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Blockchain Technology Will Usher in the Fourth Industrial Revolution

· May 14, 2018 · 7:00 pm

Steve Chiavarone is a blockchain believer. The portfolio manager at Federated Investors believes the technology behind bitcoin will help usher in the fourth industrial age. Many commentators have previously identified blockchain as having the potential to disrupt the global business process.


Blockchain: An Exciting Emerging Technology

Chiavarone is certain that the distributed ledger technology (DLT) framework is an essential cog in the wheel of emerging technologies that will transform the world. The Wall Street bull predicts that blockchain, along with robotics, automation, artificial intelligence (AI), and the Internet of things (IoT) will be the foundation of the fourth industrial age. Indeed, several experts believe blockchain can contribute to the technologies mentioned above.

Such is his conviction that the Wall Street expert is incorporating DLT into his stock market forecast. Speaking to CNBC, he reiterated the viability of the technology despite the struggles in the crypto market since the start of 2018. According to Chiavarone, the current price slump doesn’t diminish the importance of DLT implementation. Earlier in May, Wall Street analyst Nick Colas described bitcoin as the “FANG” stock of the crypto world. FANG refers to the most popular tech stocks; Facebook, Amazon, Netflix, and Google. Chiavarone is optimistic that blockchain technology could improve the business operations of the FANG stock companies.

Other corporations are also making forays into developing protocols that implement the technology. Companies like IBM and Maersk are leading the way in developing blockchain-based solutions for supply chain management (SCM) and general logistics. According to Chiavarone, big banks are also investing in DLT. Bank of America (BoFA) recently declared that it was contributing the most resources into blockchain research than anyone else.

Fourth Industrial Revolution

Blockchain Will Replace Reconciliation

Chiavarone is particularly confident that blockchain will disrupt business reconciliation process. He believes the technology is uniquely suited to improve the verification of account balances in the corporate world. According to him, blockchain will replace the expensive, inefficient and tedious reconciliation process. Thus, businesses will be able to reduce back and middle office costs while having more efficient supply chains.

Many in the mainstream finance arena aren’t sold on cryptocurrency. In fact, some of the staunchest crypto critics are from the organized business sector. However, only a handful of people in finance have dismissed the viability of the technology. It is even common to see notable figures declaring their interest in DLT while paying little or no attention to bitcoin and other cryptocurrencies.

Does blockchain technology have a pivotal role in the establishment of the fourth industrial age? Let us know in the comment section below.


Images courtesy of Twitter/@federatednews, Christoph Roser/AllAboutLean.com, Shutterstock

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Hackers Target Medical IoT Devices To Obtain Prescription Drugs

Source: bitcoin

Bitcoinist_Medical IoT Devices

Hospital IT security is not up to par, as a recent reported indicated. It looks like the threat is far more real than anticipated, as a new wave of IoT device attacks is taking place as we speak. Medical services, ranging from CT scanners to dialysis pumps, are targeted by hackers. Albeit these assailants will not shut down the machines, they are trying to retrieve confidential patient information.

Also read: FBI Overstepped Boundaries Again in Silk Road Investigation

Very few people seem to realize medical devices store a lot of sensitive patient data. MRI Machines and CT scanners keep a record of all patients going through these devices. The vast majority of these machines is connected to the Internet, making them a lucrative target for hackers all over the world.

Medical IoT Devices Are A High-value Target

As one would come to expect from lackluster hospital IT security, these machines are inadequately protected. To be more precise, assailants use older versions of malware to attack medical IoT equipment. Conficker, a very old type of worm, has been identified as one of the tools of attack. Far too many medical devices connected to the Internet run on older Windows versions.

Security firm TrapX Labs explained the situation as follows:

“The malware utilized for this attack was specifically selected to exploit older versions of Windows… It enabled the attacker to install a backdoor within the enterprise, from which they could launch their campaign and quietly exfiltrate data and perhaps cause significant damage using a ransomware attack.”

Conficker has been a cause of concern for security experts in the past. Similar to how ransomware is evolving, this worm used to undergo several changes during its reign. The developers even used it to hijack infected devices and use them for DDoS and spam attacks. Medical machinery is a lot more powerful compared to CCTV cameras, and can be wielded to cause a lot more harm.

The Number of Attacks Increases

The medical industry has been under attack from hackers for quite some time now. Several hospitals had to deal with ransomware attacks these past few months. Patient records have always been a high-value target for hackers. One individual is even selling three different databases on the deep web. Every database has several tens of thousands of patient records in it.

Using these medical profiles goes well beyond using them for extortion schemes. A hacker would be able to get prescriptions filled. After all, these prescriptions are covered by insurance, and the pills have a high resale value on the deep web. All of these goods are sold in exchange for Bitcoin. There is no better time than now for hospitals to step up their IT security. Unfortunately, most of them do not have the staff or money to do so.

What are your thoughts on hackers going after medical IoT devices/ Let us know in the comments below!

Source: Threatpost

Images courtesy of Shutterstock, TrapX

The post Hackers Target Medical IoT Devices To Obtain Prescription Drugs appeared first on Bitcoinist.net.

Hackers Target Medical IoT Devices To Obtain Prescription Drugs

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