Ex-hacker creates blockchain powered cybersecurity solution

An ex-hacker has launched the world's first blockchain-powered cybersecurity company. Uncloak aims to combat the cybersecurity skills shortage using next-generation technologies.

Ex-hacker turned cybersecurity expert Tayo Dada founded the UK startup. The company uses a combination of blockchain, artificial intelligence, and ethical hackers to predict cyberattacks.

Uncloak offers “next-generation vulnerability cybersecurity scanning.” In order to do so, the system uses advanced AI to check “public and hidden internet data for ‘Zero Hour' cyber threats.”

As a result, Uncloak is able to easily identify hackers and their behaviour. The “fully automated blockchain system” also offers “bug bounties” in the form of compensation to individuals who report threats and breaches.

Companies can pay to access a personalised dashboard that identifies software vulnerabilities within the network. This shows threat levels, offers advice, and essentially aims to put “businesses one step ahead of the hackers.”

The decentralised marketplace uses a low-cost subscription model to identify threats. When a user is notified of a threat, they are provided with steps to resolve the issue or connected with a verified local IT security expert who can assist for an agreed price.

According to the Office for National Statistics, Brits are failing to recognise the importance of cybersecurity. Despite widespread internet use, respondents illustrated a distinct “lack of awareness surrounding the importance of security installation.”

Furthermore, surveys from Centrify and OpenVPN indicate that employees are compromising cybersecurity in the UK and US. OpenVPN concluded that employees are “a company's greatest asset – but they're also a company's greatest security risk.”

Businesses can subscribe to Uncloak using traditional currencies, but the platform also incorporates blockchain through its token system. Tokens can buy a subscription, pay for cybersecurity support, or anonymously pay hunters to locate bugs.

This platform could tackle one of the biggest issues in cybersecurity, the skills gap. Gartner's 2018 CIO Agenda Survey found that only 65% of organisations currently employ a cybersecurity expert.

Despite this, Gartner also found that 95% of CIOs expect cybersecurity threats to increase over the next three years. Uncloak could potentially supplement the cybersecurity skills shortage by financially compensating ethical hackers.

Interested in building a resilient cybersecurity framework? Listen to our podcast with top security experts White House CIO Theresa Payton and Head of Information Security & Data Protection Matrix Medical Network Rebecca Wynn