According to Steve Bassi, CEO of PolySwarm, data gathering on the infrastructure of malware can help reduce the duration of its campaigns.

As the blockchain sector grows, cybersecurity becomes more necessary for many businesses. PolySwarm’s Steve Bassi claims that because of this, blockchain technology should be utilized in cybersecurity.

Bassi told Cointelegraph that while awareness of blockchain technology and security is gradually increasing, the use of blockchain within cybersecurity is still fairly new. “In the last couple of years,” he said, “awareness about crypto and cybersecurity has grown more than at any other point during my professional security career.”

Despite the growing awareness, Bassi observed that cybersecurity initiatives are still attempting to apply blockchain technology to solve problems in the sector. PolySwarm created a project to utilize the technology to improve security by rewarding participants who provide data on malware.

Bassi said antivirus firms have already obtained “ultra-valuable malware infrastructure,” but they don’t compensate customers for sharing the information. In response to a question about the controversial data gathering practices of Web2 firms like Google and Facebook, Bassi said that Web3 is different. PolySwarm, according to him, places more emphasis on security than on advertising.

In June, cybersecurity firm Octagon Networks converted its balance sheet into Bitcoin to join the Bitcoin (BTC) party. The company also began to accept it for all of its services, offering a 50% discount if you pay in Bitcoin.

The Atlantic Council, a think tank based in the United States, released a report in the same month on the cybersecurity of central bank digital currency. The risks associated with CBDCs were identified by the think tank and include privacy and regulatory oversight concerns.