Bitcoin blockchain poised as a security layer

George Kikvadze, Executive Vice Chairman of the BitFury Group expressed on 22 May about Bitcoin (BTC) providing an additional layer of cybersecurity.

George commenced by informing about his recent international flight and the paper-based systems still in prevalence. George opined that although manual systems are efficient, there could be better digital alternatives. He added that trust was no longer a problem associated with digital systems. By making critical information reside solely online, the concept of blockchain would be used. George clarified that BTC can hold the key to next level cybersecurity.

George cited on his vision as –

“Our world will soon run on entirely digital processes, but much of our lives still rely on paper-based systems. It is time we switch from paper-and-ink signatures to digital signatures — especially digital signatures backed by the security of the immutable Bitcoin Blockchain — for our most valuable pieces of information.”

George threw light on the aspects of Bitcoin blockchain informing that the information contained is permanent. Such data cannot be altered or deleted. George indicated that currently, only BTC transactions are present in the nodes. He further added that this was not a hard stop and other information could also be seamlessly added to the nodes. Such information cannot be lengthy like the contents of an entire passport, rather, a digital signature.

George conveyed that a digital signature is an unchangeable piece of a document that has some salient details. These details could be like the document’s information, its creation date, its last date of alteration and other data. The digital signature is computed into a string of letters and numbers with the user data. George noted that if even one letter in the document changes, the digital signature would change. This makes the document hard to change.

George wrapped up by stating that Bitfury had already begun using the Bitcoin blockchain as a worldwide ledger in the Republic of Georgia. Bitfury had started computing digital signatures for Georgian land titles and recording the signatures onto the Bitcoin blockchain. There were measures to not reveal any private information. However, it gave Georgian citizens extra proof that their land title was accurate and had not been altered without their permission.

Recently, the Crystal Partner Program had brought leading financial institutions, corporations, and other organizations together to introduce Bitfury’s Crystal Analytics. This offer was to the larger digital asset community, helping to foster smarter compliance and safer digital currency operations. Crystal partners till date include Hancom Secure, Trendalyze, KryptoGo and Hacken.