Initially branded as “impossible to penetrate”, we have come to learn over the past few years that blockchain technology is not immune to vulnerabilities.
Still, compared to traditional security measures, blockchain technology is, by far, more secure.
Using blockchain to help keep your business’ assets secure is a good idea. However, there are ways to beef up its already impressive security even more.
Below, we have outlined ways that your business can secure your blockchain platform.
1. Use well-designed smart contracts
In light of the recent attacks to the seemingly impenetrable blockchain technology, organizations such as the Financial Stability Oversight Council (FSOC) are expressing concerns about the security of the platform.
In particular, they fear that the very nature of the blockchain itself makes it susceptible to fraud.
This is a valid concern and one that has yet to be fully solved. However, it’s important for everyone who is part of the blockchain ecosystem, not to fear to make mistakes. Instead, it is better to continue contributing to the development of the technology, albeit proceeding as cautiously and wisely as possible.
Using well-designed smart contracts is an excellent way to keep the general participants free from corruption, including but not limited to instances of collusion.
2. Independent penetration testing
Because blockchain technology originated in bitcoin, blockchains not solely dedicated to cryptocurrencies are still new and vastly experimental. This significantly increases the risk of the deployment on live blockchains code that has yet to receive sufficient testing.
There have been instances of such blockchains being the subject of attacks and threats.
For this very reason, independent penetration testing is essential.
By working closely with independent Singapore IT security companies and identifying vulnerabilities in your blockchain platform, you can prevent your business from being at the receiving end of a malicious hacker.
3. Keep blockchain keys safe
Sometimes, it’s not the actual blockchain platform that’s targeted, but the users who unknowingly enter, display, or store blockchain keys on vulnerable devices.
Thankfully, users can take steps to prevent this from happening, such as:
- Keeping your operating system updated at all times, especially when it is a security patch or update.
- Using a trusted and regularly updated antivirus software.
- Only keep your blockchain keys store in an encrypted application, or if you must include it in an email, use your blockchain wallet’s email feature instead.
- Using identity access management products
- For Singaporean users, you can choose to utilize singpass 2fa setup Singapore to further protect your personal data
Keeping your blockchain keys safe is similar to keeping your data safe.
Make sure that your blockchain keys are safe from prying eyes by taking the necessary steps, so they don’t end up leaving your device.
Blockchain technology is secure and difficult to penetrate. But, it is not invulnerable as once thought.
Understanding the complexities involved in implementing blockchain technology is not easy. This is why it’s important to work with cyber security companies and blockchain solution vendors in Singapore, that possess the necessary experiences and training in this field.
By working with a technology partner who takes the time to inform you of the issues solved by blockchain technology, as well as the potential vulnerabilities, you can save your business a lot of money, both short-term and long-term.