McKinsey estimates the cost of ineffective cybersecurity to rise to three trillion dollars by 2020, along with the prediction that the Industrial Internet will have five to ten times the impact on society as the Internet itself then security cannot be an afterthought.
Integrating blockchain services into GE’s industrial Internet will provide a level of security and integrity that has not been possible to date providing mathematical certainty that connected devices have not been compromised”
The blockchain value propositions for the Industrial Internet include:
Health Care, Health Care, Health Care
"Just yesterday Johnson & Johnson warned over 100,000 diabetes patients of a flaw in their insulin pumps, marking the first time that a medical device manufacturer has publicly announced a cyber security problem with a product. This trend will only continue and the security industry cannot continue to try and retrofit in security after the fact. Deploying blockchain as a security mechanism represents a completely fresh approach, one which is designed from first principles to guarantee the security of connected devices,” added Gault.
Guardtime has recently announced partnerships with the Estonian Government, securing over 1M health-care records with blockchain technology, Lifetrack Medical Systems for liability management in tele-radiology and is working with DU Telecom in the UAE on various health-care initiatives.
Matthew Johnson, CTO of Guardtime said, “Health-care fraud in the United States is measured in the tens of billion dollars every year. In Estonia it is approximately zero. Our vision is to see blockchain technology widely deployed throughout the pharma, medical device and health-care industries providing end to end auditability and helping dramatically reduces the costs of health-care fraud. As customers migrate to the GE Predix platform blockchain functionality will be available for application developers to leverage through microservices, greatly simplifying blockchain integration.”
Links to further Guardtime blog posts on the Industrial Internet: