BLOCKCHAIN SECURITY
Name of the Student:
Name of the University:
Introduction
As a company, we have suffered huge losses in the past, which will decline with the adoption of new technology. Blockchain security is a modern complex technology that is used to secure sensitive data in organizations and institutions. Blockchain security works by using unique keys called “hash” Blocks in a blockchain are interconnected. This interconnection makes it difficult for one to alter the preceding blocks. Also, cryptography is used to secure records saved in blockchain architecture. In this paper, I will discuss how blockchain security will be used to safeguard our organization’s financial data.(Treiblmaier, 2019)
Sensitive data that requires blockchain security
Financial data is one of the most sensitive data we collect and handle at C&M Enterprises. We are an online company that deals with merchandise of goods and services via e-marketing. We deal with computers, laptops, tablets, smartphones, and all web-related services. Over the last two decades, when we had two fraud instances where the company suffered huge losses. During our recent board meeting, we came up with a solution to this issue, which is blockchain security. We believe that blockchain security will safeguard the company finances to avert internal and external fraud. We are confident that we will be able to provide reliable protection over financial data on a public blockchain.
Changes required to put the blockchain security architecture in place.
There are several changes that we will require to have as a company to achieve a secure blockchain security. One is encryption. In this case, the IT team will be required to put in place wallet protection where all users will have unique keys referred to as “hash.” These keys will be required anytime a user wants to access the accounts. Also, mining is a process that will be undertaken on the existing technology. This process will require the addition of blocks, which will confirm that every transaction is valid (Khan & Salah, 2018). These changes are quite expensive, but the value for money will be guaranteed once the finances are secured.
Public Blockchain
ABILITY TO PROVIDE SECURITY FOR DATA ON PUBLIC BLOCKCHAIN AND CHANGES REQUIRED TO TWEAK YOUR SOFTWARE TO SUPPORT IT
Answer
Data security over the public blockchain is possible. This is in consideration of the fact that the system makes use of an extensive distribution network of nodes. Each additional node increases the complexity of private data access in the network. It is further backed up by the randomness in which a data block is distributed, ensuring that no single end node can have all the information pertaining to any member in the network. No user is given exclusive access over public blockchain data. This, therefore, means that we can deploy this technology since our data is susceptible. Financial data can never be exposed to every individual out there, lest it increases risks of fraud. Therefore, it would be challenging to access a single data without proving the validity of keys issued and verification of the hashes. Public blockchain security architectures are highly recommended for public sectors, including healthcare and education (Lin & Liao, 2017). Private blockchain security, on the other hand, is recommended for the corporate sector. Improved Encryption algorithms can make the public blockchain more robust.
FLEXIBILITY OF ROLE THAT MAY INTERACT WITH SENSITIVE DATA AND ABILITY OF TO PROVIDE SECURITY ON PUBLIC BLOCKCHAIN
Answer
If my organization does not handle sensitive information, then using the cryptographic signature of a document or file on a blockchain would be useful. This is because one can ensure that specific data cannot be modified without the requirement of saving the entire file on the blockchain. This would be a better option for the future for sensitive information too. With this security can be achieved for information on the public blockchain as you can allow what to be seen and accessed and what cannot be seen through a cryptographic signature.(Wu, Wang, Zhang & Li, 2014)
Conclusion
In conclusion, blockchain security is a sure way of encrypting your vital data in an organization. I believe this form of protection will play a significant role in reverting the losses we have incurred as a company through fraud and theft. Several organizations today have taken up blockchain technology to safeguard sensitive forms of information within their facilities. Private blockchain will be the most appropriate choice for our company since it is recommended for the corporate sector where data is shared within specific nodes. All financial transactions will now be secured and accessed by permitted users only. This will ensure the security of company resources as well as hiding crucial information from other users.
References
Retrieved From: https://www.bbvaopenmind.com/en/technology/digital-world/a-secure-model-of iotwithblockchain/?utm_source=views&utm_medium=article06&utm_campaign=MITcompany&utm_content=banafa-jan07
Khan, M. A., & Salah, K. (2018). IoT security: Review, blockchain solutions, and open challenges. Future Generation Computer Systems, 82, 395-411.
Lin, I. C., & Liao, T. C. (2017). A survey of blockchain security issues and challenges. IJ Network Security, 19(5), 653-659.
Treiblmaier, H. (2019). Toward More Rigorous Blockchain Research: Recommendations for Writing Blockchain Case Studies. Frontiers In blockchain, 2. doi: 10.3389/fbloc.2019.00003
Wu, J., Wang, Z., Zhang, J., & Li, W. (2014). Cryptographic Analysis and Improvement of the Structured Multi-signature Scheme for P2P E-Services. International Journal Of Security And Its Applications, 8(3), 49-62. doi: 10.14257/ijsia.2014.8.3.06