Cryptocurrency theft is so much more severe than theft of fiat money from financial institutions because any fraudulent transaction is final and irreversible. Hardware keys are an inefficient form of protection because the second they are connected into the network they become vulnerable to the software attacks. The only way to efficiently guard cryptocurrency assets is by controlling the keys. There are various solutions in key management and control such as UnboundTech, Gemalto, KeyNexus, Sepior, etc., some of which deployed solutions for blockchains. Blockchain security employs similar technologies and solutions as the traditional security; the challenge with blockchain technologies is that they are fairly new, change, scale and innovate quickly and require a high level of interconnectivity with other blockchains and solutions. Security for blockchains is definitely an emerging field, and it goes well beyond the realm of keys since blockchain is implemented in virtually every industry that touches a supply chain: IoT, healthcare, logistics, finance and others. There’s a definite need to keep the data protected, especially when it’s used and exchanged by various blockchain networks with different methodologies, such as DID (Decentralized ID) and new technologies used along the way.
Preventing Data Theft on Blockchains
