What Are The Best Techniques For Securing Blockchain Networks?

Blockchain is highly renowned for being a rigidly set system that is extensively shared, duplicated, and licensed with a consensus. The register guarantees that the participants have the freedom to decide the assets to share and identify the dealers. This robust technology further offers participants a piece of confidential information possessing endorsement that is shared based on the need-to-know. However, this system is prone to multiple cyber attacks, which makes it imperative for the user to secure blockchain network.

Blockchain Networks

Exploring The Power Of Security Software

A network belonging to Hperledger Fabric possesses three primary parts: Orderers, Peers, and Users. The Certificate Authority of MSP fabric has adopted the hierarchical model of conventional Public Key Infrastructure (PKI). Furthermore, it possesses a peculiar digital identity system as a digitally launched certificate for every network participant.

It helps identify the trust aspect of the whole blockchain network to determine whether access to participants to any information becomes convenient. Moreover, the participants have explicit permission to access the network resources. Various security software plays an essential role in generating and protecting the pairs of keys for the participants’ digital identities and the transactions performed in the Hyperledger Fabric network.

A few factors that you should keep in mind to secure the blockchain network are-

Ensure solid identities and authentication

It is necessary to offer solid identities to the participants and devices using permitted blockchains such as Hyperledge Fabric, wherein all participants’ identities are known. Providing a customizable, wholly automated, and highly secure authentication service makes the digital space safe for trading.

Secure core blockchain technologies

Assuring the safety of blockchain transactions by securely generating, utilizing, and storing the crypto keys has become a necessitated task as public-key cryptography has become the security foundation of every blockchain network. Securing the crypto keys is essential as crypto is applicable for signing digital contracts and providing confidential transactions.

Primary Methods of Managing Threats

  • Various individually run blockchain niche applications differ from others and are not feasible for building a universal threat model. Despite that, these apps are commonly connected with similar assets and use cases.
  • Penetration testing has become the key solution and can also be applied to the blockchain solution.
  • Vulnerability scanning of the solution eradicates the potential threats.
  • It is imperative to put threats, detection, and remediation process into place.
  • Various responses and recovery plans are essential to be in place.
  • The most optimum practice is to identify different management practices for putting in place.
  • Business disaster recovery is the key to any blockchain solution.

A Secure Blockchain Solution

To create a secure blockchain solution, you should develop a risk model that efficiently addresses all the risks related to various sectors such as business, governance, technology, and processing. Evaluating the potential threats related to blockchain solutions and developing a threat model helps to secure the blockchain network. The security controls are based on the following three categories that help in eradicating the risks and upcoming threats-

  • Enforcing security controls purely unique to blockchain
  • Application of primary security controls
  • Enforcing business controls meant for blockchain

Reference Architecture For Blockchain Security

The absence of widely accepted security standards and regulations makes the blockchain application development state stuck at the nascent stage. Starting from offering security assurance to blockchain business network ecosystems results in implementing a comprehensively structured risk management approach. Developing a firm understanding of the highly enterprise-focused blockchain system demands assessment and authorization, along with authority to operate for determining the regulatory and privacy requirements is highly imperative. Therefore, a security reference architecture can offer a secure blockchain network more control.

To Sum It Up!

Blockchain networks are highly prone to multiple cyber attacks, which makes it essential to develop a robust security system. This system will significantly prevent the massive loss of bitcoins due to exploitation in code or any other reason.

(Visited 59 times, 1 visits today)