Blockchain technology has shown its numerous advantages in many industries from IT, healthcare, supply chain and more. The advantages are many. It has transformed the way we secure data and work on overall business operations. Most of the security challenges are also being taken care of by crypto and blockchain experts for easy access into the technology.
As blockchain technology ensures that all the transactions in each block have been verified to avoid any kind of error with the help of consensus mechanism.
This technology provides:
- More transparency even in a completely decentralized network
- Improved security as it uses the most advanced security
- Better operation efficiency by using automation
- Minimized cost by eliminating vendor costs
When it comes to security issues related to blockchain security, many organizations prefer not to invest in it, at least not at the moment. Now that you know some of the major advantages of deploying blockchain technology, let us go through some of the major security challenges that companies face these days.
Unsecured user privacy details
One of the major concerns regarding blockchain technology is its unprotected nature that leads to leakage of private information about the users. Information such as number of transactions, transaction amount etc., get tracked over the blockchain networking resulting in the user information leakage.
However, with the initiation of assigning private keys to the users the privacy of sensitive information will be more protected.
We might think that blockchain technology protects the data and secures it from cyberattacks, but that’s not the reality. Through emails, attackers try to get the users’ credentials by sending them unauthorized links with such urgency that they might lead them to open the email and click on the link. Upon doing so, hackers can get control over the account, availing themselves of sensitive information.
The best way to tackle this issue is to stay agile and mindful while checking and responding to your emails. Even if you are not using blockchain technology, it is imperative to stay away from emails that look sketchy. You can check where the email has come from. Ask yourself questions like is it a known source, were you expecting the email, or does it sound suspicious or very urgent?
Lack of guidelines
The blockchain lacks regulatory guidelines that can make its usage simple and straightforward. A standardized set of rules and regulations can ensure the security of data is intact and will not get tampered with during transactions. Due to this very challenge, more scams are prone to happen.
Understanding how the blockchain works and going the extra mile to stay updated with the relevant information on the current blockchain trends and news can really help tackle the situation.
Crypto and blockchain experts are constantly working on the technology to improve its security related challenges. These challenges are mainly occurring due to the technology’s initial stage. As it is a modern technology, the privacy and security features are still under development, and we can only hope to see these challenges fading day by day as the experts introduce solutions to remedy these issues.