Pune: Even after a decade of its presence, blockchain technology is in its nascent stage of implementation. Cyber experts have, however, pointed out that the technology can help improve the cybersecurity aspect of the industry.
Blockchain technology is the technology behind bitcoin cryptocurrency, in which the transactions are recorded and the growing list of records, called blocks are linked using cryptography which increases the security level of the application.
Cyber expert Pankajj Ghode, who is the Founder and Chairman of Global Blockchain Foundation said the technology is yet to be implemented in India. “Maharashtra and Andhra Pradesh are planning to use the technology to save land records. However when it comes to security aspect, as the technology uses encryption, the security level is at advanced stage,” added Ghode.
Cyber expert Anil Raj of Cybervault Securities Solutions Private Limited said blockchain technology adds additional layer of security with the help of encryption.
“Not that the system is impenetrable if one understands the encryption details of the blockchain system. Then that would be a loophole to be exploited by the hackers. Companies are working on how to implement the technology at data and network level which means the security at both these levels will increase,” added Raj.
Speaking on the challenges of implementation of the technology, Ghode said there is need of large number of resources working in the field and also a consortium and an ecosystem to approve the technology use.
Experts said that while the current application of blockchain technology is limited to data protection and protecting transaction logs, it can be used a number of ways in the coming future. It is said Satoshi Nakamoto developed the bitcoin cryptocurrency and used the blockchain technology in 2009.
