August 20, 2018updated 04 Jan 2019 4:43pm

Ex-hacker launches cybersecurity solution powered by blockchain

By Ellen Daniel

An ex-hacker has launched Uncloak, the first ever blockchain-powered cybersecurity company with the aim of combating the cybersecurity skills shortage.

Despite recent high-profile cyber attacks on various organisations including the NHS, one in three companies do not employ a cybersecurity expert according to a survey conducted by Gartner, with many finding them prohibitively expensive. With thousands of organisations leaving their data vulnerable to attack, affordable cybersecurity services are more in-demand than ever.

UK startup, founded by ex-hacker turned cybersecurity expert Tayo Dada, aims to solve this. By combining artificial intelligence, bug bounties and blockchain, it hopes to “make industry-leading protection accessible to all”.

Unclock uses blockchain to predict cyberattacks

Using advanced AI, Blockchain 3.0 and ethical hackers, the company is looking to forecast attacks before they strike, enabling businesses to secure their systems before threats arrive.

It will do this by using advanced artificial intelligence to identify hackers and their behaviour, and will then put out “bug bounties”, deals and compensation offered to individuals for reporting bugs, threats and vulnerabilities, using a “fully automated blockchain system”.

Companies can pay to have access to a personalised dashboard from which they can identify to vulnerable software within their networks. This dashboard shows the threat levels, and offers advice on how to address any potential vulnerability.

If they aren’t able to solve the problem themselves, Uncloak then connects users with local IT security experts who can.

Although companies can subscribe to this service using traditional currencies, the platform also incorporates blockchain through its own UNC Token system. Tokens can be used to pay for subscriptions to Uncloak’s services, cybersecurity support from recommended partners and to anonymously pay hunters to check for security bug.

An Initial Coin Offering (ICO) is starting on the September 25, with Uncloak thought to be the first cybersecurity company to incorporate blockchain in this way.