Using scholarly resources, explain how and why the current cybersecurity-related statutes, regulations and policies related to the below hypothetical scenario developed as they did. Offer your observations as to whether these laws and policies should change to better fit the cybersecurity environment within the foreseeable future. Please lean toward the improvement of security in using cryptocurrencies.
As the chief legal administrator for a hypothetical law firm, I believe that the company in question should accept cryptocurrencies by relying on blockchain technology. However, this would only be acceptable to me if I can ensure the security is sound and strong enough to accept verified cryptocurrencies without fault. According to Caytas (2017), the authenticity of cryptocurrencies is legitimate considering that every transaction made is verified and up to date. Although corporations aim to get a step ahead from other competitive corporations in the race towards embracing cryptocurrencies, it is important for each to tread carefully. Caytas (2017) argues that cryptocurrencies change the landscape in financial security because they are an uninterrupted innovation than other currencies. Ross (2017) adds that most companies are moving towards a unified global financial system that will meet their needs. In international business, innovative payments are becoming a thing of the future because many financial aspects are moving to the internet or online platforms (Kabra, 2017). This is mainly due to the efficiency of utilizing blockchain technology and cryptocurrencies.
Therefore, I believe that with the right security measures, it would not be too early for this firm to set up a secure transfer method and examine the capabilities of cryptocurrencies because change is inevitable, and customers form relationships that favor their needs. Harris (2017) points out that organizations and individuals must acknowledge artificial intelligence’s role in the changing world. Benchoufi & Ravaud (2017) assert that blockchain technology facilitates smooth operations, especially in clinical research. For instance, bitcoin is highly encouraged because of its efficiency in meeting future financial needs (Cary, 2015). Cryptocurrencies are transparent and give entities complete control. This is different from other currencies that are subject to fluctuations (Setnyk et al., 2017). Lastly, the crypto-related payment methods do not charge exchange fees, making them more suitable for the firm.
Benchoufi, M., & Ravaud, P. (2017). Blockchain technology for improving clinical research quality. Trials, 18(1), 1-5.
Cary, N. (2015). Bitcoin fundamentals and innovations talk. Blockchain France Paris. YouTube Video. Retrieved from https://www.youtube.com/watch?v=sGv7S4wtjus
Caytas, J. (2017). Blockchain in the U.S regulatory setting: Evidentiary use in Vermont, Delaware, and elsewhere. Columbia Science & Technology Law Review.
Harris, T. (2017). How a handful of tech companies control billions of minds every day. TED Talk. Retrieved from https://www.ted.com/talks/tristan_harris_the_manipulative_tricks_tech_companies_use_to_capture_your_attention/transcript?language=en#t-245226
Kabra, M. (2017). Cryptocurrency, bitcoins, and the future of money. YouTube Video. Retrieved from https://www.youtube.com/watch?v=4sqQEEtRzRs
Ross, E. S. (2017). Nobody puts blockchain in a corner: The disruptive role of blockchain technology in the financial services industry and current regulatory issues. Catholic University Journal of Law and Technology, 25(2), 7.
Setnyk, M., Weeks, M., & Stankova, M. (2017). Hacks, exploits, and ethical issues in cryptocurrency. YouTube Video. Retrieved from https://www.youtube.com/watch?v=k-dmZuMZmm8. For more information on Cybersecurity and Law check out: https://en.wikipedia.org/wiki/Cyber-security_regulation
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