Page 123 - Cyber Defense Magazine for August 2020

Only initially could you claim that Bitcoin is anonymous money. In 2011, that all changed with the first
release of the block explorer. Because blockchain keeps an immutable ledger of all transactions, it only
takes such a tool to track down every transaction. However, even this can be countered by creating
multiple wallets and addresses with privacy-focused browsers such as Tor. Some cryptocurrencies, like
Monero (XMR), are designed with untraceability as the core feature.

Takeaway

We can say that digital technology was inevitable. We can even say that blockchain was inevitable. We
are lucky to live in the timeline where we have both. However, what we cannot say is that unbreachable
cybersecurity is inevitable. No matter what kind of cybersecurity system we design, it will have to cater
to the lowest common denominator – human markets.

About the Author

Tim Fries is co-founder of Protective Technologies Capital, an
investment firm focused on helping owners of industrial
technology businesses manage succession planning and
ownership transitions. He is also co-founder of the financial
education site The Tokenist. Previously, Tim was a member of
the Global Industrial Solutions investment team at Baird Capital,
a Chicago-based lower-middle market private equity firm.

Cyber Defense eMagazine – August 2020 Edition 123
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