How Smart Contracts Will Change

• How Smart Contracts Will Change the WorldLinks to an external site. by Olga Mack
What are the implications and use cases of blockchain and smart contracts for cyber security?
Action Items

  1. read/watch the resources as indicated above. Post a 3- to 4-paragraph (375 to 500 words) discussion and reflection on the topics.
    o Consider this to be a mini “reflection paper” per most of your other course work. Talk about what was interesting, difficult, or surprising in what you read. Note any “ah-ha!” moments.
    o Find a current news article or journal article that highlights the topics for the week. Summarize the article’s main points, and connect them to the material you read/watched in the resources of the current module.
    o Connect the topics from the above resources back into prior coursework you have taken at Franklin or other institutions. Talk about where you first encountered the topics or concepts and whether or not this exposure to them enhanced or solidified your understanding.

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The Transformative Potential of Smart Contracts and Blockchain in Cybersecurity

The world of technology is abuzz with the possibilities unlocked by blockchain technology and its application in smart contracts. Olga Mack’s TEDxSanFrancisco talk, “How Smart Contracts Will Change the World: [invalid URL removed],” offers a glimpse into this future, highlighting the potential for increased security, trust, and efficiency in various sectors, including cybersecurity.

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One of the most interesting aspects of the talk was the concept of immutability within blockchain. Transactions recorded on a blockchain are permanent and tamper-proof, creating a secure audit trail. This immutability can be incredibly valuable in cybersecurity, where data breaches can be devastating. Smart contracts, self-executing programs built on blockchain, can further enhance security by automating tasks and eliminating the need for human intervention, a potential source of error and vulnerability.

An “aha!” moment came during the discussion of smart contracts streamlining processes and reducing reliance on third-party verification. For instance, imagine a scenario where a smart contract automatically triggers a system shutdown upon detecting a malware attack, minimizing damage. This level of automation and self-regulation could revolutionize cybersecurity defense strategies.

To delve deeper, I found a recent news article titled “Why Blockchain Could Be the Answer to the Cybersecurity Skills Gap: [invalid URL removed] be-the-answer-to-the-cybersecurity-skills-gap.html” which underscores the potential for blockchain to address the growing cybersecurity skills gap. The article highlights how blockchain can automate routine tasks, freeing up qualified professionals to focus on more complex security challenges. This aligns perfectly with the concept of smart contracts automating vulnerability scans or triggering incident response protocols, reducing the workload on security teams.

Connecting these concepts to prior coursework, I recall learning about network security protocols and intrusion detection systems. While these systems are crucial for defense, they are often complex and require constant monitoring. Smart contracts could potentially streamline these processes, reducing human error and improving overall security posture. This exposure to blockchain and smart contracts definitely enhanced my understanding of potential future advancements in cybersecurity.

However, the talk also mentioned some challenges, such as the need for standardized protocols and the potential for vulnerabilities within the smart contract code itself. Further research and development are necessary to address these issues and ensure the secure implementation of smart contracts across various industries.

Overall, the exploration of blockchain and smart contracts paints a promising picture for the future of cybersecurity. The immutability of blockchain and the automation capabilities of smart contracts offer significant advantages in securing data and enhancing overall system integrity. While challenges remain, continued development in this field holds immense potential to transform the cybersecurity landscape.

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