How to Secure your Blockchain Solutions
Blockchain is a decentralized database that offers a secure yet transparent way for any transaction to be made, recorded and verified. Despite authorized blockchain transactions are affirmed and packaged by participants already known by the register, security issues still ail the system. Cyber-attacks are rampant in the internet and nothing should be left at chance as an attack can bring severe losses. It is vital that organizations protect their Blockchain right from the beginning by introducing strong encryption and key vaulting frameworks for cryptography in order to prevent malicious cyber-attacks. There is a need to understand the popular blockchain use cases so as to determine the likelihood of attacks and the right path to take in ensuring safety. These are the main use cases stated alongside their possible risks;
- Cryptocurrency– Encrypted digital currencies, but not their holders, recognize the currency itself. The money is held by anyone who owns the coin encryption key. Which means it’s lost when a coin is stolen and you don’t have any means to get it back.
- Smart Contract -A smart contract is a computer program that defines a contract with the ability to self-perform and uphold a contract’s terms. If the blockchain is infringed, a smart contract can be changed, breaching the blockchain’s trust and discarding the potential of two parties to transact without a broker’s need.
- Internet of Things (IoT)- The restrictions imposed by a conventional trust model of central authority have enabled insecurity in IoT. Only security of IoT devices with default passwords makes it possible for attackers to launch attacks on Distributed Denial of Service (DDoS).
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Here are the main ways to ensure secure blockchain solutions;
Enforce the hardware security module (HSM)
Using an HSM to encrypt the blockchain identity keys is crucial. It is equally essential to ensure that in the HSM where the keys are housed, each company has its own partition. Using the HSM to store identity keys for the blockchain guarantees key protection. The method of HSM partitioning maintains that each entity has a specific partition with distinct administrative rights and responsibilities to execute partition activities on each partition.
Use of API security best practices in safeguarding API-based transactions
APIs are the prime way of communication between a blockchain solution’s different sections. APIs must be shielded from abuse and restricted to the transaction’s context. While API security includes a variety of things, all APIs must be subject to three key controls: identification, authentication, and authorization.
Securing core blockchain technologies
Because Public-key cryptography is the basic security framework of any Blockchain infrastructure, it is of utmost importance to ensure security of Blockchain activities by securely creating, using and keeping the crypto key. Furthermore, when cryptography is being used to ratify smart contracts and to secure the stored data in and out of the Blockchain system in order to ensure the privacy of the transactions, it is essential to secure the crypto keys.
Privacy-preserving technologies for sensitive information.
Using approved ledger software where confidentiality is a design concept and provide controls to protect data about the privacy of members. In addition, implement security controls that protect confidentiality to conceal transaction information, such as transaction creator identity and transaction descriptions.
Securing Blockchain Communications
Promote the seamless generation and safe storage for all SSL and TLS network connection crypto keys, thus offering a secure way for message exchange and authentication management to ensure the integrity of all Blockchain exchanges.
Using a privileged access management solution (PAM) for intensifying activities
Use a PAM solution to determine that the correct users with the proper rights access the elements for management purposes of administration or transition. This is particularly important as the system may have sensitive information for users and participants, including transactional payment data. A PAM solution with code rotation and effective division of tasks should be implemented. Configuring end-to-end logs to capture flows from entry to exit is also necessary. Entry to secrets should be connected to a billing system and there should be a reviewer for every secret update.
In summary, blockchain is yet one of today’s safest innovations for data security, it would be a fallacy to take its security for granted. As the Blockchain technology grows, so will its flaws, and when attackers figure out a way to crack Blockchain systems, it is only a question of time.