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Is Encryption All We Need?

Samantha Mitchell




Security Is Imperative

After all of the recent bad press surrounding Cryptocurrencies, exchanges and hacking questions are being asked as to how to protect investors and the Cryptocurrency industry. Is Encryption all we need?

Individuals all over the world are becoming a lot more concerned about their private details and security of their personal data – this is not only in the Cryptocurrency field. The latest social media accounts and methods of communication are all looking into how they can provide the necessary security for their users.

Encryption Is Vital

With Blockchain technology, encryption is already incorporated into the system as all of its users have both a public and a private key. The very detailed and thorough encryption ensures that it is nigh on impossible to be able to access a person’s details at the moment. Even the public key of a user can be sent out without the worry that the private key can be violated and hacked.

Encryption has done a lot for Cryptocurrencies already by making sure that counterfeiting cannot take place. This is one very clear advantage that Cryptocurrencies have over FIAT currencies. However, encryptions are not 100% safe sadly, there will always be ways that extremely talented hackers can find their way in. But with the latest technologies now available this may actually be a good thing because transactions and activities are tracked and recorded. This can certainly lead to the undoing of a criminal as can the very fact that Blockchain is completely decentralized.

New and improved encryptions are being developed all of the time to ensure that security remains one step ahead of criminal activities. QR codes are becoming more widely used now and offer much tighter and securer systems. The codes are a lot more personalized than ever before.

Keep It Real

Although all of the above measures are in place, there are still those in the Cryptocurrency industry that are worried about the effect that quantum computers will have. The latest in computers are set to be able to understand extremely complex algorithms a lot quicker than our current computers. Although these are not on the market yet, their capabilities are unknown and whether they can break through encryptions is yet to be seen. This problem is more than likely a few years away so there is nothing to stress about right now.

The latest changes and updates to security and keeping the privacy of investors in the Cryptocurrency industry as crime free as possible are the start of something big. As things begin tightening up and regulation continues to be put into place, the industry will become a lot more popular and safer. It will also eliminate a lot more of the stresses that those in the industry currently have. Finding loopholes now allows developers to tighten up their coding sooner rather than later which can only benefit everyone concerned. Both the Blockchain and Cryptocurrency industries do need to continue to be challenged so that the software develops and improves ahead of the activities of the criminals. Keeping the criminals at bay is imperative even more than ever.

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