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– the technology behind bitcoin – and its
immense potential to disrupt and transform
the world of money, business, and society
using a variety of applications.
Ettienne Reinecke, Dimension Data’s
Group Chief Technology Officer, believes
that blockchain has gone from strength
to strength. “Last year, when we looked at
the top digital business trends for 2017, we
predicted that centralised transaction models
would come under attack. We were spot on.
In the financial services sector, we’ve seen
the US and European capital markets moving
onto blockchain platforms and similar activity
in markets such as Japan. Considering how
conservative and compliance-focused this
sector is, that’s quite remarkable.
“It’s ironic that the cybercriminals
who perpetrated the recent WannaCry
ransomware attack could hold a federal
government to ransom and demand
to be paid in Bitcoin. Bitcoin might
be a cryptocurrency, but it’s based on
blockchain and, if cybercriminals are
confident that Bitcoin provides a safe
mechanism for the payment of ransoms,
it indicates just how secure the distributed
ledger approach is. I believe that
blockchain has the potential to totally re-
engineer cybersecurity, but the industry has
yet to come to terms with it.”
Reinecke predicts that blockchain will also
deliver on the promise of Internet of Things
(IoT) in the year ahead. “In the world of
IoT you’re generating millions of small
transactions that are being collected from
a distributed set of sensors. It’s not feasible
to operate these systems using a centralised
transactional model: it’s too slow, expensive,
and exclusive. To extract the true value
from IoT technology you have to be able
to operate in real time. Once a sensor alert
is received from a control system you must
react to it, meter it, and bill for it instantly,
all of which negates the viability of a
centralised transactional authority. The cost
of the transaction has to be near-zero or free,
and the cost elements of a centralised model
simply don’t support the potential business
model in IoT,” he explains.
In 2018, some interesting applications
of blockchain and IoT in the area of
cybersecurity will emerge. Significant attacks
have recently been launched from low-
www.intelligentcio.com
FEATURE: CYBERSECURITY
THE TOP TREND FOR THE COMING YEAR
IS THE ADOPTION OF BLOCKCHAIN –
THE TECHNOLOGY BEHIND BITCOIN
– AND ITS IMMENSE POTENTIAL TO
DISRUPT AND TRANSFORM THE WORLD
OF MONEY, BUSINESS, AND SOCIETY
USING A VARIETY OF APPLICATIONS.
Ettienne Reinecke
Dimension Datas
Group Chief
Technology Officer
says Blockchain has
gone from strength to
strength
cost IoT endpoints and there’s very little
incentive for manufacturers of these devices
to incur the cost of a security stack, which
leaves them extremely vulnerable. Blockchain
can play a fundamental role in securing
these environments.
Another exciting trend to look forward to is
the boom in new wireless technologies that
will enable IoT and bring us a step closer to
the dream of pervasive connectivity. Some of
these advancements will include 5G and Gbps
Wi-Fi, new controls, virtual beacon technology,
and low power, long-distance radio frequency.
There’s also a ‘digital fight-back’ coming
on the part of certain incumbent players.
Established businesses that have proactively
transformed into digital businesses,
modernised their architectures, and
embedded high levels of automation
into their operations have a window of
opportunity to claw back market share in
the year ahead. That’s because there’s been
an increase in the number of cloud-born
start-ups themselves becoming disrupted in
certain industries.
“I predict that a number of digitally
transformed incumbents will successfully
start reclaiming their markets because they
have more credibility, longer histories, an
established customer base, and assets that
can stand the test of time,” says Reinecke.
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