Blockchain is considered a major technological breakthrough and adoption of blockchain ledger technology can be a strategic business enabler. Blockchain can help address data management issues around communication, verification, security and privacy. The technology is also lauded for its potential to reduce costs and to unlock economic value.
Blockchain solutions are not limited to cryptocurrency exchanges. Numerous applications for blockchain exist that span beyond cryptocurrency. To leverage the benefits of blockchain, a strategic approach is needed across all aspects of technological adoption, deployment, maintenance and security.
The primary focus in this piece is security. While blockchain is widely perceived as highly secure, blockchain continues to require a comprehensive approach to risk management.
In 2016, a blockchain-based design flaw enabled a hacker to disappear with
$67 million.1 This highlights the fact that cryptographic protocols retain limitations. In addition, security is as much about people, policies, and processes as it is about the technology. If you have billions of dollars’ worth of proprietary data or assets stored on blockchain, it pays to be careful when it comes to security.
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