Security breaches are occurring with alarming frequency across the world. These breaches can range from stolen password information, financial accounts, social security numbers, and other forms of identification. When someone falls prey to a hacker in this way, the results can be devastating and possibly lead to financial ruin. As data storage methods evolve, new tools are coming to the forefront of keeping our information safe. Chief among them is a newfound security measure emerging from blockchain technology. In a recent newsletter, Brett Aitken, a senior analyst at Stansberry Research, outlined how this technology can change the very nature of how the world protects information.
In order to give the analysis its proper weight, it’s helpful to first take a look at the company that is providing it. Stansberry Research is a leading publisher of financial information that has been in operation for almost twenty years. Founded by Porter Stansberry, who rose to prominence through his work with Britain’s longest-running financial newsletter, the Fleet Street Letter, and his prediction of the credit crisis, Stansberry Research now services over half a million readers through its subscriptions.
A key part of Stansberry Research’s philosophy is its commitment to offering a broad range of ideas, what it dubs its “mosaic of opinions.” By offering such a range, the publisher is able to avoid taking a single-minded approach to financial markets and instead allow for a greater breadth and more diverse scope of information. Additionally, the company ensures that the information it publishes is regularly evaluated to keep its advice reliable and trustworthy. This focus on accountability is apparent in all of Stansberry Research’s newsletters, which include detailed records that track the company’s results with each monthly issue.
In recent years, it’s not only been individuals that have been hit by hackers looking to steal information. Many private and governmental organizations have been targeted as well. This includes such notable entities as the U.S. Securities and Exchange Commission, the CIA, the Trump Organization, and the National Security Administration (http://dailywealth.co/reclusive.html).
With such critical and high-profile organizations on this list, it’s perhaps unsurprising that combatting these attacks has become a high priority for the U.S. government. But up until recently, the tools to combat this scourge have appeared inadequate. Fortunately, that seems to be changing as blockchain gains prominence as a viable security solution.
Usage and Implementation
Experts have increasingly begun to agree that blockchain technology could be applied to a myriad of cybersecurity, encryption, and digital identification activities in order to keep information safe. Even the government seems to agree and some experts predict that it will soon begin to utilize blockchain-based identification tools.
These predictions stem in part from meetings that have taken place at high levels of the federal government where blockchain technology was explicitly discussed as a solution to the types of security breaches that have become increasingly common in recent years. According to a recent account from Bitcoin Magazine, “A top official from the Office of Management and Budget made it clear that the White House was ‘serious about and committed to this technology and would not be deterred.”
This information from Stansberry Research goes to show the priority the publisher places on accurate and fair analysis of the many conditions affecting the worlds of finance and investing (YouTube). In fact, one of Stansberry Research’s foundational philosophies is to only disseminate information that the editors would feel comfortable giving to themselves or their family members.
This focus on offering reliable advice, coupled with their aforementioned commitment to accountability and diversity of opinion, has earned the publisher a significant number of readers. In fact, upon reading the information provided in the many newsletters put out by Stansberry Research, many seeking reliable financial advice might want to sign on to receive the publications for life. Currently, Stansberry Research has over 70,000 lifetime subscribers.
How Blockchain Technology Works
Though much has been written about the inner workings of blockchain technology, a quick refresher may be helpful to understand the recent developments in this area. Essentially, the technology is based on what is known as a distributed ledger network. In such a network, any request for information must be verified at multiple points throughout the system before being approved. This helps promote data security by circumventing the traditional means of data hacking, which are designed to attack a single point of weakness. With no single point available to attack, the risk from this type of breach is significantly reduced.
Predictions for Blockchain Technology
In summating his article, Aitken predicts that the use of blockchain technology could foresee rapid adoption throughout government and private industries alike. As an indication of this, he points to the recently proposed project by the state of Illinois to use blockchain technology in its system for recording birth certificates. By many accounts, this trend is likely to continue at an ever-increasing pace.
Further supporting this idea, the director of the National Association of State Chief Information Officers highlighted that this technology was barely on anyone’s radar a year ago. Today, NASCIO claims that 63 percent of state officials interviewed were exploring the implementation of blockchain technology. With such widespread interest and rising adoption rates, Aitken feels that the growth of blockchain technology might even outpace the internet explosion of the late 1990s.
It is clear that with pressing issues of private and public security hanging in the balance, the protection of information is now one of the central issues of our time. As Stansberry Research shows in its recent analysis, blockchain technology provides a very promising route towards safeguarding data and ensuring that governments and citizens alike can avoid the catastrophe of a security breach. Commensurate with the quality analysis that readers of the financial information publisher have come to expect, such a forward-thinking insight not only has implications for the ways in which we protect our data but also for how the world functions at large.
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