Blockchain networking company Everything Blockchain Inc. has applied for a patent for its Blockchain drive (EB Drive).
As traditional data storage mainly exists on local or network hard drives is vulnerable to ransomware attacks. Despite data being encrypted, there are other disadvantages such as decrypting data, lack of backups and restoring data.
Everything Blockchain, Inc. designs and develops software solutions. The Company provides blockchain technology software solutions, including cryptocurrency, smart contracts, decentralized data management, and cryptographic security.
EB drives said they are able to store data in a mutable blockchain ledger, protecting the company’s intellectual property. In addition, the company can provide blockchain-enabled ransomware solutions for businesses of all kinds.
“EB Drive’s innovative and novel use of blockchain’s inherent immutability ensures locally stored data is safe from ransomware attacks from bad actors,” said Cedric Harris, Chief Research Officer at EBI.
The US Department of Justice has sealed half a million dollars in cryptocurrency seized from the NetWalker ransomware group so far.
Europol, European Union’s law enforcement agency, has also put together an anti-ransomware initiative that has managed to intercept $630 million dollars and more in ransomware demands, since 2016.
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