Bitcoin plunging in value because hackers stole about $65 million of the digital currency,Jon Geater, Chief Technology Officer at hales e-Security commented below.

Jon Geater, Chief Technology Officer at Thales e-Security:

Jon GeaterWe as an industry are working to develop blockchain, a key underlying technology on which bitcoin runs, in order to take advantage of the exciting opportunities it opens up for connected markets and online living.  But the world has to realize that blockchain and bitcoin are not magic: they are not silver bullets to all security and state interference problems; they are only technology.  There’s a long way to go before we find the right balance of security and risk and speed and usability.

Remember that security problems rarely go away: they only move around.  So in blockchain although some issues of transaction validation and identity are improvements on the previous art, other things get harder to underpin that.  And with individual user sovereignty a central part of the bitcoin philosophy the balance of user and central control is a very tough circle to square.”

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