The internet was never designed with privacy in mind – it was built only with the preconception that it could enhance our lives.  At the time, there was not any consideration that it would be misused or manipulated in a negative way.  The anticipation of the internet’s capabilities was an exciting dream back in the 1980’s.

Fast forward 40 years and today is such a different story. Yes, the internet has enhanced our lives in many ways – the automation of products and services has encouraged businesses to become time efficient and has driven down production costs, which has been a great boost for the UK economy.

Unfortunately in modern times, cyber security has in fact become the biggest challenge for companies and organisations on a global scale and although we may want to, we can’t rip up the internet and start again!  The world wide web is too expansive and now with the reliance of IOT based products as well as cloud storage, the capacity at which we rely on the internet is more in demand than ever before. This means that in going forwards, we need to look at creating the next generation of internet which is safer and more resilient to cyber attacks.

The internet could become safer by using blockchain

It is anticipated that blockchain could restore security by decentralising data from one single platform to individual compartments known as nodes.  Although, blockchain is not immune from a cyber attack, as an independent system it is a safer and more reliable platform in comparison to other network alternatives; however, the current problem lies where other networks link into blockchain and bring with them their own vulnerabilities.

A need for blockchain has been recognised across many industries. The fact that blockchain can support IOT technology, AI and cryptocurrency opens up many new opportunities in how these industries can improve their services whilst continuing to save on time and cost.  Protecting data has to be at the forefront in improving efficiency.  Research and development into how blockchain can work safely with other technologies is the next step for how blockchain is applied in the future.

Is your organisation investing in new and innovative technology methods as the basis for new products and services? Crendon Insurance support companies with IOT insurance, intellectual property insurance and many aspects of technology insurance to offer bespoke commercial insurance packages to protect innovative businesses who are steering our technological revolution. To find out more please contact our internet technology insurance team or see our website for further details.

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