Everything Blockchain Files Patent for EBI Blockchain Drive

Rhea-AI Summary

Everything Blockchain Inc. (OTCMKTS: OBTX) has filed a patent application for the EBI Blockchain Drive (EB Drive), a leading blockchain-enabled ransomware solution. This innovative technology aims to provide businesses with enhanced protection against the rising threat of ransomware attacks, which saw a 13% increase from 2020 to 2021, according to the Verizon Data Breach Investigations Report. Additionally, Cybersecurity Ventures projects that ransomware costs could reach $265 billion annually by 2031. The EB Drive ensures data is backed up in an immutable blockchain ledger, safeguarding intellectual property.

Positive

• Patent application filed for innovative EB Drive solution.
• Addresses increasing ransomware threats with blockchain technology.
• EB Drive offers immutability, ensuring data backup against attacks.

Negative

• None.

Company to provide innovative ransomware solution that fills a vital need in the security market

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Everything Blockchain Inc., (OTCMKTS: OBTX), a technology company that enables real-world use of blockchain to solve critical business issues, today announced that it filed a patent application for EBI Blockchain Drive (EB Drive). EB Drive, among the first blockchain-enabled ransomware solutions, will empower enterprises to protect themselves against the threat posed by the ever-increasing problem of ransomware attacks.

The Verizon Data Breach Investigations Report (DBIR) found that the number of ransomware attacks increased by 13% between 2020 and 2021 – a larger jump than the past five years combined. Cybersecurity Ventures predicts ransomware will cost its victims around $265 billion (USD) annually by 2031, with a new attack (on a consumer or business) every two seconds. The threat of ransomware impacts every industry, from oil and gas to hospitals, retailers, and payment processors.

Conventional approaches to data storage rely on a local or network hard drive, and both are vulnerable to ransomware attacks when legitimate user credentials are compromised. In these cases, an attacker encrypts data until a payment is received, however there is no guarantee that an attacker will ever decrypt the data, leaving organizations who lack a backup and recovery strategy at a serious disadvantage. EB Drive ensures that data is consistently backed up in an immutable blockchain ledger that will protect a company’s intellectual property in the event of a ransomware attack.

“EB Drive’s innovative and novel use of blockchain’s inherent immutability ensures that locally stored data is impervious to ransomware attacks from bad actors,” said Cedric Harris, Chief Research Officer, EBI. “With EB Drive we are bringing a winning ransomware solution to market that enables all businesses, regardless of industry, to protect their data.”

“The advancement of blockchain technology into tangible assets is the natural evolution of the industry, and a confirmation of our business philosophy: blockchain for everyone and everything,” said Eric Jaffe, Chief Executive Officer, EBI.

About Everything Blockchain, Inc.

Everything Blockchain, Inc. (OTCMKTS: OBTX) envisions a future where every transaction is trusted and blockchain is used to meet ESG goals, support cities of the future, build and control the transparency of supply chains and ensure the rights of data ownership sustain forever. The company’s patent-pending advances in blockchain engineering deliver the essential elements needed for real-world business use: speed, security, and energy efficiency. Current sub-brands include: EB Advise, EB Block and EB Control. For more information, please visit https://www.everythingblockchain.io/

Forward Looking Statements

This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan” or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of blockchain and zero trust- based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220706005178/en/

Media Contact

Kate Shapiro

LaunchTech Communications

kate@golaunchtech.com

410-698-5211



Investor Relations Contact:

RedChip Companies Inc.

Dave Gentry

Tel: 1-800-RED-CHIP (733-2447 or 407-491-4498)

dave@redchip.com

Source: Everything Blockchain Inc.

FAQ

What is the EBI Blockchain Drive announced by Everything Blockchain Inc. (OBTX)?

The EB Drive is a blockchain-enabled ransomware solution designed to protect businesses from ransomware attacks by providing immutable backups.

Why is the EB Drive important for businesses?

With ransomware attacks increasing by 13% from 2020 to 2021, the EB Drive helps ensure data security and intellectual property protection.

What are the projected costs of ransomware by 2031 according to Cybersecurity Ventures?

The projected costs of ransomware could reach $265 billion annually by 2031.

When did Everything Blockchain Inc. file the patent application for EB Drive?

The patent application for the EB Drive was filed as part of the press release on July 6, 2022.

What are the expected benefits of the EB Drive's blockchain technology?

The EB Drive's blockchain technology provides data immutability, ensuring that backed-up data is secure and protected from ransomware threats.