Blockchain Technology: Prospects and Challenges

West Bengal govt mulling ‘blockchain’ to protect records stored online

Note4students

Mains Paper 3: Science & Technology | developments & their applications & effects in everyday life

From UPSC perspective, the following things are important:

Prelims level: Blockchain technology, Wannacry virus, Shadow Brokers

Mains level: Use of emerging technology in improving governance


Blockchain technology to protect documents from cyber attacks

  1. The West Bengal government is planning to introduce the blockchain technology to protect its documents from cyber attacks
  2. Earlier this year, computers at some offices of the West Bengal State Electricity Distribution Company Limited were crippled by ‘WannaCry’ virus, a global ransomware
  3. Ransomware is a type of malicious software designed to block access to a computer system until a sum of money is paid

Wannacry Ransomware attack

  1. It infected hundreds of thousands of computers worldwide in May and crippled parts of Britain’s National Health Service
  2. The WannaCry attack struck more than 150 nations in May, locking up digital documents, databases and other files and demanding a ransom for their release
  3. The WannaCry ransomware exploited a vulnerability in mostly older versions of Microsoft’s Windows operating system
  4. Security experts traced the exploitation of that weakness back to the U.S. National Security Agency; it was part of a cache of stolen NSA cyberweapons publicly released by a group of hackers known as the Shadow Brokers

Blockchain technology

  1. Blockchain is an online ledger of digitally recorded transactions which is encrypted in the form of blocks, each of which is connected by a network of computers
  2. We had covered an op-ed related to the potential of blockchain technology previously. You can read it here

A similar news related to Wannacry ransomware has been published in The Hindu with the title ‘US blames North Korea for worldwide WannaCry ransomware attack’. Important points from that news have been included above.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments