Can Cryptocurrencies be the Future With its Sketchy Past?
Throughout the world is a constant threat of malicious software and virus’s taking over computers for a financial gain. When computers are used for ransom, it can halt the process of government, companies and even hospitals. Researchers have been working to find more secure systems that can be extremely difficult to hack into, but it is tough.
With ransom amounts in the billions of dollars in 2016 alone, how can digital currency be trusted to be secure? Most of the ransoms asked for are in those cryptocurrencies such as bitcoin, which can often give them a bad name as a whole.
In a ransomware attack that hit over 150 servers throughout South Korea, more than 3,000 customers were affected which cost over $1 million to solve. The constant fear is growing. A study in mid-2016 found that one-third of British firms bought bitcoins just in case they had to use it in a ransomware attack. 35% of those firms were large, with over 2,000 employees. Those same companies admitted that they would pay up to $65,000 for an attack just to secure and unlock critical files. One of the US’s top universities, Cornell, has said it is stockpiling bitcoins in the case of a ransomeware attack.
Over the year of 2016, the value of all cryptocurrency throughout the world represented 0.025% of the world GDP. By 2017, this number has grown to more than 8 times since the previous year to around 0.21%.
The World Economic Forum is projecting that cryptocurrencies will be able to contain a massive 10% of global GDP by the year 2027. This means that there will need to be a large amount of trust put into the system. With the current cryptocurrency system the way it is, it may be hard for the public to find that trust.