Cryptocurrency

Blockchain and cybersecurity awareness on the rise: PolySwarm CEO

As the blockchain space becomes more extensive, cybersecurity becomes a more crucial requirement for many. Because of this, PolySwarm CEO Steve Bassi argued that there is a need to leverage blockchain for cybersecurity.

Bassi told Cointelegraph that while the awareness of blockchain technology and security is on the rise, the use of blockchain within cybersecurity is still in its early days. “Awareness about cyber security and crypto, especially over the last five years, increased more than any time during my professional security career,” he said.

Despite the rise in awareness, the CEO noted that cybersecurity projects are still in the middle of trying to find applications of blockchain in the space. Because of the market gaps, Bassi noted that they created a project to use blockchain to enhance security. They do this by rewarding users as they provide data on malware. The executive said:

“Gathering complete data on malware infrastructure shortens the lifespan of major malware campaigns and ultimately keeps PolySwarm’s customers and the internet at large more secure.”

Taking inspiration from the success of the Brave browser, Bassi explained that at the moment, antivirus companies are already gathering what he describes as “ultra-valuable malware infrastructure” but don’t compensate users for providing the data.

When asked about the controversies that sparked people’s concerns regarding the gathering of data of Web2 companies like Google and Facebook, Bassi assured users that Web3 is different. According to the CEO, they are more focused on security rather than advertising

Related: FBI and CISA issue alert over North Korean cyberattacks on crypto targets

In June, a cybersecurity firm jumped into the Bitcoin (BTC) train by converting its balance sheet into BTC. The group also began to accept BTC for all of its services, giving a 50% discount for those who pay in BTC.

In the same month, Atlantic Council, a think tank based in the United States, released a report on the cybersecurity of central bank digital currency (CBDC). The think tank identified risks in CBDCs including privacy and regulatory oversight.

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