SAI HONIG
BLOCKCHAIN – THE TECHNOLOGY BEHIND CRYPTOCURRENCY by Sai Honig, Engagement Security Consultant at Amazon Web Services Blockchain is the technology behind cryptocurrencies.
connections are broken. It is these connections that
Because of wild swings in the values of
provide irrefutability. When something is irrefutable, it
cryptocurrencies, blockchain has had a great deal
is impossible to dispute. This irrefutability creates the
of bad press. However, blockchain is a technology
integrity of blockchain technology.
that can be used for many other business and personal processes.
We can identify many applications where irrefutability is useful and, in some cases, essential.
Let us try and understand blockchain by looking at a very ancient technology, that of step pyramids. A
In insurance, blockchain technology can bring cost
step pyramid, or stepped pyramid, is an architectural
savings, transparency and fraud mitigation. It can also
structure that uses flat platforms, or steps, receding
enable faster payouts because data can be shared
from the ground up to achieve a shape similar to that
between parties in a trusted and traceable manner.
of a geometric pyramid. Step pyramids were built by several cultures in the past and in various parts of
In Canada, personal identification using blockchain
the world.
was implemented in 2019. Users verify their identity online, in person or on the phone using information
These structures are built with stones. Each stone
held in banks, health records and government
is precisely cut and placed next to others. The
services which they have consented to share.
connections between each stone to those next to it give these pyramids great strength, and many remain
A blockchain network in the healthcare system could
largely intact. However, if even one stone is incorrectly
be used to preserve and exchange patient data
placed, the pyramid loses its integrity.
between hospitals, diagnostic laboratories, pharmacy firms and physicians. This could be done through
106
A blockchain also provides integrity through the
electronic healthcare record systems interoperability
connections between one block of data and another.
and healthcare data exchange. Such an exchange can
If the data in a block is modified or deleted, the
be created using blockchain technology.
W O M E N I N S E C U R I T Y M A G A Z I N E
N O V E M B E R • D E C E M B E R 2022
