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Blockchain Security Technology

What Are Blockchain's Issues And Limitations?

What Are Blockchain's Issues And Limitations?

What are Blockchain's Issues and Limitations? There are treacherous passes in any technological revolution. Some people in the blockchain industry have pointed outthat blockchain has become overhyped, when, in reality, the technology has limitations and is inappropriate for many digital interactions. But through research and development, success and failure, and trial and error, we've learned the currentissues and limitations of blockchains. Blockchain technology involves an entirely new vocabulary. It has made cryptography more mainstream, but the highly specialized industry is chock-full of jargon. Thankfully, there are several efforts at providing glossaries and indexes that are thorough and easy to understand. Blockchains (like all distributed systems) are not so much resistant to bad actors as they are 'antifragile' that is, they respond to attacks and grow stronger. This requires a large network of users, however. If a blockchain is not a robust network with a widely distributed grid of nodes, it becomes more difficult to reapthe full benefit. There is some discussion and debate about whether this a fatal flaw for some permissioned blockchain projects. Bitcoin currently has notable transaction costs after being toutedas near free for the first few years of its existence. As of late 2016, it can only process about seven transactions per second, and each transaction costs about $0.20 and can only store 80 bytes of data. Theres also the politically charged aspect of using the bitcoin blockchain, not fortransactions, but as a store of information. This is the question of 'bloating' and is often frowned upon because it forces miners to perpetually reprocess and rerecord the information. If a blockchain is used as a database, the information going into the database nee Continue reading >>

What Is Blockchain? The Most Disruptive Tech In Decades

What Is Blockchain? The Most Disruptive Tech In Decades

Blockchain is poised to change IT in much the same way open-source software did a quarter of a century ago. And in the same way that Linux took more than a decade to become a cornerstone in modern application development, Blockchain will take years to become a lower cost, more efficient way to share information between open and private networks. But the hype around this seemingly new, secure electronic ledger is real. In essence, blockchain represents a new paradigm for the way information is shared and tech vendors and companies are rushing to figure out how they can use the distributed ledger technology to save time and admin costs. Numerous companies this year have been rolling out pilot programs and real-world projects across a variety of industries - everything from financial services to healthcare to mobile payments. It's unlikely to be a wholly disruptive technology that attacks traditional business models with a lower-cost solution that overtakes other networking technology quickly, according to Karim Lakhani, a professor of business administration at the Harvard Business School. Instead, Blockchain is a foundational technology, with the potential to create new foundations for economic and social systems, Lakhani said in The Truth About Blockchain , which he co-authored. [ Further reading: The top 5 problems with blockchain ] Blockchain adoption is expected be slow and steady, as the changes it brings gain momentum, according Lakhani, a principal investigator of the Crowd Innovation Lab and NASA Tournament Lab at the Harvard Institute for Quantitative Social Science. "Conceptionally, this is TCP/IP applied to the world of business and transactions," Lakhani said in an interview. "In the '70s and '80s, TCP/IP was not imaginable to be as robust and scalable as it Continue reading >>

Why Blockchain Technology Matters For Healthcare Security

Why Blockchain Technology Matters For Healthcare Security

Why Blockchain Technology Matters for Healthcare Security Blockchain technology is quickly becoming a hot topic in the healthcare industry, but covered entities need to understand how it potentially affects their healthcare data security measures. With technological innovations continuing to find a place in the healthcare industry, health data security must remain a top priority for organizations of all sizes. More electronic data is available than ever before, and covered entities are looking to find the most efficient and secure ways to manage it all. Blockchain technology organizes data so transactions can be verified and recorded through the consensus of all parties involved.It is perhaps best known for being used in the Bitcoin world and has an authoritative ledger that records events. For healthcare, this means that any data entered into a computer system or EHR/EMR can have each transaction or entry validated. This could include anything from a financial transfer to an update to an individuals personal health record. Each new action is verified against an authoritative ledger of previous events. With blockchain, each member who can enter information has his or her own copy of the ledger instead of the data being held in one location. However, no new transaction can be approved unless a majority agrees that the requested action is indeed accurate. This could greatly affect healthcare as providers often have their own versions of a patients record and these records are not always validated against one another. If a patient visits four different providers and each provider makes a separate error in the record, then that patient could encounter issues when it comes to his or her personal care. Could Blockchain Control Population Health Management Costs? How does blo Continue reading >>

