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AT a recent cyber security event, Jersey politician Ian Gorst spoke boldly about the growing threat of cyberattacks, bringing this critical issue to the forefront.
We commend his focus on safeguarding Jersey as a small, affluent jurisdiction inherently vulnerable to cyber threats. Recent incidents, such as the cyber attack on the Jersey Financial Services Commission and the disruption to deliveries caused by a similar attack on the UK Co-op, underscore the Island’s exposure owing to its reliance on outdated and external systems.
What is Jersey’s solution to strengthen its cyber security? The answer lies in blockchain technology. By adopting blockchain, Jersey can secure critical infrastructure, such as the JFSC’s records and port freight manifests, making them tamper-proof and resilient. Blockchain is not solely about cryptocurrencies; it’s a security powerhouse that can transform record-keeping across industries, ensuring data integrity and protection against cyber threats.
Privacy concerns
A common question arises: isn’t blockchain public? Early blockchains, such as Bitcoin’s, were indeed transparent, but modern permissioned (private) blockchains offer robust security while keeping data confidential. Financial giants like J.P. Morgan already use private blockchains, demonstrating their value in sensitive environments. Jersey could adopt similar technology to safeguard against cyber threats while maintaining privacy.
Why isn’t Jersey “on-chain” yet?
Despite blockchain’s potential, Jersey has yet to fully embrace this technology. Where there is a will, there is a way, but progress requires both vision and determination. Challenges such as implementation costs and technical expertise may hinder adoption, yet advocates such as Ian Gorst, who prioritise Jersey’s cyber security, could provide the will needed to bring Jersey on-chain. With leadership and commitment, Jersey can become a global leader in blockchain cyber-resilient infrastructure.
The finance industry sees on-chain as the future. Will Jersey meet the industry and create a marriage of thought and direction?
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