Blockchain technology has been seen as the next best thing for digital storage for businesses. It is the new, advanced version of the Cloud where it is impenetrable from any hacking and viruses. The change to blockchain will take time for companies to accept. On the security front, the question remains on how ITs can validate the security model of a blockchain application. The wider situation is knowing how a business will function on these new systems through standardization. There are multiple ways to help companies gain confidence about blockchain and it is too early for a solid assessment of it. There are few ways to validate blockchain’s security.
First, there is application threat modeling, a process of systematically deconstruction of an application into basic parts to see them from a hacker's sight. It is commonly used in software security circles and provides strong value to application design and inserting proper measures that strengthens security from various hacks. With software errors and dynamic application security testing, it can be applied to blockchains because it is a software custom made for companies. This is software security testing. A lot of problems which have disrupted cryptocurrency work come from basic issues with the software and could be exposed as a way for hackers to get in.
Beside evaluation and implementation, users should validate the entire system that is using the blockchain, also known as environmental testing. The blockchain must work as well on the system as a whole including vulnerability scanning and any on-site parts. The IT surrounding the blockchain may or may not be compatible as it is. Then, there is outcome monitoring. Here, this means the results are what determines a successful validation to the blockchain. This testing can be done live instead of waiting for the whole process to finish. As prickly as it is, a business would know up-to-date the impact the blockchain has instead of just looking at the digital ledger.
Of course, there are other techniques to validate a blockchain, but these essential methods provide the strongest value regardless of implementation or use. Each of them approaches in a way that is specific to a business’ goals and specific security requirements and properly implementing the blockchain itself. A lot of proposals that establishes the blockchain validation process have been debunked, meaning there is more room for conventional ways to prove being more effective in blockchain confirmation. But, the understanding of how blockchain operations work needs users to understand each part of the process as well as what a threat does and how they can infiltrate the blockchain easily. The wider impact of blockchains needs a full recognition of its importance and what it can do for businesses.Published: Mar 24,2019 03:00:00 PM IST