This article discusses: How leveraging Blockchain Trust Framework is key to securing blockchain solutions.
Blockchain is a disruptive technology revolutionizing the way the enterprises do business today. The forecast on Blockchain spending in 2019 is $2.9 bn, an increase of 88.7% from $1.5 bn in 2018. It is forecasted to touch $15.9 bn in 2023.
So, blockchain is surely taking a center stage in efﬁciency improvement, enhancing trust and creating collaboration among peers in an unprecedented manner. Additionally, developing and sharing blockchain framework capabilities as open source components is aiding faster adoption of blockchain technology across the business world. Though Blockchain enhances security of data stored in the ledger yet it is also susceptible to security issues that could impact any of the components in the blockchain framework – the application components, protocols, endpoint components on the network.
The vulnerabilities in these blockchain’s building components could impact the security of solutions thereby affecting the security of the enterprise. Some of the vulnerabilities associated with blockchain frameworks are –
- Endpoint vulnerabilities
- Public and Private key management
- Vendor risks with incorporation of 3rd party components into blockchain solutions
- Lack of standards and regulations
- Limited security checks done on new code components often overlooking security gaps that may exist in them
It is essential that enough focus and effort is spend on addressing these vulnerabilities. Unlike a software application, a security issue on a blockchain network requires more effort for resolution and it may include resetting the ledger to address the security issue. This could have immense effect on the business process that leverage blockchain technology for efficiency achievement and enabling trust among peers or partners.
Given the nature of Blockchain solutions, the security of a blockchain solution can be enhanced by securing the building blocks in a blockchain framework – also known as trustware components. The trustware components comprises of software components, hardware components and protocols. This would help organization to focus on designing and implementing security into the solution without worrying about the building components or trustware components. Each blockchain framework will require specific measures to secure its trustware as its building components are different for each framework.
As an illustration, let’s take the Wipro Blockchain Trust Framework that addresses the security needs of blockchain applications. The Trust framework is depicted below –