Security serves as one of the most necessary aspects of a business. And as for blockchain that went to different hacking and security abridges these past few years; security takes up as its core and foundation in a safe flow of business industry. That’s why its not surprising when Blockchain Ltd. — software that handles cryptocurrencies — decided to hire a former presidential bodyguard as its new head of security for blockchain.
George Sax was announced by Blockchain Ltd as its new global head of security for the blockchain software on July 20. Sax is a senior official of the U.S. Secret Service and a former special agent that headed the Secret Service’s Office of Investigations. He also managed the security at the 2016 presidential election campaign that made him known as one of the skillful bodyguards at the same time.
“I’m looking forward to applying my experience at the U.S. Secret Service and the U.S. Treasury to the company’s already robust security program and enable millions across the globe access to this new financial system with confidence,” Sax said in Bloomberg.
Blockchain, which was founded in 2011, serves as the software for Bitcoin and other more than 26 million digital wallets across 140 countries. It gives permission and access for users to buy, sell, and hold digital assets for all these years. According to Bloomberg, blockchain already raised $70 million in equity capital, recently unveiled a platform designed for institutional investors.
However, blockchain also gave an impression for the past years of its risky factor that scares most users in using the software. Due to this, they said that they are taking their security protocol in the highest way possible in order to provide a trusty industry for the future of blockchain. As Sax takes over, Blockchain is confident that he will secure the system perfectly as the way he secured the president back then.
Blockchain’s Vulnerable Security
As of 2018, cryptocurrency exchanges done with blockchain remain vulnerable to hackers and cyber crimes. In January, Coincheck Inc. announced the hacking of their system that took more than $500 million of tokens from the Japanese trading company. Moreover, a South Korean crypto exchange called Coinrail made as the next victim of “cyber intrusion” losing almost $40 million on their crypto tokens.
Even the government regulators and Wall Street said that security for an online software must be highly-prioritized due to its higher tendency of being hacked by the system. Peter Smith, Blockchain’s chief executive officer and co-founder, also believes in this idea and hoping to finally reach their target secured system in the next years.
“We are one of the top targets in the world for security threats by virtue of our place in the crypto ecosystem. We have to secure our infrastructure, data centers, and our operations. It’s a big job, and George will help us build a next generation of security” Smith stated on Bloomberg.