Relating to Gillian Tett’s article “Regulators have cryptos of their sights” (Opinion, February 18), I work in cyber safety and underpinning cryptocurrency is the blockchain expertise which replaces hierarchical checking and signing off of transactions with a decentralised, mutually agreed, course of. No single particular person or organisation has overseer management.
Blockchains are immutable — as soon as a person person or organisation enters information or completes a course of, that’s it, performed. Blockchains have inbuilt safety, however there’s a potential threat of a breach the place people could have compromised safety on their very own units whereas finishing transactions.
Not like a standard hierarchical company monetary course of, only one lapse in a blockchain member’s safety could end in substantial losses for all.
I’m unsure that each prospects and regulators are absolutely cognisant of the complete threat?
Malmesbury, Wiltshire, UK