Protect and secure Smart Contracts, Distributed Applications (DApps) and Digital
Blockchain is a decentralized and distributed database that uses algorithms to perform calculations. Blockchain facilitates the process of recording transactions and tracking digital assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs.
Businesses run on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members. A blockchain network can track orders, payments, accounts, production and much more, and because members share a single view of the truth, businesses can see all details of a transaction end-to-end, providing greater confidence, trust as well as new efficiencies and opportunities.
Each set of records in the database is referred to as a “Block” and anything that is recorded in the database is preserved forever. Because of the immutability of the database, once a record has been entered, it’s impossible to manipulate or alter that record.
GDPR – “A Subject’s Right to be Forgotten” allows individuals to request the deletion/erasure of data associated with them if it is no longer relevant. Due to Blockchain's nature of immutability, there may be potential complications if an individual who made transactions on the Blockchain requests their data to be deleted/erased. Once a block is verified on the Blockchain, it is impossible to delete it – “Immutable”.
Storage of PII (Your Identity) and ePHI (Your Health Information) is a strong use case for Blockchain Technology. Rather than having both physical and electronic copies of records, Blockchain Technology allows the shift to electronic Identity Verification and Health Records Access Controls to PII and ePHI Information on the Blockchain needs to be elevated to another level. Compliance with PII and ePHI regulations need to be considered when accessing and transferring Health information and records in the Blockchain across Third-Parties, Supply Chain and Jurisdictions.
Cryptocurrency is a Digital Asset designed to work as a means of exchange for buying and selling Products and Services over the Internet.
Bitcoin , a digital currency, uses Blockchain Technology.
Ethereum is more than a digital currency.
Cryptojacking is unauthorized use of a victim’s machine to mine digital currencies by installing a binary on the machine, or by using an in-browser script. The mining code works in the background while the unaware victim is using their End-Point Devices. E.g. Desktop, Laptop, Tablet, Phone, Gaming Console etc.
A Website Administrator can add a mining script to her webpage, with or without informing users. Website owners may do this to monetize their sites, especially when they have been blacklisted or blocked by standard advertising platforms.
Cryptojacking is not limited to Websites. Browser Extensions and Add-Ons can be used for cryptojacking. If an attacker is able to breach principle servers, websites, extensions, or the scripting services they use, they can inject cryptojacking scripts that will impact the site’s users without the site’s knowledge or consent.
Talk to our Trusted Advisors, we can help you protect your SaaS Business against these Security Threats and Risks.