Blockchain and cybersecurity — an Islamic perspective

Blockchain combats tax evasion
November 5, 2019

The high level of dependency on the internet and the significant increase of exposure of critical parts of our lives — social media platforms, smart TVs, fitness wearables, electronics health records, e-government services — have resulted in the creation of new opportunities for hackers to exploit. Unfortunately, the business opportunities for cybercrime might be considered lucrative as it is estimated at US$2 trillion a year. Computer-related crime has become a growing phenomenon that involves traditional criminal activities such as ransomware, spam, theft, fraud, forgery and mischief. What is really threatening is that younger people, Muslims included, are involved in such crimes and that people in general would not hesitate to use the internet to commit different types of crimes ranging from online gambling to using pirated software, pirated songs and pornography.

Blockchain is a perfect technology for the protection of data from hackers, prevention of fraud and protection against data theft. That is because data managed by a blockchain application is secured through advanced cryptography and users can be distributed all over the
world. Any attempt to alter authenticated data is flagged by other users on the network and the larger the network, the more hardened is the security.

Blockchain could be used to enforce the rules set out in the Quran, while the remarkable levels of transparency it offers could help better identify and mitigate cyber threats without discrimination. Since information is treated as an asset, any handling of assets outside the defined perimeters and conditions managed by a blockchain smart contract would be flagged.

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