Will Blockchain Tech Revolutionize Cybersecurity?

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With Blockchain becoming more popular these days, a significant number of US government departments are rapidly showing interest. The US Department of Homeland Security (DHS) has been advancing Blockchain solutions in order to improve cybersecurity.

Blockchain is a secure database that maintains a constantly expanding list of records. Each record, or block, contains a link to a previous block. This makes them inherently resistant to modification by outside sources. Blockchain technology validates new entries added into an existing data field to support identity verification.

The Department’s Small Business Innovation Program (SBIR) granted $794,000 to the blockchain technology startup Evernym for the development of Blockchain key management solutions. The project is supervised by the DHS’ Cyber Security Division. The company will design and develop a decentralized key management solution for Blockchain technologies.

According to cointelegraph.com, the program has already provided funds to several Blockchain startup companies in the past for various R&D projects, including Digital Bazaar and BlockCypher.

Several US federal government agencies have also advanced programs in the field of Blockchain technology. One of the agencies is the National Science Foundation (NSF). In its grant proposal solicitation in early 2017, the NSF said that it is looking to fund between seven and nine projects of as much as $1 mln per project, in order to ”ensure the integrity and confidentiality of data as it traverses multiple environments such as mobile, cloud, campus and Internet networks.”

When not busy trying to regulate the cryptocurrency industry, the US government is known to discuss and fund Blockchain-related projects that aim to optimize existing processes.

The State Department has also organized the Blockchain@State working group to research more on the possibilities of Blockchain in the government workflow.