The Role of Blockchain Technology in Organizational Cyber Security

Abstract

Distributed ledger technology (DLT), decentralized finance (DeFi), blockchain – these are terms that have been trending especially in technology circles. Today, blockchain has gained more acceptance, but sceptics continue to raise concerns about the technology's scalability, security, and long-term viability. There are also concerns regarding its being associated with crime and the dark web, which might imply it will have negative consequences if adopted. It has its own peculiar cyber security loopholes, but these can be addressed. That notwithstanding, organizations stand to gain from the blockchain in terms of cyber security; especially its qualities of decentralization and immutability. It has been successfully implemented in some sectors with positive results. This chapter seeks to illustrate how the blockchain can be used to boost and optimize cyber security for organizations.