On the heels of the Wannacrypt ransomware attack, the recent Toronto Chapter event provided an excellent forum for presentations and discussions about Ransomware and Blockchain. The evening started with a story about ransomware.
Iliana Oris Valiente, Founder of ColliderX Applied R&D Hub, then provided the audience with a clear and concise explanation of blockchain; the technology behind Bitcoin and other crypto-currencies that are often required from criminals holding data for ransom. Blockchain is a digital ledger of transactions in a decentralized system, where the entire network keeps a copy of the ledger. All nodes in the network must agree on all previous transactions in order for a new transaction to occur from Party A to Party B. Iliana’s summary statement was very helpful: “what the internet is to information, blockchain is to value”.
There are different types of blockchain technology, depending on the use, on a continuum from Public, through Hybrid, to Private. Government agencies all around the world are paying attention to blockchain technology. Organizations that fail to keep up with the trend risk losing competitive advantage.
Once again, the presentations and discussions at the Toronto Chapter event provided excellent opportunities for Association members to explore these very pertinent topics, as evidenced by comments from attendees:
Next Toronto Chapter Event: Beers with Peers on June 15
About the Author:
Sangee Selvanathan has completed his commerce degree, majoring in Business Technology Management at Ted Rogers School of Management, Ryerson University. He enjoys all things technology-related, including using technology to drive business solutions in the workplace.