Creating Secure Enterprise Cloud Storage with the CTK Token

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For consumers and companies alike, cloud storage is quickly becoming the de facto storage mechanism for the digital age. With most people working from multiple computers, smartphones, and other devices, the broad accessibility of cloud storage is a must.

Unfortunately, the “cloud” is really just an abstraction. In reality, the cloud consists of large, centralized servers that are powered and protected by the companies that manage them. While the cloud storage sector varies in size and capability, they all have one thing in common. They are incredibly vulnerable to hacking attacks.

Consequently, cloud storage security is quickly becoming a top concern for companies and consumers. While many people are busy debating the best method for achieving data security, many companies are turning to the blockchain’s distributed ledger as a powerful tool to achieve enterprise level cloud security.

Cryptyk has developed a Hybrid Blockchain technology that not only stores all data in a passive, “safe to hack” distributed architecture, but also controls access to it with an integrated security platform. Part of the robust tool kit in the security platform is a blockchain that logs all file access and activity, allowing real time security auditing by AI and other monitoring systems. An additional benefit of this blockchain component is that, combined with Cryptyk’s SaS model, it creates an ecosystem that incentivizes the use and perfection of the cloud security and storage platform.

With a security token like the CTK, users will have an unprecedented ability to invest in Cryptyk’s security platform directly and be rewarded by its success and growth. This ushers in a new era in the relationship between customer and a service provider, effectively turning satisfied customers into Cryptyk’s greatest advocates and sales team.

The Vulnerable Cloud Storage Industry

Cloud storage solutions comprise an increasing amount of companies’ budgets. Forbes estimates that that 80% of IT budgets will be directed toward cloud storage solutions within a year. Perhaps even more surprising, it’s estimated that 50% of companies are delaying cloud storage deployment because of cybersecurity concerns.

Indeed, cybersecurity is rightfully attracting a lot of attention. After all, the convenience and capability of cloud storage are futile if that data is not secure. As a result, cloud storage companies are pouring copious amounts of money into securing their infrastructure. By some estimates, for every $1 spent on cloud computing, $4 are allocated to addressing security concerns.

The impetus for this spending is spread across front page headlines on a regular basis. For example, a 2013 attack on Yahoo ultimately resulted in all three billion user accounts being compromised, and this revelation trickled out in phases, taking more than four years to fully disclose.

In the past year, Equifax, Uber, Underarmour, a cadre of prominent universities, and even the U.S. electrical grid were compromised by bad actors.

Unfortunately, cloud storage is the next frontier for cybercriminals. According to the MIT Technical Review, “One big target in 2018 will be cloud computing businesses, which house mountains of data for companies.”

This is particularly troubling because even small glitches in cloud storage systems can have significant consequences for the companies that rely on their services. When a coding typo temporarily collapsed Amazon Web Services cloud storage, more than 140,000 websites were affected, costing $150 million.

There has to be a better way.

CRYPTYK: A Hybrid Blockchain Solution

The blockchain’s immutable ledger is a necessary first step to providing “proof of security” for every user. However, blockchain technology by itself is not and end all solution for enterprise security, as there are latency issues and dependence on remaining popular. For this technology to be used in an enterprise level cloud solution, additional steps need to be taken. A “hybrid blockchain” technology is required that leverages the blockchain’s immutability while compensating for its limitations will provide a comprehensive solution to cloud storage security.

Cryptyk’s hybrid blockchain technology represents a profound next step in cloud storage security. It is comprised of two separate, distributed platforms that are integrated into a single security and storage architecture..The Cryptyk platform is the first single vendor solution that protects against the five most prevalent security threats to enterprise cloud use: external, internal, viral, operational, and surveillance.

The two platforms are known as Cryptyk VAULT and Cryptyk SENTRY.

VAULT is the platform’s cloud storage solution. Users upload files to the Vault, and each file is encrypted, then split into five randomized shards. Each shard is then is encrypted and distributed among five prominent cloud storage provider including Amazon, Google, IBM, and Dropbox. This distributed approach means that hackers that breach one of these services would only get a fraction of a single file, which is not linked to any other of the components necessary to assemble or decrypt the file.

All files in the Cryptyk Vault have built-in redundancies, so a node going offline does not disrupt availability. Perhaps most importantly, any viruses or malware uploaded to the network will be encrypted, split and rendered unusable by their source. This critical feature was thoroughly vetted by more than 50 security teams from around the world during Cryptyk’s BETA testing phase.

SENTRY is the security platform that protects all access to VAULT. It utilizes a robust tool kit of security features to monitor data security. SENTRY’s blockchain controls permissions and records an immutable ledger of all data access and activity. With the blockchain’s consensus based record, cybercriminals will be unable to forge credentials or to hack permissions. Furthermore, the perfect log of activity will allow AI technology to perform real time auditing and proactively monitor for suspicious activity from internal bad actors (employees, contractors, other companies) who have some permissions to access the data.

The five most prominent threats to cloud storage are rendered ineffective by this innovative approach. Cryptyk’s use of a public blockchain, and the resulting CTK token place Cryptyk’s platform in the center of a vibrant cybersecurity economy: an ever evolving community of security specialists, developers, investors, advocates, and Cryptyk customers. This platform and economy represent a revolution for the world of cybersecurity.

The CTK Token in Action

On Cryptyk’s platform, all storage and security services are paid for with the Cryptyk token, or CTK. This process is seamless for users, as Cryptyk’s private exchange automatically converts all fiat currency to its equivalent value in CTK tokens when services are purchased.

The cost of using Cryptyk services is fixed in fiat currency (US dollars). However, the CTK token value itself changes to reflect use of the platform. Companies that believe in Cryptyk’s technology can elect to purchase a stockpile of CTK tokens, say 6 months of security costs, at current token prices. In this way, companies stand to benefit if the token increases in value over time. This can help stretch or even return a company’s security budget.

Purchasing tokens may seem like a gamble, with fluctuating Cryptocurrency prices a popular news topic. However, unlike many digital tokens, the CTK is integrated into the mechanism that powers the security services and storage. This classifies it as a utility token rather than a security token. This means that CTK token value is directly determined by platform use. The more users utilizing the security and storage, the more demand exists for the token each month. In other words, the market and investor sentiment only has a slight impact on the token’s value.

Thus, a company that buys CTK tokens to use Cryptyk services is also acquiring an appreciating asset that becomes more valuable as the platform grows and improves. Like owning a new type of dynamic stock, purchasing tokens is a way to attain critical cloud storage services while also investing in the platform’s future. This also creates incentive for customers to evangelize the platform (refer more users) and to participate in its maintenance, improvement, and growth. (See this article by Cryptyk advocate Bob Bender, CTO of Federal Credit Union, a Cryptyk early alliance partner and customer)

This is only one part of the CTK cybersecurity economy, which will be overseen by the non-profit Cryptyk Foundation. This foundation will facilitate continual improvement of the Cryptyk technology by building a dynamic community of customers, investors and developers centered around the revolutionary CTK token.

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