Banking Industry Evaluating Security Benefits of Blockchain to Send Encrypted Information

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Banking Industry Evaluating Security Benefits of Blockchain to Send Encrypted Information

By CircleID Reporter
January 09, 2018, 1:47 pm PST Views: 14,289 Add Comment

The banking industry is evaluating security benefits of using blockchain to send encrypted information. Greg Stiles reporting in Mail Tibune: “‘We’ve seen potential breaches at some of these cryptocurrency exchanges… We are looking as an industry if there are ways we can use blockchain for communicating with each other, but we are not there yet, [says Jenny Menna, Senior Vice President of Information Systems Security at US Bank]. ... the industry desires to end passwords and Social Security numbers and sees blockchain as one avenue to the goal. U.S. Bank has 600 people assigned to ward off potential cyber attacks through analytical and other means. But small firms without such resources are just as likely to get hit.”

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