Cryptocurrency

CEO of Multi-Asset Wallet Edge Talks the Future of Security on the Blockchain

Cybersecurity is at the top of everyone’s mind. Every day there seems to be a new story about data breaches, governments accessing our information, or companies leveraging tech to influence our daily lives. Whether it’s the recent news surrounding Facebook’s careless release of data to Cambridge Analytica, or news of government involvement in foreign elections, a majority of the digitally aware world is concerned about information security.

As clear supporters of blockchain’s potential to completely change the way we share, secure, and use information, it’s important to share perspectives of industry leaders and experts who can shine a light on how this technology is making a difference in the world.

Paul Puey is the CEO and founder of Edge, a blockchain based security provider and multi-currency wallet that has its sights set on, “making large-scale data breaches a relic of the past and to help propel everyone safely and easily into the emerging networks of the future.”

Puey shares why a blockchain security solution commonly known as “edge security”, is such an important innovation, “Edge Security is security at the ‘edges’ of a network, which is me, you and the devices that we hold. Edge was founded based on the incredible security demand that blockchains require and how this benefits not only the cryptocurrency world, but anyone that needs to secure data or assets.

Decentralization is a Tool To Increase Access and Security

In a recent article, Puey shared that decentralized is not a good unto itself, rather that it is a tool to reach other goals. For some, it’s about “empowering individuals with access to a resource previously restricted to the few and elite. For others, it’s censorship resistance. For others, it’s fault tolerance/redundancy. There’s probably a myriad of other end goals that people may have with many goals crossing over each other.” he explained.

Whatever your reasoning or driving force for supporting them, decentralized technologies built on the blockchain are a powerful tool for increasing access to markets, and securing data. By providing a fully transparent and immutable ledger, it’s possible to start eliminating manipulation and fraud in numerous industries. The number of applications is growing every day, and we’ve only just begun to see the various goals that blockchain can help achieve.

Data Breaches: A Thing of the Past

People hear about data breaches so frequently many have become numb to new reports. This does not change the severity of these breaches, however, as they only seem to be increasing in frequency. What’s needed is a paradigm shift in how organizations store, and protect their data. Instead of centralized data stores that become a massive, and singular point of weakness, companies need to consider decentralized solutions.

Puey explains, “Edge security can make data breaches a thing of the past.  By only storing information that is encrypted using keys stored only on customer devices, corporations remove the incentive for hackers to target their systems in the hope of obtaining customer data.  With the average data breach costing an organization an average of $3.62 million, this represents a source of significant cost savings to an organization.” By moving encryption to the edges of a network, organizations can make it near impossible for hackers to breach their systems.

Edge Security for Wallets and Beyond

Edge was formerly known as Airbitz, one of the first mobile cryptocurrency wallets on the market. Puey explained that one of the primary reasons he launched a mobile wallet was because, “we knew that decentralized security had immense value, but that companies and consumers needed more practical tools to help them see the potential applications of this technology.” By providing secure single sign-in options, he and his team pioneered a more convenient user experience for storing crypto.

The vision doesn’t stop there though. Puey shares a prediction for the future of edge security applications, “In the next 3–5 years, we should actually see a trend where users will seek out what I call Edge-secured apps, where people can control their own data. These encryption and Edge solutions will be invisible to those using the app, which will go a long way toward enhancing user experience along with security and privacy.”

A decentralized future is a key step in keeping our information safe, and putting an end to costly data breaches, hacks, and theft that result from outdated security measures. The blockchain community is hard at work developing new solutions to help make this future a reality, and more and more industries are beginning to recognize how this revolutionary technology can change things for the better.

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