Can using system like bitcoin help protect identity theft? essay sample

 

 

A common concern of businesses and individual users, identity theft is haunting everyone conducting transactions online. Safe encryption is a must for service providers, however, hackers never sleep. Servers are being hijacked, and currency flows into the hands of malefactors. A solution to this complex problem recently came from Bitcoin miners. Though highly speculative and unpredictable, this digital currency involves the computational hurdles that protect the system from being hacked.

 

In 2017, researchers from MIT’s Computer Science and Artificial Intelligence Laboratory presented Bitcoin’s security system defending users from identity theft. Scientists have put forward the idea that cryptographic protocols must confirm transferring one and the same bitcoin from one place to another. It means that no one can spend the same bitcoin more than once. To assure this, people have to download a cryptographic protocol of 600 bytes for each block in the blockchain. Thus, researchers suggested to break down the blockchain into smaller parts and effectively verify the transaction. This way the system helps to secure many algorithms that give opportunities to hackers.