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Blockchain Security A Framework for Trust and Adoption

With the current rise in popularity of blockchain, more organizations are beginning to consider this technology to innovate their IT environments. With every new technology, security risks are amplified or diminished depending on its characteristics. This whitepaper provides a framework on the major security considerations to consider when adopting blockchain technologies. The framework was written to be used by decision makers in organizations that are planning to adopt blockchain technology. The framework is meant to be a high-level practical guide of the top security concerns an organization should consider when starting their own blockchain application or migrating a current application to this new environment.

The following are the top 18 security risks to consider when adopting the technology:

  1. Security of Smart Contracts
  2. Forks
  3. Crypto Algorithms
  4. Cryptographic key management
  5. Access Control
  6. Scalability
  7. Intrusion Detection
  8. Targeted attach resistance
  9. Data Propagation attach resistance
  10. Operations & Communications security
  11. System Acquisition, Development, and Maintenance
  12. Asset management
  13. Human resource security
  14. Supplier relationships
  15. Incident management
  16. Organization of Information Security
  17. Information Security Policies
  18. External/Internal Compliance

The following are the top 6 security risks to consider when migrating a current application to this new environment:

  1. Choosing the right blockchain
  2. Special considerations for testing
  3. Awareness and training
  4. Contingency planning
  5. Simplicity as a security measure
  6. Privacy

These considerations will offer organizations a strong base upon which to adopt blockchain technology and do so in a secure manner. With these 24 security recommendations, organizations can begin trusting this technology and find innovative ways to use it in their IT environments.


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