This year has seen the rise in many innovative ways to utilize cryptographic technology. DeFi has shown a plethora of different uses for cryptocurrencies and NFTs have captured the general public imagination like no other crypto application.
However, the big question that this bull cycle poses still stands. Are we seeing the beginning of mass adoption of crypto? There are a few hurdles that stand in the way of the general public truly adopting things like DeFi. One of the biggest hurdles is security.
It’s worth remembering that Bitcoin was only created in 2009. Although the last thirteen years have seen incredible progress and growth for cryptocurrencies, it’s not been without its issues. Controversies like the 850,000 Bitcoin (then valued at $450 million, now valued at $46 billion) stolen from MT Got in 2014, shook people’s faith in crypto as a reliable and secure store of value
The problem with crypto having such a meteoric rise is that all the growing pains associated with being new and untested are still a very recent memory.
However, what thefts like this really prove is the weakness of centralized bodies. In general, decentralized currencies have always been secure so long as their private keys were managed properly. The challenge then, for new crypto security projects is about harnessing decentralized security and making it accessible and usable for the general public. Recently, blockchain is starting to show just how effective decentralized security can be in crypto and beyond.
New Applications for Blockchain
In partnership with hospitals all over the world, Philips Healthcare is pairing AI and blockchain to create a new healthcare ecosystem. The project uses AI to analyze every aspect of a healthcare system. It assesses operational, medical and administrative data. It then uses blockchain to secure the huge amounts of data recorded.
The insights provided by this system allow critical analysis of key points of a healthcare system allowing for more efficient inpatient care. What’s notable though, from a crypto perspective, is the use of blockchain as a means to secure this data. Philips is proving that big corporations are waking up to the potential of blockchain, not just as a store of wealth but to the technology itself.
They’re not the only ones. Blockchain as a means of securing data is being used by Barclays to secure fund transfers. Lockheed Martin, a massive US defense contractor, uses blockchain to implement cybersecurity protocol measures in engineering systems, supply chain risk management and software development. It speaks volumes that the security of some of the most dangerous weapons in the world can be trusted to blockchain.
Even the US government itself, recently conducted a report to analyze how blockchain could be used to better secure their network, having concluded 84% of all government agencies fail basic encryption standards.
Blockchain Security for the Masses
The security benefits to blockchain are no longer in doubt. The massive institutions moving to implement it in their own cybersecurity initiatives is proof of that. The question is: “how can the general public benefit from blockchain security?” There are a number of crypto projects that are working towards bringing this level of security to the masses.
One such is Deeper Network. Deeper Network is a decentralized private network (DPN) that allows users to act as both server and host for a decentralized internet. At its core is the operating system AtomOS. AtomOS uses zero-copy technology to read data packets directly from network devices. Using adaptive tunneling and intelligent routing technologies, AtomOS combines intranet penetration, data encryption and protocol camouflage. This serves to circumvent network censorship and secure data transmissions.
In addition to this, a layer 7 enterprise-grade firewall protects the user’s whole-home network against hackers, trackers and viruses. AtomOS will also automatically filter malicious websites protecting the computer from malware.
Because the Deeper Network is serverless, users data can never be leaked, hacked, subpoenaed or censored. Deeper Network is accessible with a piece of hardware known as Deeper Connect. Deeper Connect is an uncustomizable, simple-to-use device that plugs in between a router and a modem. Once connected, Deeper Connect will enable the computer to become a node in the ultra-secure DPN. Deeper Network also eliminates the need for a VPN as a computer will now be accessing sites anonymously.
Although blockchain is built on anonymity, it has been proven that given the incomplete data sets provided by blockchain ledgers it is actually quite simple to re-identify people. As blockchain becomes more and more mainstream, it becomes more important that people are able to disassociate their identity from their blockchain address.
Raze is a project that is applying blockchain security to solve this very problem. Raze uses a technology called zk-SNARKs to hide the location and amount of any tokens transferred on the blockchain. zk-SNARKs are cryptographic, zero-knowledge proofs. They allow a party to show proof that they contain certain information without having to share what that information is. This allows users to participate in blockchain transactions and DeFi with genuine anonymity.
There is still a perception of crypto as a somewhat risky space. This isn’t totally irrational. Fortunes have been lost to security breaches. However, blockchain represents a huge leap forward for cybersecurity. When applied properly it is without competition in the field. As crypto moves closer to mass adoption, this is a fact that will become universally known.
Disclaimer: CryptoSlate holds a financial position in Deeper Network. CryptoSlate was given the opportunity to participate in the private sale of Deeper Network in exchange for news, project analysis, and other types of coverage. CryptoSlate was not paid for this article.
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