Blockchain is gaining a foothold in the enterprise world as more companies seek to protect their data, says Brian Borysewich. In an interview with CoinGeek Backstage, the cybersecurity veteran delved into the value of blockchain for enterprises and why it’s critical to protect your private keys.
Blockchain was first falsely sold to the masses as a radical untraceable technology free from any laws or authority. However, “that’s not the case. All blockchains can be traced and tracked,” Borysewich, the chief information security officer for technology firm Continent 8, told CoinGeek Backstage reporter Claire Celdran.
Enterprise use of blockchain has shot up in recent years as more companies seek to protect their data. However, this security has one easy target for bad actors; the private keys.
“Bad actors don’t seek to crack the blockchain. They look to get your private key. You must protect your private key at all costs,” Borysewich remarked.
The key benefit enterprises seek with blockchain integration is to ensure their data is tamper-proof, he added.
Decentralization is also a big factor. This, Borysewich believes, is the reason authorities and existing legacy systems have so fiercely opposed blockchain technology. Blockchain eliminates all-powerful middlemen and can’t be controlled by any one entity because it’s decentralized.
This decentralization has also posed a challenge for regulators weighing diverse approaches. Some, like Portugal and Singapore, use blockchain in public systems and formulate regulations from an informed viewpoint. Others have bundled the technology together with “crypto” and banned both.
Borysewich believes that regulators must stop approaching blockchain like other technologies if they are to get a foothold in the sector.
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