The blockchain technology could help to cope with the growing activity of cybercriminals, chief security expert at Kaspersky Lab believes.

In 2017, cybercriminals will continue to seek new ways and targets for attacks, and besides banks, a growing number of hack attempts should be expected on other financial institutions such as stock exchanges and investment funds.

The emerging market of cryptocurrencies will attract more intense hackers’ attention due to recent “enormous changes” in this area.

“If earlier, there was only bitcoin in the market, today the number of various cryptocurrencies reaches 50, and about 10 of them have a significant market capitalisation,” said Chief Security Expert at Kaspersky Lab Alexander Gostev as quoted by TASS (via finanz.ru).

Meanwhile, according to Gostev speaking at a press conference on the prospects of cyber security in 2017, blockchain may help to strengthen security level.

“The principle of a chain built according to a set of rules and cryptographically protected provides that on every stage of data transmission only one block of information is processed. Therefore, in the case of attack, the criminals would not get control of the transaction because they don’t have all the necessary data. You can extend this principle to the whole Internet.”

Gostev suggests that blockchain may be used to create a system of decentralised applications where various software and service components are distributed among network users. This approach, he believes, will make the data invulnerable not only to cybercriminals but also to attempts of corporations and governments to steal information.

One of the most serious cyberattacks on a blockchain system so far happened in June this year, when intruders exploited a vulnerability in the Ethereum-based TheDAO platform to withdraw 3.6 million ethers, or more than $50 million.

Elena Platonova

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