Discuss any two benefits and usecase of Blockchain enabled in cybersecurity? for 2 marks
Question
Discuss any two benefits and usecase of Blockchain enabled in cybersecurity? for 2 marks
Solution
Sure, here are two benefits and use cases of Blockchain enabled in cybersecurity:
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Benefit: Enhanced Security - Blockchain technology provides a high level of safety and security when it comes to exchanging data, information, and money. It uses advanced cryptographic techniques to ensure that the data is locked inside the blockchain. It's also decentralized, which means it's not controlled by any central authority. This makes it highly secure as it reduces the chances of being hacked.
Use Case: Secure Sharing of Information - In industries where secure data sharing is paramount, such as healthcare, blockchain can be used to enhance the security of the data. For instance, patient records can be encrypted and stored on a blockchain which can only be accessed by certain individuals with the correct decryption key.
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Benefit: Traceability - Each transaction on a blockchain is recorded sequentially and indefinitely. This provides an indelible audit trail for the life of an asset (between parties). This is particularly useful in cases of fraud investigation.
Use Case: Supply Chain - In supply chain management, the traceability feature of blockchain can be used to track the movement of goods. This can help to prevent fraud and counterfeit products. For example, a company can use blockchain to track a product from its point of origin to its final destination, ensuring that it hasn't been tampered with along the way.
Remember, each point is worth 1 mark, so make sure to explain both benefits and use cases thoroughly to get full marks.
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