Don’t be fooled: Blockchains are not miracle security solutions

The idea that blockchains may bring benefits in terms of cybersecurity is a widespread myth. Even the US Department of Defense fell for this myth in a recent report “DoD Digital Modernization Strategy” with plans to build a “Block Chain Cybersecurity Shield” allowing to “transmit secure messages” and “develop unhackable code.” It’s important to set the record straight on these complex topics. But before I get into it properly, let’s begin with a few general points to set the stage: 1) Blockchains are not designed to solve security issues. They minimize trust. They allow unidentified users to exchange scarce digital…

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