On Thursday, The Singapore-based security and data storage vendor, Acronis unveiled their first blockchain-based tool. This was facilitated by the lau
On Thursday, The Singapore-based security and data storage vendor, Acronis unveiled their first blockchain-based tool. This was facilitated by the launch of their True Image 2017 New Generation data backup application.
This application was developed by its Research and Development team in the city state. It has the vendor’s “active protection” technology which can detect and prevent the real time ransomware attacks and recover the lost data.
This new application has Acronis Notary. This is an authentication tool that has the ability to certify the content and to verify the modifications done against the original version. It can certify all the digital objects that has hash or any other unique content and captures it into the blockchain ledger. This allows the user to verify the information and any other document such as financial files and contracts.
Besides, True Image 2017 has a blockchain based certification tool for documents (Acronis Asign). This allows several parties to generate and certify any documents and files with a secured and digital signature that can be audited.
This application utilizes Ethereum blockchain ledger in which the CEO of Acronis Beloussov termed it as a fast growing and advanced technology as it can support smart records. Hashes are stored on the Ethereum ledger while the copies of the signed documents and files are stored at Acronis’ data centre or customer’s system.
The CEO argued that blockchain provided a reliable and secured means of safeguarding data and a cheaper way of signing documents digitally without the need of an intermediary. This implied that many copies of a piece of data, content or files could be generated and digitally signed easily and cost effectively.
He further discovered that there were the Public Key Infrastructure (PKI) and other competitors offering the digital signature services but it is not possible to tell whether they will remain active in the market for a longer period from now.
It is safe to assume that blockchain will be available indefinitely since it is a public ledger. Just like the internet, in case one access point is switched off, one can access it through another online access point.
Beloussov argued that he believes in the ability to generate and store secured data copies as a key defense against ransomware. This is due to the fact that in case of any attack, organizations can rely on backups and still access the information.
The estimated damages caused by ransomware last year was more than US$1 billion and is expected to rise in 2017.