Blockchain Technology Enhancing Security In The Banking Sector

Blockchain Technology Enhancing Security In The Banking Sector

Blockchain Technology Enhancing Security in the Banking Sector Blockchain is one of the most discussed forms of technology. The most popular cryptocurrency Bitcoins, which has been built on the concept of Blockchain technology, has its value increased almost every other day. Blockchain has revolutionized the way it is addressing the issues that are related with fiscal transactions, including currency reproduction and double spending. In addition, Blockchain also solves the issue of high transaction costs while at the same time enhancing the security and authenticity measures. It is quite surprising to note that Blockchain technology is taking care of other spheres rather than digital transactions. The IT infrastructure that Blockchain technology offers to digital transactions is equally protecting banking sectors with cybersecurity advantages as well. Blockchain refers to a range of blocks which store data including financial data with time stamps and linked to the immediately previous block. The blocks are stored secretively with stakeholders of a particular network. This feature of the Blockchain technology seals the areas of vulnerability, which are likely to lead to the manipulation of the records by cybercriminals. In addition, the blocks cannot be overwritten in a chain. Every transaction is verified with the respective stakeholders, which makes data manipulation impossible. Features such as Keyless Security Infrastructure (KSI) and Public Key Infrastructure (PKI) ensure that any data manipulation is impossible. Simple logins, along with centralized IT infrastructure make bank transactions somewhat vulnerable. Blockchain security measures are likely to enhance the transactional security through linked data records which cannot be manipulated or damaged. Continue reading >>

Blockchain Security Technology

Blockchain Security Technology

Cryptographic protocols enable multiple organizations to safely handle confidential data. Fujitsu Laboratories of America (FLA) develops blockchain-based security technologies to safely and securely handle confidential data between multiple organizations. We are currently carrying out trials of the applicability of blockchain to businesses in financial enterprise and a variety of other areas. Blockchains are inherently resistant to data modificationonce recorded, the data in a block cannot be easily altered retroactively. The most prominent characteristic of a blockchain is that it provides information sharing with high transparency and reliabilitywithout requiring management by a specific trusted organization. With a view to apply the blockchain to a variety of fields, one of the key technologies we have developed is an access control technology for blockchain transactions, which restricts transactions based on pre-established policies. The technology enables secure delegation of capabilities and prevents misuse or abuse of delegated resources on the blockchain. Continue reading >>

Blockchains Brilliant Approach To Cybersecurity

Blockchains Brilliant Approach To Cybersecurity

Blockchains brilliant approach to cybersecurity Hackers can shut down entire networks, tamper with data, lure unwary users into cybertraps, steal and spoof identities, and carry out other devious attacks by leveraging centralized repositories and single points of failure. The blockchains alternative approach to storing and sharing information provides a way out of this security mess. The same technology that has enabled secure transactions with cryptocurrencies such as Bitcoin and Ethereum could now serve as a tool to prevent cyberattacks and security incidents. Blockchains can increase security on three fronts: blocking identity theft, preventing data tampering, and stopping Denial of Service attacks. Public Key Infrastructure (PKI) is a popular form of public key cryptography that secures emails, messaging apps, websites, and other forms of communication. However because most implementations of PKI rely on centralized, trusted third party Certificate Authorities (CA) to issue, revoke, and store key pairs for every participant, hackers can compromise them to spoof user identities and crack encrypted communications. For instance, controversy recently broke over the key renegotiation process of WhatsApp , which could possibly be exploited to push false keys and perform man-in-the-middle attacks on one of the most popular and secure messaging apps in the world. Publishing keys on a blockchain instead would eliminate the risk of false key propagation and enable applications to verify the identity of the people you are communicating with. CertCoin is one of the first implementations of blockchain-based PKI. The project, developed at MIT, removes central authorities altogether and uses the blockchain as a distributed ledger of domains and their associated public keys. CertC Continue reading >>

