Beyond Bitcoin: Understanding Blockchain Security Implications
The blockchain market is expected to grow 68.4% over the next four years, with 86% of senior executives believing blockchain will become a mainstream-adopted technology. While the majority of the world has been fixated on various cryptocurrencies—including bitcoin, ethereum and the emerging non-fungible token (NFT) market—organizations have adopted blockchain technology behind the scenes. To do this, the right education and implementation strategies are needed because without proper implementation strategies factoring in architectural nuances, organizations are opening their business up to security risks. There are a handful of blockchain deployment models: private (or internal), permissioned/consortium and public. While they all possess some common traits, each has its own nuances when it comes to its use and associated security risks. Blockchains on a private network are generally isolated but are intended to solve internal operational efficiency problems. They offer an alternative data plane to traditional database architectures, with smart contracts serving as stored procedures.