The Travel weekly and Travolution Cyber Security Summit was hosted by Natwest and sponsored by Worldpay, Syntec/Cardeasy and law firm Hill Dickinson
Blockchain technology promises the best way for firms to comply with new EU data rules, according to UK start-up Vchain, which recently secured investment from BA parent IAG.
Irra Ariella Khi, chief executive of vchain, said the entire system is set up to economically incentivise reward the community in exchange for their computing power.
She said the Blockchain developer network is 100 times bigger than Google and offers the incentivised security of thousands of people competing to prove something is right or wrong.
“Security come from everyone working inside blockchain is incentivised to work by the rules and if you want to get to the pot of gold first you have to prove you are the best at making something happen,” Khi told delegates at this week’s Travolution Cyber Security Summit in London.
Vchain has worked with BA on passenger verification based on the fact that 50% of advanced passenger records are wrong and none are amended before the customer arrives at the airport.
Applying Vchain’s technology meant nearly all passenger information was correct ahead of the flight meaning BA can make a security assessment of the passenger before they arrive at the airport.
Khi said the inherent security in blockchain is that no one actually has the data. “Even if Vchain wanted to we could not read it. We think it’s super-smart and super difficult to crack.”
From next May firms face much more stringent fines if they breach new EU General Data Protection Regulation rules designed to ensure the privacy of customer data.
Khi said blockchain could provide an answer to being compliant with these rules as well as building trust with customers.
“The rules of the game are set up to stop any one party getting control,” she said.
Khi told delegates that blockchain is actually 30-year-old technology that only recently developed a usable application in the crypto-currency Bitcoin.