Blockchain - Wikipedia

Blockchain - Wikipedia

For other uses, see Block chain (disambiguation) . Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain. A blockchain [1] [2] [3] originally block chain [4] [5] is a continuously growing list of records , called blocks, which are linked and secured using cryptography . [1] [6] Each block typically contains a hash pointer as a link to a previous block, [6] a timestamp and transaction data. [7] By design, blockchains are inherently resistant to modification of the data. Harvard Business Review defines it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." [8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance . Decentralized consensus has therefore been achieved with a blockchain. [9] This makes blockchains potentially suitable for the recording of events, medical records, [10] [11] and other records management activities, such as identity management , [12] [13] [14] transaction processing , documenting provenance , or food traceability . [15] The first blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. Continue reading >>

The Role Of Blockchain In Cybersecurity

The Role Of Blockchain In Cybersecurity

The high level of dependency on the internet and technology today has resulted in new revenue streams and business models for organizations, but with this arises new gaps and opportunities for hackers to exploit. Cybercriminals have become increasingly complex and are attempting to steal valuable data like financial data, health records, personal identifiable information (PII) and intellectual property, and are resorting to highly profitable strategies like disrupting the overall operations of a business via DDoS attacks, or monetizing data access via the utilization of advanced ransomware techniques. So, will blockchain technology be a cybersecurity help or hindrance? A blockchain is basically a decentralized, digitized, public ledger of all cryptocurrency transactions and uses what is known as the Distributed Ledger Technology. This could potentially help enhance cyber-defense as the platform can prevent fraudulent activities via consensus mechanisms, and detect data tampering depending on its underlying characteristics of operational resilience, data encryption, auditability, transparency and immutability Blockchain resolves the lack of trust problem between counterparties at a very basic level. Blockchain is a distributed database used in both private and public applications rather than a centralized structure where all the information is stored in few very large databases. The data pertaining to each batch of valid transactions is stored within its own block; every block is connected to the block which is situated in the position before it and grows continuously as new blocks of information are appended. Owing to their distributed nature, blockchains provide no hackable entrance or a central point of failure and, thereby, provide more security when compared with v Continue reading >>

6 Use Cases For Blockchain In Security

6 Use Cases For Blockchain In Security

Blockchain has the potential to improve encryption and authentication, and that could be good news for IoT security and DDoS protection. Use commas to separate multiple email addresses Sign up now and get FREE access tohundreds of Insider articles, guides, reviews, interviews, blogs, and other premium content. Learn more . Blockchain is a decentralized, distributed electronic ledger built on the model of offering absolute security and trust. Using cryptography, transactions are recorded chronologically and publicly, each one time-stamped and linked to the previous one. Critically, these digital blocks can only be updated through the consensus of all participants, with data interception, modification and deletion near impossible. [ Email encryption review: HPE/Voltage Secure Email vs. Virtru Pro vs. Inky vs. Zix Gateway vs, Symantec Email Security.cloud | Get the latest from CSO by signing up for our newsletters . ] As a result, since hitting Gartners fabled "peak of the hype cycle" in 2016 , Blockchain has become something of a priority for industry leaders, especially in financial services, energy and manufacturing. Authenticating Bitcoin payments has perhaps become the most cited use case, but this technology can extend to applications like content delivery networks and smart grid systems too. How does blockchain apply to cyber security? Blockchain has the potential to improve everything from improving data integrity and digital identities to enabling safer IoT devices to prevent DDoS attacks . Indeed, blockchain might play across the CIA triad of confidentiality, integrity and availability, offering improved resilience, encryption, auditing and transparency. Blockchain plugs the gaps that we have left with our poor implementation of security and lack of trustworthin Continue reading >>

