Could Blockchain Put an End to Identity Theft?

Somebody could be using your personal information right now to commit fraud. The scary thing is, you wouldn’t know until it was too late — maybe you get a credit card bill running into the thousands or an exorbitant cellphone account for a number you don’t own.

You and I could be among the 60m or more South Africans whose personal information was compromised in the country’s largest data breach to date. It’s a very real possibility that our information is on that list (let’s call them the Hunt Files, after the researcher): our ID numbers, names, addresses, genders, birth dates, ethnicities, occupations, marital status and more.

The hack has brought cybersecurity into the spotlight once again. South Africa has the third highest number of cybercrime victims worldwide and loses more than R2.2bn to Internet fraud and phishing attacks annually, according to the South African Banking Risk Information Centre. Gartner predicts that cybercrime might become the greatest threat to every person, place and thing in the world within the next five years.

Clearly, something must change.

Enter the blockchain, a shared, digital, decentralised, secure online ledger that facilitates online transactions — and not just monetary ones. Had the Hunt Files been stored on the blockchain, the hack would never have happened.

To read more go to: http:techcentral.co.za

By | 2017-11-03T09:58:55+00:00 November 3rd, 2017|Categories: All Articles, Trending Topics|Tags: , , |0 Comments