A new blockchain technology could reduce the risks of fraud and malware, according to a research group.
The cybersecurity researchers at the Carnegie Mellon University said in a report released Monday that the technology could be used to prevent and deter cyberattacks on banks and other financial institutions.
The researchers said the technology is “a powerful way to prevent a cyberattack from affecting an organization that’s already compromised.”
Blockchain, which has been used in applications like bitcoin, could be deployed to create a secure, transparent, and tamper-resistant digital ledger, they said.
Blockchain is used in financial transactions to record and verify transactions.
The study said blockchain could be applied to any digital ledger.
Blockchains, which are public, are decentralized systems that can be used by anyone to securely and quickly record, store, and transfer data.
They are designed to prevent malicious actors from using digital assets as a means of gaining unauthorized access to information.