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Banking Industry Evaluating Security Benefits of Blockchain to Send Encrypted Information

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.”

By CircleID Reporter

CircleID’s internal staff reporting on news tips and developing stories. Do you have information the professional Internet community should be aware of? Contact us.

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