NEM Roundtable Session
IA Roundtable Discussion – May
“Cybersecurity and Blockchain” @ NEM Blockchain Centre
Blockchain exists with a better idea of storing data using sophisticated math and innovative software rules that are extremely difficult for attackers to manipulate. However, how this new technology – Blockchain play a role in the cybersecurity? How would blockchain transform the future landscape of cybersecurity? Many questions were raised from the participants…
Blockchain = encryption or something else?
Blockchain is a leger of record (day to day life record) by using cryptography and peer to peer science to achieve it. For NEM on top of the ledger, it adds a text as a message in the traditional way in the transaction.
Discussion on Blockchain, Cloud and Security
- Majority of the management in most countries are storing their private key in the cloud, but this is just like safe the treasure in the safety box but leave the key on top of the box.
- When the awareness on cloud and blockchain arise, many people read about it or use. They thought they understand what is cloud or blockchain, but actually, they do not. The understanding is either layman, an end user perception or someone that not comprehend on actual backend operation of cloud/blockchain.
- With the blockchain technology, in the next few years, individual can decide what, who and how to share their data or even to sell their biodata information or data to the interested party. Those data are like online shopping and browsing behaviour on the internet.
- In future, the individual takes control of their personal data, as a digital asset, only when a party granted the right is allowed to access the data.
Why we need a change on that?
- Many people use Facebook and thought it is free, but actually, it is not! Our personal data stored there that make available for the advertisers to “use” it as marketing tools.
- The public awareness on this aspect should arise, aware that this is part of Personal Data, should be sold than free consumption. If they want to use it, they should buy.
- The awareness campaign should be consistent, however, the implementation process to achieve the change in people is challenging.
What kind of limitation that blockchain has?
- Blockchain is an immutable and inerasable record.
- If every node of the transaction has to keep a record, it will impact and slow down the process, especially big files like a video or picture files.
- Proximax, a new set up of Lon Wong, is now moved to focus on technology that could encrypt and reduction big files, eg. video or pictures that suitable in Blockchain mechanism.
Internet Alliance is will have other Blockchain events/workshop together with NEM Malaysia, to discuss the phenomenon of blockchain and develop blockchain use case. For more information, follow us in Internet Alliance Facebook page.