Blockchain Security Takes Spotlight At NYC Innovation Summit

"At its highest level, blockchain is a trust layer."

In nine words, Kaleido Insights founding partner Jessica Groopman succinctly summarized the gist of CDX Academy's "Blockchain Brand Innovation Summit" on May 11 during her opening remarks.

The summit itself brought together representatives from blockchain startups and incumbent institutions to debate and discuss different use cases for the technology, noting both its advantages and its flaws.

According to various panels, the obvious use for blockchain is in data storage, whether in healthcare or in other private, consumer data.

Jeremy Balkin, head of U.S. innovation at HSBC Bank, echoed that, saying, blockchain adoption, in general, is being sped up by a lack of faith in existing systems.

McAfee chief consumer security evangelist Gary Davis warned that blockchain technology has a major flaw: though blockchain itself may be a secure technology, it is surrounded by security holes.

On top of that, while many see the immutability of blockchains as an advantage, Comcast Venture's Beyda said that feature could become a major issue for people who store their identity or financial information on a platform.

"Blockchain is an amazing technology, and I believe it has the promise to disrupt some existing businesses."

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