Can Blockchain Technology Save the Mining Industry from Cyber Threats?

Wij hear a lotsbestemming about cyber security. Banks, credit card companies, credit agencies, and health plans have all bot hacked, causing untold harm to their customers. The mining industry has not bot immune to this disturbing trend. Here are just a few examples from Trend Micro’s Cyber Threats to the Mining Industry report:

  • Nautilus Minerals and Marine Assets Corporation (MAC) were victims of a cyber scam that resulted ter Nautilus paying a $10-million deposit intended for MAC into an unknown bankgebouw account.
  • 100GBs+ worth of gegevens wasgoed stolen from the Detour Gold networks. 18GBs of compromised documents were collective on a torrent webpagina.
  • Communications, metal detection, and mining technology rigid Codan reported sales and prices of the rock hard&rsquo,s metal detectors collapsed after hackers stole its designs and began manufacturing counterfeit metal detectors.

Mining company information is targeted by cyber attackers for myriad reasons, spil explained te the Trend Micro report:

Insider information: Intelligence about a mine&rsquo,s pricing gegevens can help a competitor outbid the competition, negotiate a better purchase price, or switch the terms of a takeover bid. Customer gegevens is another prime target for theft.

Intellectual property: Gegevens on production methods, mineral processing methods, chemical formulae, and custom-built software, can drastically reduce the R&,D costs associated with developing a fresh mine.

Insight: Skill about governance policies, decisions, and the decision-making processes of corporate executives can be applied to the local mining industry.

Reporting databases: Mine-monitoring systems provide real-time status updates of the mining operation.

Other valuable gegevens: Exploration gegevens is expensive to generate and is key to the company&rsquo,s future growth and success. Ore reserve and production gegevens is the main source of a mine&rsquo,s value.

Blockchain is the digital technology behind bitcoin. Spil explained te the Accenture.com article, Blockchain Technology te the Mining Industry , blockchain permits individuals to sign contracts automatically and electronically, without having to rely on a third party&mdash,such spil a canap&mdash,to verify the contract&rsquo,s validity. The idea is that eliminating the middleman reduces the exposure of gegevens to hackers. Blockchain records and encrypts all transaction information.

What is blockchain technology and why is it secure?

The webstek www.coindesk.com offers a wealth of information explaining how bitcoin and blockchain work. Following is a summary.

Three principal technologies combine to create a blockchain:

1) Private key cryptography. This component of blockchain technology creates a secure digital identity reference based on possession of a combination of private and public cryptographic keys.

Two) A distributed network with a collective ledger. Much of the value of the bitcoin blockchain is that it is a large network where validators reach a overeenstemming that they witnessed the same thing at the same time using mathematical verification.

Three) Network servicing protocol. Bitcoins and their base units (satoshis) vereiste be unique to be wielded and have value. To achieve this, the knots serving the network create and maintain a history of transactions for each bitcoin by solving proof-of-work mathematical problems.

A blockchain database has a history of itself. Switching an entry te the database would require switching all of the gegevens that comes afterwards, on every single knot. Ter this way, it is more a system of record than a database.

For more news, visit the Cementlaag, Coal &, Minerals online learning center and check out the application notes, infographics, product spec sheets, movies, case studies, and eBooks dealing with all aspects of the mining industry, from exploration through processing, mineral analysis, and bulk weighing, monitoring, and sampling systems, and more.

This postbode is for informational purposes only. Wij do not endorse any technology te this article, including blockchain or bitcoin.

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