Blockchain Strategy & Security (BS)

Protect and secure Smart Contracts, Distributed Applications (DApps) and Digital Assets

What is Blockchain Security?

Blockchain is a distributed ledger technology (DLT) designed to engender trust and confidence in an environment. Blockchain technology gathers and stores information in “blocks,” and each block can hold a certain amount of data. When the block reaches capacity, it is chained to the previous full block, creating a chain of data, hence the name "blockchain."

Blockchain security is a complete risk management system for blockchain networks, incorporating assurance services, cybersecurity frameworks, and best practices to mitigate the risks of fraud and cyber-attacks.

What is a Private Blockchain?

Private blockchain networks require an invitation. Businesses that use private blockchains typically set up a permissioned network to limit who can participate in the network and the types of transactions they can initiate. Participants need either an invitation or permission to join.

Private blockchains typically use a “Proof-of-Authority” (PoA) consensus approach and are often used in internal, business secure environments to handle tasks such as access, authentication, and record keeping. The transaction data is typically kept private.

What is a Public Blockchain?

Public blockchains focus on participation and transparency. Transaction consensus is “decentralized,” meaning anyone can participate in validating network transactions, and the software code is open-source and available to the public (e.g., Bitcoin and Ethereum).

Governance considerations cover who develops the software code, who can work in the consensus mechanism, and who can participate in the communal governance activities that maintain the network. Public blockchain consensus mechanisms are primarily “Proof-of-Work” (PoW) or “Proof-of-Stake” (PoS).

Bitcoin, a digital currency, uses Blockchain Technology.

But Blockchain also powers other digital currencies and has many other practical use cases.
While Bitcoin is a currency, Blockchain is the underlying infrastructure on which the currency exists. Bitcoin is just one use-case for Blockchain Technology, just as email is one use of Internet technology.
Ethereum is a decentralized platform that runs Smart Contracts. However, most people think of Ethereum as a digital currency, similar to Bitcoin or Ripple. While it’s true that Ethereum has agreed-upon value and is often traded for cash or used to pay for goods and services, there is much more depth to Ethereum than meets the eye.

Ethereum is more than a digital currency.

Ethereum’s is a capacity for a shared global infrastructure that anyone with suitable programming skills can build their own applications and ecosystems on the Ethereum network, harnessing the decentralization and immutability facets of Blockchain Technology.
Ethereum applications remove the middleman and lower downtime via decentralization. Everyone using an application does their part to “host” it, thus removing any single point of failure, barring poor coding. Ethereum utilizes “smart contracts” in order to autonomously complete the necessary processes to run an application, ecosystem, or organization. ETH tokens monetize the network and enable developers to run their distributed applications, known commonly as DApps.

Need help with your Blockchain Strategy?

Find out what makes a Blockchain Use Case, Project or Solution successful and determine its suitability for your target market.

IRM Consulting & Advisory provides an effective strategy to deal with internal and external stakeholders of your blockchain project and solution that gives you a competitive advantage. We will help you evaluate the business case of your blockchain use case, project or solution.

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Worried about Blockchain Security?

Find out what you can do with our Blockchain Security Services.
We help you build secure Blockchain solutions and become part of the new revolutionary digital economy by making your solution secure and desirable in the crypto industry to attract more customers and create the network effect you desire.

We perform control assessment to ensure compliance with Blockchain information security standards such as ISO/TR 23576:2022 and ISO/TR 23244:2022.

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