Blockchain Security

HOW SECURE IS BLOCKCHAIN?

Many are praising blockchain technology as a security innovation because it gives a trusted ledger that shifts data storage and protection from a centralized to a decentralized model but blockchain isn’t a perfect solution. Like any system, it has points of vulnerability. Therefore, you should be familiar with those points of vulnerability if you plan on investing in cryptocurrency. And, if your business will have any dealings with blockchain in the future, then consider these issues with blockchain security:

BLOCKCHAIN SECURITY

BLOCKCHAIN SECURITY SOUTIONS

This is an integral lesson: Blockchain is a support tool for bitcoins and leverage other models to stay secure. Blockchain alone is not secure. It is just a distributed database ledger. IT SEC will secure blockchain implementations by:

  • Powerful access management to protect all privileged access to the host is controlled and properly delegated
  • Risk management to secure the host and applications from tampering that could prompt to inappropriate read or write blockchain ledger entries
  • Reinforce management for prompt remediation, mitigation, or hardening to reduce risks

Smart contracts

Distributed ledgers facilitate coding of smart contracts that will execute when specified conditions are met. Ethereum is an open source blockchain project that was built specifically to realize this possibility.

Sharing Economy

By enabling peer-to-peer payments, the blockchain opens the door direct interaction between parties.

Crowd Funding

Blockchains takes this to a new level, potentially creating acrowd sourced venture capital funds.

Governance

By making vote results fully publicly accessible, distributed database technology could bring full transparency to elections.

Supply Chain Auditing

Blockchains provide an easy way to certify the origin of products. Blockchains time stamping of dates and locations would correspond with product numbers.

Prediction Markets

Prediction markets pay out according to event outcomes. Blockchains are a “wisdom of the crowd” technology that will no doubt find new applications for years.

File Storage

Decentralizing file storage on the internet brings clear benefits. Distributed data prevents hacked and lost files.

Intellectual Property

Smart contracts can protect copyright and automate the sale of creative work online. This eliminates the risk of file copying and redistribution.

Internet of Things

Smart contracts can automate remote systems through a combination of software, sensors, and network facilities.

Microgrids

Blockchains enable markets for renewable energy within local areas like neighborhoods.

Identity Management

Distributed ledgers offer enhanced methods to prove who you are.Having a secure, digitized identity will be important as online services continue to evolve.

AML and KYC

Improving anti-money laundering and know your customer practices can have huge potential. Cross-institution client verification and stronger analysis is possible with blockchain.

Private Data Management

Users will have the ability to manage and sell their online profiles in small, fractured amounts if they see fit.

Land Title Registry

Publicly accessible ledgers can make all types of record keeping more efficient. Property titles are susceptible to fraud, and can be secured on chain

Stock Trading

When peer-to-peer trade confirmations become instant, intermediaries like auditors and custodians get removed from the process.

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