As the blockchain industry continues to expand, the importance of cybersecurity becomes increasingly vital. Steve Bassi, the CEO of PolySwarm, argues that leveraging blockchain technology for cybersecurity is crucial in this evolving landscape.
Bassi highlights that while awareness of blockchain and security has grown significantly in recent years, the integration of blockchain in cybersecurity is still in its early stages. He explains, “The awareness of cybersecurity and cryptocurrency has seen unprecedented growth in the past five years, surpassing any other period in my professional security career.”
Despite the increased awareness, Bassi observes that cybersecurity projects are still exploring ways to incorporate blockchain technology. PolySwarm, for instance, has developed a project that utilizes blockchain to enhance security. The company incentivizes users by rewarding them for providing data on malware.
Bassi draws inspiration from the success of the Brave browser and emphasizes that antivirus companies already collect valuable data on malware infrastructure but fail to compensate users for their contributions. PolySwarm aims to address this by creating a platform that values user participation and rewards them accordingly.
When addressing concerns about data gathering practices of Web2 companies like Google and Facebook, Bassi asserts that Web3, which includes PolySwarm, takes a different approach. He emphasizes that PolySwarm prioritizes security over advertising.
In June, Octagon Networks, a cybersecurity firm, embraced Bitcoin by converting its balance sheet into the cryptocurrency. The company also started accepting Bitcoin as payment for all its services, offering a 50% discount to those who choose to pay with the digital asset.
Additionally, the Atlantic Council, a US-based think tank, released a report in the same month discussing the cybersecurity implications of central bank digital currencies (CBDCs). The report identifies certain risks associated with CBDCs, such as privacy concerns and regulatory oversight.