Organizational Distributed Ledger Security – A Framework for Enterprise Blockchain Security Specification

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Blockchain Security

Dr. Stefan Bayer has pronounced the founding of the Enterprise Blockchain Security Council (EBSec) and the unveiling of the Enterprise Blockchain Security Specification (EBSS).

EBSec and the EBSS: A Stride towards Secure Distributed Ledger Technology in Business

Conjointly functioning companies form the EBSec, with a collective emphasis on disseminating distributed ledger technology securely across the business sector. The collaboration’s initial achievement, EBSS, serves as a structured guide for companies to ensure secure design, deployment, and administration of blockchain applications.

Distributed Ledger Protection

Given the use of sophisticated cryptography, currently anticipated as uncrackable, blockchains inherently suggest high security for digital assets within distributed ledgers. However, frequent cyberattacks result in continual asset thefts, casting a shadow over the public blockchain domain’s security, thereby impacting the technology’s reputation and corporate adoption. This leaves businesses and sectors unsure of leveraging this potential technology for corporate applications.

Triggers attributing to the observed security issue:

  1. Change in Principles: Decentralized systems introduce fresh concepts that differ from traditional IT systems, making asset security a non-centralized concept. Hence, companies must adapt to these new security paradigms that lack established practice guides.
  2. