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The emergence of blockchain technology has completely revolutionized the way things are being done across several sectors of the economy. This rather new technology possesses astounding features that make it the best bet of any modern company looking for real-time transparency as well as a safe and easy method to serve its customers.
Since its emergence, blockchain technology has been touted for many features, especially its ability to protect data across a wide supply chain. This feature makes it the safest means of conducting any business transaction. However, as this technology work to protect consumers data, there is a need to protect the companies which have access to the technology. It is more like focusing on the security of the cloud rather than the security on the cloud.
Looking back at several cyber attacks on businesses and establishments that incorporate this technology, you wouldn’t be wrong if you said little to no attention is being paid to the security of the firms in possession of this technology (whose ability somewhat ends at securing what is on the chain, not outside the chain). Blockchain cannot protect the applications, hardware, and personnel that have access to it. It can only protect information stored on the chain.
Stemming from that, cybercriminals now target loopholes in these firms and gain access to the private keys and other information necessary to interact with blockchain. There is only so much a technology can do.
To help boost the security of blockchain-based firms, IBM X-Force Red (the company’s team of top security experts) created a Blockchain Security Testing Program that protects firms from possible attacks and helps fortify the authentication system. It functions by identifying the weaknesses of a firm and fortifying it against impending attacks.
Using the security, developer, and criminal mindset expertise of the IBM X-Force Red, this system was built to understand criminals’ mind; thus, it checks for several security factors that your everyday security systems wouldn’t mind to keep an eye out for. Unlike the quintessential security systems, this testing service is designed to evaluate both the backend processes of blockchain networks and the ledger environment itself. The typical processes that this system assess include public key infrastructure (PKI), smart contract flaws, software supply chain attacks, and identity & access. These abilities make it a fortress overly strong for just about any criminal to hack into.
Speaking on the launch, Charles Henderson, the Global Head of IBM X-Force, explained that while blockchain is the holy grail for securing information at the moment, it doesn’t mean that the firms employing this technology are immune to cyber attacks. Therefore, security testing is crucial during development and after deployment of a blockchain-oriented initiative.