Uh Oh: Blockchain May Not Be As Secure As We Thought

Uh Oh: Blockchain May Not Be As Secure As We Thought

Uh Oh: Blockchain May Not Be as Secure as We Thought In an analysis of one million smart contracts, a new analysis tool found that 34,200 had security vulnerabilities. Before we transition to a blockchain-based digital economy, we need to address the flaws in this system. Blockchain has the potential to transform our world. Experts insist the technology is bigger than the internet , but we may want to take a beat before we put everything from our money to our health records on blockchains. According to a new study , the technology isnt nearly as secure as we thought. Back in 2009, Bitcoin set the blockchain revolution in motion giving any two parties, anywhere, a way to quickly and securely transfer money. Some blockchains, most notably Ethereum, take the utility of Bitcoin to the next level by incorporating smart contracts, which automate the process. For example, say you want to buy 10 ether tokens, but only if the price drops below $600 per token. Smart contracts are set up to execute specific actions when they encounter a specific situation, so you could set one up to buy 10 ether when the price drops. Thats not all they can do: while smart contracts can be as simple as the above, they can also be far more complicated. You could also set up a smart contract to buy ether if the cost hits below $600 per token, and you have an account balance above $10,000, and its a Friday. Smart contracts are essential for industries outside of finance that want to take advantage of the blockchain technology. For example, if healthcare systems wanted to put medical records on a blockchain, it could use smart contracts to ensure only medical professionals are granted access to them. While it all sounds good in theory, there is some bad news: a team of computing experts from the Natio Continue reading >>

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What is Blockchain Technology? A Step-by-Step Guide For Beginners Angel Investors, Startups & Blockchain developers... Is blockchain technology the new internet? The blockchain is an undeniably ingenious invention the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto . But since then, it has evolved into something greater, and themain question every single person is asking is: What is Blockchain? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency , Bitcoin , the tech community is now finding other potential uses for the technology. Bitcoin has been called digital gold, and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you dont need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why its considered revolutionary. So, we hope you enjoy this, what is Blockchain guide. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Information held on a blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isnt stored in any single location, meaning the records it keeps are truly public and easily verif Continue reading >>

Alliance Activities : Publications : Blockchain And Smart Card Technology Secure Technology Alliance

Alliance Activities : Publications : Blockchain And Smart Card Technology Secure Technology Alliance

Alliance Activities : Publications : Blockchain and Smart Card Technology Implementations of blockchain-based applications are growing rapidly: over $1 billion has been invested in implementations since 2009, with 60 percent of that funding occurring since the beginning of 2015. While blockchain can create a faster, secure platform for various types of transactions, all implementations share the critical security requirement of generating, storing and managing the users cryptographic keys. To provide guidance for organizations implementing blockchain applications, this white paper today provides a primer on blockchain technology, and highlights the need for hardware security technology such as smart cards and embedded secure elements to protect and provide convenient user access to cryptographic keys. Its anticipated that a diverse set of applications will be implemented using blockchain everything from cryptocurrencies to funds transfers, asset registries and autonomous Internet of Things (IoT) device payment. With all of these implementations, proper management of cryptographic keys is critical; if those private keys are lost or stolen, any assets associated with the blockchain are lost forever. This resource highlights how the use of smart card and secure element technology to manage the cryptographic keys, used in conjunction with blockchain technology, can enable convenient and secure transactions. The white paper provides a primer on blockchain technology, including the role of smart card and secure element technology in blockchain applications, and discusses: Use cases for several blockchain technology applications (cryptocurrencies, vaults, interbank funds transfer, asset registry, anticounterfeiting and IoT), including considerations, challenges and real-world Continue reading >>

This Startup Is Using Blockchain Tech To Rethink Cyber Security In The Bitcoin Era

This Startup Is Using Blockchain Tech To Rethink Cyber Security In The Bitcoin Era

