Bitcoin is now known all around the world as a digital currency and many people are continuously investing in it. There are over 700 types of cryptocurrencies aside from the Bitcoin. Bitcoin has changed the business market today as it is now being adopted in many transactions across the globe. This article is not about how this digital currency affects the market but the article is going to address the issue of Cybersecurity.
Even though investors are benefiting from the increasing market gains in cryptocurrencies like Bitcoin, we should also very well be aware that there is need to protect investors in the digital market. The technology used to make cryptocurrencies such as bitcoin is the Blockchain technology and it has many loopholes which criminals try to exploit the system. The Blockchain is an increasing list of transactions referred to as blocks that are linked to a various network of computers. Top technology companies around the world such as Oracle have taken advantage of the Bitcoin technology model by releasing their Oracle Blockchain Cloud Service, which promises protection to investors using their technology.
The Oracle’s Blockchain technology enables customers to get the best out of their investment. Oracle put into consideration the issue of the cybersecurity to enable their customers to have secure business transactions. Infosys partnered with Oracle to ensure their customers benefit from the Oracle’s ERP and SaaS packages.
Many people thought the introduction of Bitcoin would attract the likes of criminals but instead, it surprised people as the Bitcoin instead changed many things including cybersecurity.
It’s verifiable and safe
The oil and gas sector has also adopted the Bitcoin model by creating a new supply chain management (SCM) model which is a Blockchain technology. Blockchain technology has an organized system that manages customers information and maintains a good privacy system.
Deloitte recently reported that the blockchain technology could have a huge impact on the oil and gas market especially because it is a good choice for records management. Transactions managed in blockchain are easily verifiable and fast.
The Bitcoin process enables customers to keep their digital currencies in wallets to prevent hackers from accessing the centralized blockchain network. The only option the hacker can get is to exploit the user’s personal computer using keylogger software which is next to impossible because the owner of the wallet will immediately be notified and can take precaution against keylogger applications.
The Bitcoin was introduced basically to create anonymous transactions. The bad part about it is that the technology which allows law-abiding citizens protect their privacy also makes it a medium for criminals to launder illegal money by hacking into the system. There have been several efforts to combat the threats of these criminals over the past year by cybersecurity in Fort Lauderdale.