Security professionals contend that businesses can more securely store and transfer records using blockchain networks with strong, built-in encryption.
This can also sometimes be a cheaper way to store data rather than renting space in a data center.
For example, blockchain can be used to securely share electronic health records. Since the data in blockchain is encrypted and private key codes are needed to access the data, these records would be shared among patients and providers safely.
Blockchain security has also proven to be useful in supply chain management. Supply chains are complex and managing them takes hours upon hours of time from businesses and their teams, especially when different links in the chain are in different states or countries.
A blockchain’s immutable record-holding technology solves many issues associated with supply chain management by eliminating the lack of transparency and inefficiencies in payment processes.
Blockchain security enables decentralization through the participation of members across a distributed network. There is no single point of failure and a single user cannot change the record of transactions.
Blockchain security professionals believe that when organizations are building an enterprise blockchain application, it’s important to consider security at all layers of the technology stack, and how to manage governance and permissions for the network.
A comprehensive blockchain security strategy for an enterprise blockchain solution includes using traditional security controls and technology-unique controls. Some of the security controls specific to enterprise blockchain solutions include:
- Identity and access management
- Key management
- Data privacy
- Secure communication
- Smart contract security
- Transaction endorsement
Another key to successfully establishing blockchain security is for organizations to employ experts to help you design a compliant and secure solution and help you achieve your business goals.
Want to know more? Tonex offers Blockchain Security Workshop, a 2-day course where participants learn how to use a comprehensive risk management framework and system applied to blockchain network.
For more information, questions, comments, contact us.