Security is an increasing concern among internet-based companies. The latest Ashley Madison hack is one example of how companies are exposed to security issues and how their users can be profoundly affected.
Also read: Whit Jack the “Bitcoin Kid”
The internet of today is far from safe, and security has come to be the main concern for companies operating on the web. So far, only one network has proven itself to be totally impervious to intrusion with today’s technology: the blockchain. The Bitcoin network uses thousands of devices connected worldwide, which automatically outruns any attack made by hackers. It offers a level of security never before seen, and many companies want to leverage its potential.
During the Ashley Madison hack, the attackers took possession of a 36 million-person email list; since then, the hackers have been attempting to extort users who may or may not have used the dating site to cheat on their significant others. Hacked users have been getting a lot of emails demanding them to send Bitcoin to the hackers to keep their accounts private. The Ashley Madison dating website has already offered a $500,000 reward for catching the hackers, and has reached out for help from hackers around the world.
The first data dump was discovered on August 18, 2015. Hackers released the private information of millions of Ashley Madison users to the public. The hackers posted the names, partial credit card numbers, email and physical addresses, and sexual preferences of 32 million customers on the Dark Web. On August 19, the stolen Ashley Madison database made its way to the Web, becoming easily searchable on several websites.
Further information about the case also revealed that Ashley Madison ran its own hacking attempts against the competition and, in 2012, performed a hacking attempt to get access to their databases.
This and other similar events show how company databases are vulnerable and prone to landing in the wrong hands.
Preventing the Ashley Madison Hack With the Blockchain
The blockchain technology is disrupting the financce industry, and every other industry it touches. Just a few years ago, there was no interest in the technology. However, as executives and Venture Capitalists began recognizing the blockchain’s true potential, a lot of investments have been made and new developments emerged. Forward-thinking corporations already have blockchain projects in the works. Corporations and governments that do not inoculate themselves with the blockchain will be obsolete in the future.
Factom is creating a data security revolution through the blockchain. It is the first technology to solve real-world business problems using Bitcoin. Factom created a platform that allows identity, sensitive corporate records, and corporate data — among other things — to be Factomized into the Bitcoin blockchain.
Factom works like a virtual vault, protected by a network of millions of devices, where all its data is permanently registered and secured in the blockchain. This technology allows its users to store information with unbreakable and extra bulletproof security.
The Ashley Madison case is a perfect example of How Factom presents the best security solution for databases. With a single anchor into the bitcoin blockchain, millions of records become secure in real-time. Once Factomized, information becomes impossible to be modified, hacked, deleted, or backdated.
The blockchain offers an unhackable and unbreakable security system. Seeing that more and more companies are relying on databases to support critical business activity, the blockchain could be the best solution for protecting data and ensuring truly honest record keeping.
What’s Next With Factom?
The Factom Foundation team hosted an event on September 1st, from 4pm CDT in Austin, Texas named “The Beginning of Time” – Factom Genesis Party.”
Paul Snow and Peter Kirby spoke about the Factom project, and the launch of the Genesis block. The talk was recorded and broadcast to the community.
The team, having struck partnerships with several Bitcoin 2.0 projects like Tether, Netki, Coinapult, and ShapeShift, also revealed the first non-profit project Factom is partnering with. At the same time, a Q&A hosted on Zapchain was held for community members.
Do you think that the Factom technology can be the best solution for Database protection? Let us know in the comments below!
The opinions expressed in this article are not necessarily those of Bitcoin.com.
Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.