelling solution given its decentralized nature which makes it hard for cyber attackers to target. It has become imperative to address Asia’s cybersecurity issues, and blockchain tech is here to save the day.
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Image Credit: Adi Goldstein
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