This Startup Is Using Blockchain Tech To Rethink Cyber Security In The Bitcoin Era I cover entrepreneurs and startups disrupting industries. Opinions expressed by Forbes Contributors are their own. Paul Puey serves as the CEO of Edge , a cyber security company that empowers individuals to take control of their own online data by developing the proprietary tools, software and systems needed to keep their information tightly secured. Experts argue that secure information should be housed at the edge of a network rather than in a centralized location. Following this approach, instead of relying on enterprise server security, edge-security first encrypts data from the user's device before it ever touches a network or server. Formerly known as Airbitz, Pueys first product launch was the Airbitz Bitcoin Wallet and Edge Security platform. The wallet was designed to help make Bitcoin easier and safer to use, delivering a progressive solution to contemporary security challenges. Since breaking into the market in 2014, the Airbitz Wallet has successfully secured millions of dollars in bitcoin. Following the proven effectiveness of their Edge Security platform, Puey packaged their security tools into a proprietary software development kit adopted by other developers for the purpose of enhancing the data protection of their own applications.Through the use of advanced client-side Blockchain encryption, the Edge Security platform eliminates large-scale data breaches, helping securely propel users into the emerging networks of the future. I spoke with Paul about the vision behind his company, rethinking cyber security, and how Blockchain solutions can prevent data breaches. What was the specific void or opportunity you spotted that inspired the idea behind Edge? Paul Puey: Edge was Continue reading >>

How Blockchain Technology Keeps Data Secure

How Blockchain Technology Keeps Data Secure

How blockchain technology keeps data secure Bitcoin may be controversial to some, but the infrastructure that underpins it could be of big use for the banking sector Since first appearing in 2009, bitcoin has sparked much speculation about the future of finance. But while interest in the currency itself has fluctuated widely as its value continues to soar and crash, the database technology underlying bitcoin has steadily been garnering interest from the worlds largest banks and investment firms. Similar to an enormous ledger, the blockchain records and indexes each movement of bitcoin, creating a searchable database of every transaction in the process. However, unlike traditional digital ledgers that record information on a central server, the blockchain stores transaction data across vast networks of computers that constantly check and verify information with each other. Distributed ledger systems that dissipate information in this way overcome a key challenge for financial firms - how can critical data be stored securely? Stringent regulations exist to ensure companies that handle financial data are doing so in accordance to the highest cybersecurity standards. But despite these requirements, instances of financial data breaches are on the rise. Last year, unidentified hackers successfully compromised the servers of Bangladesh Bank and stole $100 million, while in the UK, Tesco Bank was targeted by a cyber-attack that resulted in money being siphoned out of some 20,000 current accounts. Because of the high amount of trust consumers place in banks, cybersecurity breaches like these can be devastating to hard-earned reputations. By storing financial information across a network of computers, the task of compromising data becomes much more difficult for hackers. Instead Continue reading >>

Blockchain Security: What Keeps Your Transaction Data Safe?

Blockchain Security: What Keeps Your Transaction Data Safe?

Blockchain Unleashed: IBM Blockchain Blog Blockchain security: What keeps your transaction data safe? December 12, 2017 | Written by: Curtis Miles Categorized: Blockchain Identity | High Security Business Network | Identity Management Proponents of the distributed ledger technology known as blockchain consider it to be one of the best ways to secure transactions. I dont know about you, but hearing that anything is the best immediately makes me skeptical. How exactly does blockchain provide more security than traditional transaction processes? Lets take a look. A blockchain, as the name implies, is a chain of digital blocks that contain records of transactions. Each block is connected to all the blocks before and after it. This makes it difficult to tamper with a single record because a hacker would need to change the block containing that record as well as those linked to it to avoid detection. This alone might not seem like much of a deterrence, but blockchain has some other inherent characteristics that provide additional means of security. The records on a blockchain are secured through cryptography. Network participants have their own private keys that are assigned to the transactions they make and act as a personal digital signature. If a record is altered, the signature will become invalid and the peer network will know right away that something has happened. Early notification is crucial to preventing further damage. Unfortunately for those ambitious hackers, blockchains are decentralized and distributed across peer-to-peer networks that are continually updated and kept in sync. Because they arent contained in a central location, blockchains dont have a single point of failure and cannot be changed from a single computer. It would require massive amounts of comp Continue reading >>

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