Cyber Security BlockChain

Cybercrime is one of the most leading types of crime these days as the use of the internet is inevitable, and so has cybersecurity gained a new significance. Cybercrime can cost the economy up to $500 billion every year (Daley, 2019). The current security system seems to be obsolete as new updates in the technology give rise to new types of methods through system breach can easily be conducted by the cybercrime offenders.

The selected technology for protecting cyber systems is BlockChain, which has proved reliable and beneficial. It has a decentralized system in which the information is available in transparency to any user of the Black Chain (Daley, 2019). The software allows its users to record, transfer and see any transaction-based data encoded onto their BlockChain. This process creates trust as it provides the users with data integrity and confidence that they can easily use it without any threat of a breach.

The significance of decentralized is mandatory to realize in BlockChain technologys scenario since it is known as the e-cost of trust (Linke, 2018). The centralized ledgers have the kind of data that cannot be controlled by human hands and minds and thus is trusted more; however, it is time-consuming and expensive to maintain. For this reason, multiple systems are attached for maintaining the connected ledger, and the cost of heavy trust is existent.

Block Chains applications could be seen in supply chain management and management of digital currencies. In supply chains, there is a series of processes and various participants included to enhance the value chain for the businesses. The establishment of common records gives the user the openness of access to the transactions, which is the foundation of its trust. It has an impactful efficiency since each supply chain member can keep track of the information with an equal dose of knowledge for everyone. In terms of currency management, the accounting records for the online financial trade are backed by BlockChain since the distributed trade for all people, no less for anyone, and no more for anyone is the sole strategy of this technology. Making better decisions for the public utility is carried out by BlockChain so that this technology fulfills the intermediation responsibilities.

Thesis

The proposed thesis for this paper is:

BlockChain has endless benefits and opportunities in todays world of the internet;...

The third recommendation for dealing with the ethical dilemma of information sharing in the handling of medical health records and gaining informed consent for getting specific treatment, BlockChain can help open the exchange of relevant information between the concerned parties (Mann et al., 2021). The expertise of this technology can support in creating motivation for the stakeholders of this process for gaining insight and knowledge of the current system.

Conclusion

Blockchain technology benefits decentralized applications in various fields in the modern business world, especially in the energy sector, crypto-currency, supply chain management, etc. Still, there are some concerns regarding the ethics of its usage and lawful prohibitions to protect the users and the consumer data that is open for sharing and exposure, increasing the risk of a data breach. With the suggestions of access control by IoT experts, a constant vigilance of banks for managing crypto-currency with BlockChain, and informed consent for managing electronic health data, it is necessary that methodological tasks of its application and conditions of transparency should be explored in the future for its long-term success and fruitful investments for valuable…