Consensus Networks Benefits: Blockchain Security

Posted by Mitchell Krum on 11/27/18 11:28 AM
Mitchell Krum

The high level of security inherent in blockchain technology lies in its connection to other data blocks, cryptography, and distributed nature. A blockchain is a chain of digital “blocks” that contain records of transactions for any type of asset. In order to make updates to a particular piece of data, the owner of that data must add a new block on top of the previous block, creating a specific chain of code. If anything, even as small as a letter, gets altered from how it appears in a previous block, the entire chain across the network is also changed accordingly. This means that every single alteration or change to any piece of data is tracked and all data is permanently kept because users can always look at previous versions of a block to identify what is different in the latest version. This form of record keeping makes it easy for the system to detect blocks that have false data, which prevents loss, damage, and corruption. This also makes it extremely difficult for hackers to tamper with a single block. To tamper with one record, the hacker would have to change the block containing the record and all those linked to it and so on all the way down the line.

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These records are secured through cryptography, which is utilized as a means of protecting the identity of users, ensuring transactions are done safely, and securing all information and storages of value. Network participants have their own public and private keys assigned to the transactions they make. When combined, these act as a personal digital signature and encrypt information, whereas the recipient’s private key and sender’s public key decrypt it. It is impossible to work out what a user’s private key is based on the public key; therefore, a user can send their public key to anyone without worrying that someone will gain access to their private key. The sender can be sure that only the intended party can decrypt encrypted files.

Consensus Networks utilizes the highest standards of network security, including industry best practices, encrypted gateways, VPN tunneling, and secure element key generation and storage. The Consensus network is specifically designed for sensitive information transfer in a blockchain environment and adheres to NIST, FedRAMP, and HIPPA standards. Additionally, Consensus Networks believes that secure key management is crucial to operating in the distributed world and is developing secure, optimized hardware devices to ensure keys are properly stored and accessed.

The various other benefits of Consensus Networks' blockchain network including data integrity, distribution, and availability will be covered in future blogs. If you have any questions on how Consensus Networks can help you or your business please Contact Us!

Topics: Security, Benefits

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