As the blockchain industry continues to expand, ensuring cybersecurity has become increasingly vital. Steve Bassi, the CEO of PolySwarm, believes that leveraging blockchain technology is necessary to address this need.
Bassi emphasized that while awareness of blockchain and security has grown in recent years, the integration of blockchain in cybersecurity is still in its early stages. He noted that awareness of cybersecurity and crypto has seen unprecedented growth during his professional security career.
Despite the heightened awareness, Bassi observed that cybersecurity projects are still exploring the various applications of blockchain in the field. PolySwarm has developed a project that utilizes blockchain technology to enhance security. The company incentivizes users to contribute data on malware by rewarding them for their participation. Bassi drew inspiration from the success of the Brave browser and highlighted that antivirus companies already collect valuable malware infrastructure data but do not compensate users for their contributions.
Regarding the controversial data collection methods employed by Web2 companies like Google and Facebook, Bassi stated that Web3 operates differently. He emphasized that PolySwarm prioritizes security over advertising.
In June, cybersecurity firm Octagon Networks joined the Bitcoin train by converting its balance sheet into the cryptocurrency and accepting it as payment for all its services. Customers who pay in Bitcoin receive a 50% discount.
During the same month, the Atlantic Council, a US-based think tank, released a report on the cybersecurity of central bank digital currencies (CBDCs). The report identified certain risks associated with CBDCs, including privacy concerns and regulatory oversight.