Davis Smith

Blockchain security for your Business

The rapid evolution of blockchain and distributed ledger technology has led many companies to investigate use cases in line with their respective industries. In exploring enterprise blockchain solutions, businesses face the crucial task of determining the underlying network structure that best suits their needs. This undertaking requires key decision makers to become familiar with tech nuances - especially if successful implementation and project optimization are priorities.

So what exactly do businesses need to consider when exploring blockchain solutions? For many, the first consideration is whether to pursue a public or private framework. Public blockchains are just that, accessible and readable to anyone - an entirely open peer-to-peer network. Conversely, a private blockchain restricts network access to approved participants. While corporate security concerns tend to encourage private blockchain use, a comprehensive assessment is essential to selecting the appropriate network type.

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Privacy or transparency:

Along with immutability, transparency is a defining characteristic of blockchain technology. On a public blockchain, all transactions are exposed - viewable by anyone at any time. It is an entirely open source system. While transferred data is transparent in this ecosystem, the identity of participants may remain anonymous. After all, there is no obligation to reveal your identity on a public blockchain - privacy and anonymity are protected. This pseudonymous structure is inverse to the relationship between identity and data on a private blockchain. In this environment, transactions are inherently private, but the identity of all nodes is made transparent. This transparency is crucial for companies that need to know who they’re dealing with - without question.

There are definite advantages to using a private blockchain where participants are vetted before joining the network. Traditional Know Your Customer (KYC), and Anti-Money Laundering (AML) verification techniques can be employed to facilitate this process. Public blockchains cannot unequivocally confirm a network participants identity unless the participant chooses to reveal it.

See more at here:Secure Blockchain