Chapter 5 Security, privacy and compliance
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This chapter evaluates blockchain's roles in strengthening cybersecurity, protecting privacy and improving compliance. Using practical applications and real-world examples, it argues that blockchain's decentralized feature is likely to result in a low susceptibility to manipulation and forgery by malicious participants. Since most of the data is currently stored in cloud data centers, it also compares how blockchain performs vis-vis the cloud in various aspects of security and privacy. Key underlying mechanisms related to the blockchain's impacts on the Internet of Things (IoT) security are also covered. From the security and privacy considerations, it highlights how blockchain-based solutions could possibly be, in many aspects, superior to the current IoT ecosystem, which mainly relies on centralized cloud servers through service providers. The chapter also delves into how blockchain can make it possible to contain an IoT security breach in a targeted way after it is discovered. It will discuss how blockchain can address compliance issues such as Know Your Customer (KYC) Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF). Special consideration is also given to how blockchain-based identity and access management systems can address some of the key challenges associated security, privacy and compliance.

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