Data manipulation is a serious threat, even though very few individuals and enterprises acknowledge it. As internet criminals continue to step up their game, manipulating sensitive data could very well become the next area of focus. This is where blockchain technology can play a critical role in the years to come.
Data Manipulation needs To Be Addressed
To put things into perspective, very few critical industry and infrastructure players are prepared for cyber attacks. This is nothing new under the sun, and cyber criminals are reaping the fruits of their labor. But there is a significant difference between stealing data, and manipulating it. The latter one is a far more serious concern that needs to be addressed sooner rather than later.
Both public and private sectors can be affected by data manipulation. It is expected sophisticated campaigns will be launched to manipulate financial, healthcare, and government data. Not just to do moderate damage, but it is possible criminals will do damage beyond repair. Bitcoin enthusiasts who watch Mr. Robot will be all too familiar with such a scenario.
Image the story of that TV show becoming a reality. Financial records would be all but erased, putting our society in a state of mass confusion. Bitcoin advocates may want to see this happen, albeit it does not mean cryptocurrency will suddenly become the new form of payment around the world. Not all potential data manipulation will be done “for the greater good”.
Such looming threats should not be dismissed easily either. Nearly one in two critical databases is not subject to [regular] oversight or monitoring for unauthorized access. It is possible most of the personal and financial data stored in databases around the world has been leaked at once already. Right now, there is no way of telling whether or not this has happened.
Blockchain technology can alleviate a lot of these concerns, as it removes the central points of failure. Storing information in a distributed and decentralized manner is a concept every corporation should be embracing right now. Unfortunately, most enterprises prefer to wait and see what their competitors are doing. That attitude is only beneficial to the Internet criminals.
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