Today, BBC hosted an interview with the CEO of SonicWall. From this discussion it came out clearly that cyberattacks have become a serious risk to the web as we know it today. The interview touched on the increase of cyber attacks by more than 800 million, and how companies are losing millions of dollars through such attacks. Clearly, as the world becomes more connected, cybersecurity stands out as the biggest threat to this connectivity. But it also presents a huge opportunity for blockchain projects that can efficiently provide a solution to this problem.
Bitcoin came up and gained in popularity, due to the failings of the global financial system in 2008. When people realized that holding money in the bank didn’t necessarily guarantee that you owned it, the need for a people-driven system shot up. That’s why bitcoin grew and continues to grow in popularity as an alternative store of value to centralized systems. Similarly, Digibyte (DGB) is now at the forefront of solving most of the security problems that individuals and corporations are facing at the moment.
Take an issue like identity theft for instance. Everytime you log into a website online, you place yourself at a risk of identity theft. This means that someone somewhere could be using your details to steal money from you, or engage in crimes that could put you in trouble. This is a real problem that Digibyte (DGB) will solve, and solve it at scale. It will solve it through servives like Digi-ID. Through Digi-ID, it is possible to log into online systems, without exposing your self to the risk of identity theft. That’s because with Digi-ID, you don’t need to use usernames and passwords to log into websites. The process is done on one of the most secure blockchains to ever exist, making identity theft pretty much impossible.
But is there an incentive for websites to start using Digibyte (DGB) for cyber security? Well, the incentive is there, and its pretty huge. One of the reasons why the incentive is the elevated risk of identity theft. Most companies that handle sensitive data such as money or are reliant on customer data to make money stand to lose a big deal if their systems are compromised. As such, the fact that Digbyte (DGB) offers an unbreakable solution to this problem is a good enough incentive for companies to turn to Digibyte (DGB) as a cybersecurity solution.
The second incentive is the cost of installing this solution. Most cybersecurity solutions especially those targeted at corporates don’t come cheap. As a matter of fact, companies spend millions of dollars on security solutions every year. Digibyte (DGB) offers a low-cost solution for business, and a solution that is inpenetrable. That’s because Digibyte solutions such as Digi-ID are free. Any business can integrate Digi-ID into its systems for free, and save loads of money, money that can be used in other aspects of the business. There is also an incentive for businesses to adopt it because, once it gains traction, it will become the standard for online security, and no serious business will want to be left out.
All the above reasons point to a situation where Digibyte (DGB) is at a tipping point before it explodes in value. Cybersecurity is slowly becomig the biggest threat to the web. As such, for a decentralized solution that is offering a universal solution to this problem, its growth prospects are pretty much guaranteed. How high can Digibyte (DGB) go? It’s hard to tell, but the possibility of it hitting $1 on the strength of its presence in cybersecurity is quite high. The market is huge and growing.