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Had your data leaked in 2022?

If major corporations are suffering from data breaches, how can a small business defend itself? Dr Eric Lim asks if Blockchain has the answer

With a spike in significant cyber breaches, it’s been a concerning 12 months for consumers. Optus, Medibank, and Uber have all seen customer and employee details stolen by hackers- leaving people at risk of identity theft. 

For small tourism, hospitality businesses and accommodation providers, the news is particularly disturbing. If these major corporations are suffering from data breaches, how can a small business defend itself? 

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University of New South Wales Business School’s Eric Lim believes that blockchain technology could be the answer.

Dr Eric Lim, Senior Lecturer in the School of Information Systems and Technology Management at UNSW Business School

What is blockchain?

Blockchain technology is, in its simplest form, a way to move information from one point to another in a highly secure manner. 

Introduced as a security measure alongside the cryptocurrency bitcoin, blockchain permanently records transactions in an open, encrypted ledger that provides direct payment to sellers.

Blockchain became popular when entrepreneurs realised that it facilitated business transactions at a significantly lower cost, giving them more control and independence. 

Essentially blockchain can help to “cut out the middleman” and has potential applications in healthcare, finances and of course, hospitality. 

“What if, instead of centralising the data in an alluring honeypot, we allow each employee and customer of these organisations to hold on to their own data?,” Dr Lim said. 

“We could skip over this single point of failure by decentralising the data and give each customer and employee sovereignty over their own data points, using blockchain-enabled Decentralised Identity (also known as DID).”

For hospitality, this technology could help securely verify identity documents or improve the safety on online booking systems. 

“Of course, no system is perfect. Individuals would still be vulnerable to cyberattacks with DID,” Dr Lim said. 

“But, in this scenario, if an individual got careless and is subsequently hacked, it doesn’t affect anyone else who has been careful in protecting their own identity.

“Instead of storing everyone’s information on a central server, DID allows individuals to hold their own information in their own devices.   

So, if an attacker wishes to carry out cybersecurity attacks, they will have to target every mobile device. That’s costly and impractical.

“Such a concept applies to the protection of any sensitive data where the individual is the only one who will decide how and whom they would like to share data with.”

With the perceived increasing frequency of cyber attacks, the built-in efficiency and security of blockchain technology could trigger huge innovation for all industries- including hospitality and tourism.

Dr Eric Lim, Senior Lecturer in the School of Information Systems and Technology Management at UNSW Business School, is the founder of the UNSW Crypto Clinic. 

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