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Tackling Blockchain cybersecurity the Vice Stagnating Growth

Mar 16, 2018 Posted /  5202 Views

Tackling Blockchain cybersecurity the Vice Stagnating Growth

Role of Industry Players

Startup firms and companies are the main incubators of blockchain technology, they are concerned with developing blockchain solution and enrolling it for public use. Cybersecurity does not only affect users but also the startup businesses and the entire industry at large. Although blockchain is a decentralised technology, some kind of a consensus between firms may be required in order to qualify a startup in the blockchain ecosystem.

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This will become a guarantee to the users and investors that the startup concept is actually feasible. This conclusion can be drawn from a thorough investigation of the startup whitepaper. The goal here is to protect would be investors from anticipated financial losses. It's becoming more and more unclear the actual hackers of blockchain platforms.

Some people are highly concerned that team members of the blockchain startups could be leaking vital leads which makes the task of the hackers really a ease. An industry security standard which should be met by every project is required. This can come from a team set up and maintain by every industry player. The team could consist of cyber security analyst and blockchain engineers of different calibers.

How Policy makers can Adapt fast

Slowly but steadily policy makers are understanding blockchain and its potential uses cases in a regulated environment. For the full rich potential of blockchain it is vital for policy makers to get interest in blockchain and conduct their independent investigation of the technology. This would help in welcoming more and more blockchain solutions to our daily life activities and business challenges.

The financial industry has suffered an immense degree of losses due to unprecedented cyber attacks. Blockchain has successfully proven vital in alleviating a multitude of such attacks although blockchain has security concerns itself. We have to agree that no technology is immune to cyber attacks because the development of reverse Engineering makes its possible to unlock codes upside down. A complete diagnosis of the underlying security risks and the deployment of a critical and robust regular upgraded step is what can secure blockchain.

Many countries like singapore, China and Russia are embarking on large blockchain projects meant to diversity their financial economy. The role regulators play is becoming more and more vital as seen from a recently published white paper developed by microsoft Inc. Although industry players are responsible for developing secured and user friendly systems, the final users too have a role to play in ensuring cyber security. The role of the users mainly encompases around cyber risk managment.

Development of a mutual international Standard for Blockchain

The development of the world during the pre-Industrial revolution has been guided by mutual agreements on underlying technological standards. In the blockchain and token economy this standard helps in the allocation of value to blockchain digital assets. Although some few tokens are backed by physical goods with real world values, a lot of tokens are not backed up by anything.

In the Microsoft paper on blockchain industrial application we referenced before, Microsoft advised different organisations to adapt a tailored version of the U.S National Institute of standard and technology (NIST) Cybersecurity framework. Regulators should strive to remain update with technological advancement in the blockchain space.

The presence of international standards will ensure a comprehensive global adoption of blockchain and save the time being wasted by many startups in carrying experiments. An industry standard would be a well test methodology for ensuring cyber security of a diversity of platforms.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: blockchain technology

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