Michael Saylor, who founded and heads Microstrategy, one of the largest institutional holders of Bitcoin, has been a vocal voice in the crypto space. At the Bitcoin Conference 2023, he said that using public blockchains like Bitcoin could solve most problems facing the cybersecurity space.
Michael Saylor says most emerging problems could be solved via Bitcoin
At the Bitcoin Conference 2023, Michael Saylor touched on how cybersecurity is becoming a threat today. He reflected on fake accounts constantly being purged off social media platforms like Twitter, saying that such fake accounts could be weaponized to drive divisive political agendas.
However, he explained how cryptographic security solutions like Bitcoin’s Ordinals and inscriptions could be used to do away with such misuse of technology. Michael Saylor said that digital identities could be inscribed on base layers of public blockchains like Bitcoin then the data is also copied to a universal database that is immutable and thus records any social media presence that a given individual builds.
He proposed that the use of such innovation could effectively control the rise of fake social media presences, giving an example of how an individual who generates 1 million fake bots and is caught and blocked loses a significant amount of money, thus serving as an example to others.
It’s not the first time that Saylor has praised the innovation behind Bitcoin. However, the effectiveness of such a technology in cybersecurity on a large scale remains untested as crypto adoption rates still need to be higher. However, some similar applications in things like Domain Names like Unstoppable Domains and Ethereum Name Service have already been seen though they still need to be more effective than Saylor explained.