Cryptoeconomics Security in a Business new Normal World
The event of Covid-19 has changed most areas of our lives entirely. It has forced us to realize that normalcy is possibly a thing of the past and that adaptation into a new normal way of life is inevitable. The crisis brought on by the Covid-19 pandemic is changing the way we work and communicate with each other on a daily basis, and also present difficulty of economic viability. Thus, you may wonder, what does Covid-19 have to do with the title of this article Cryptoeconomics Security?
Well, the impact of the Covid-19 pandemic has revealed the shaking of the foundations of businesses, specifically, the financial sector systems and infrastructures, airlines, and healthcare industries. Therefore, US commercial banks are now navigating their monetary policies and changing transaction systems into new and creative directions, pharmaceutical companies are planning to restructure their supply chains, and healthcare organizations are seeking better cost effective measures to alleviate the continuous complexity and privacy issue of their clinical information and EHR systems.
What is cryptoeconomics security
So, what role does cryptoeconomics security factor into all of this?
Before we answer this question though, I’ll briefly explain the Blockchain and then discuss what cryptoeonomics security is and how it relates.
For many of us who are fond of the latest technological advances, we’ve heard about Blockchain technology either through the media or just reading publications about it.
To put it simply, a Blockchain also called a Peer-to-Peer (P2P) network is a shared Distributed Ledger for maintaining a permanent and tamper-proof record of transactional data and digital assets.
Each node of the P2P distributed network maintains a copy of the ledger to prevent a single point of failure (SPOF) and all copies are updated and validated simultaneously.
Cryptoeconomics is a practical science of applied cryptography methods that takes economic incentives and economic theory into account to ensure security of digital assets. Digital assets are just content stored digitally that comes with the rights of the owner to use. Any data that do not possess that right of ownership are not considered assets. A product of cryptoeconomics is a cryptocurrency called Bitcoin.
Thus, Blockchains are the product of cryptoeconomics security systems that is used to mitigate cost, enable security and reliability, immutability and transact data between entities that don’t know each other and have differences of systems.
This is one of the main reasons businesses are considering adopting new technologies like cryptoeconomics security systems amidst a Covid-19 pandemic.
To learn more about cryptoeconomics security check out my course Cryptoeconomics Security 101 at the Center for Blockchain Studies by BBC.
Daniel Addison is a Blockchain Educator | Developer | Consultant and Health Informatics professional that is very innovative and results driven. He encompasses 15 years of career experience and understanding in Information Technology, Blockchain Distributed Ledger Technology, Blockchain Intelligence, Security, Energy, Financial Businesses, and Healthcare Information Systems.
Daniel is currently the founder and CEO of Health Blockchain Security Services, LLC. (HCISS).
HCISS is a Security Analytics as a Service (SECAaaS) organization that has a superior Security Analytics application platform for FinTech businesses and government organizations that utilizes Smart contracts of the Blockchain Distributed Ledger technology.