If you’re horrified by the recent comprehensive hacking of Equifax you are not alone. Let me just recap for you:

  1. This is the third hack in 16 months. So Equifax is consistent in its dereliction of duty.
  2. This one is by far the worst with an estimated third of the US population affected.
  3. A spate of identity thefts will most likely follow, causing a good deal of pain and financial loss.
  4. And just to make you spit, you never provided Equifax your data. You never gave them permission to hold it, they just harvested it and then hung you out to dry with their incompetence.

If you want to sharpen your outrage then you can get a more comprehensive account of the giant Equifail here (http://www.zerohedge.com/news/2017-09-08/scumbags-its-easy-understand-why-bitcoin-4400) on ZeroHedge. And we should be outraged.

But let’s look at a bigger picture. The annual cost of cybercrime was (for 2016) estimated to be $3 trillion. That’s trillions not billions and if current trends persist the figure is expected to reach the dizzy heights of $6 trillion by 2021. And by the way, that’s without throwing in a detailed analysis of the Internet of Things, which will expand the attack surface of the data world considerably.

The global spending on cybersecurity products was $80 billion in 2016 – obviously an underspend – and it will no doubt escalate at least at the rate of cybercrime, which is about 14% a year. What can be done?

How about we rethink the whole digital world and set an army of blockchains on the march.

We may be blowing our own trumpet here, but if individuals have bullet-proof data security at their finger tips and preside over the use of their data, identity theft is going to be a damn-sight more difficult to pull off. And this, among many other important things, is the prospect that blockchain technology holds out.

There’s more than just the power of cryptography at work here, by the way. There’s a whole heap of common sense involved.

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