attacks in which a friend\u2019s email account has been compromised, with all of their contacts receiving bogus emails encouraging them to click on attachments or links that trigger malware behind the scenes. The threat is raised with spear phishing\u2014which involves a more personalized message to increase the sense of familiarity [and thus increases] the likelihood of tricking the email recipient into activating attached malware or divulging passwords and personally identifiable information. Elsewhere, identity theft has become an international problem for the banking and credit card industries.<\/span><\/p>\nSR: How can blockchain prevent social engineering hacks? What can blockchain do to stop something that seems on the surface purely a human error?<\/b><\/h4>\n
VE: The inherent immutability of the [the technology] is ideal for establishing proof of identity, and proof of identity is precisely what we need to combat identity-spoofed social engineering. <\/span><\/p>\nBlockchain technology won\u2019t be a perfect solution. Even blockchain can\u2019t protect a na\u00efve person from clicking on an email from an alleged Nigerian prince looking for a place to send $5 million. But it should help curtail the use of spoofed emails and other areas in which one person pretends to be another. Similarly, financial institutions incorporating blockchain-based identity could slash the incidence of identity theft-based fraudulent credit card and banking fraud. Blockchain can help us go beyond anonymity to dealing with known and trusted parties.<\/span><\/p>\nSR: What can blockchain do to provide individual devices with their own identities? And how does this tie into authentication?<\/b><\/h4>\n
VE: Blockchain is the ideal mechanism for establishing immutable root identity\u2014for individuals and devices. From a device standpoint, consumers will be able to register a device\u2014including unique device identification data\u2014to the blockchain, creating an immutable record of their ownership of the device, and establishing the provenance of the device. The blockchain can also be used to provide an irreversible ledger of all warranty, maintenance, and repair work performed on an aircraft, bulldozer, family car, or any other device.<\/span><\/p>\nSR: Experts seem in contention on how this technology can be used for identity management, especially concerning deployment. What do you think of this debate?<\/b><\/h4>\n
VE: When it comes to identity, if something like [this technology] didn\u2019t exist, we would need to invent it. Many people have compared the development of blockchain to the creation of the Internet. Blockchain\u2019s role as an immutable\u2014irreversible\u2014decentralized ledger will provide a foundational element for establishing identity and proof of transactions\u2014financial or otherwise\u2014long into the future.<\/span><\/p>\nSR: In your opinion, can blockchain help secure the IoT? \u00a0<\/b><\/h4>\n
VE: Securing the Internet of Things is one of the great challenges facing civilization. Yes, there are many huge problems facing humanity these days, but securing the IoT is absolutely one of them. Each day more and more of the world\u2019s supporting infrastructure\u2014from regulating the power grid, through controlling manufacturing processes, to managing smart city infrastructure, to the delivery of healthcare, including wearable insulin pumps, pacemakers, and other devices\u2014is controlled by the billions of devices that have already been deployed as the Internet of Things. <\/span><\/p>\nFortunately, blockchain is ideally suited for providing the immutable device identity that is at the foundation of securing the IoT. With blockchain technology, we can first agree on what is true from an identity and transaction standpoint; secondly, decentralize what is at risk, avoiding highly targetable centralized repositories; and finally, provide an immutable record of all that has been entered to the blockchain.<\/span><\/p>\nIn short, blockchain provides a technological spark that should open a new\u2014and more secure\u2014era of computing.<\/span><\/p>\n
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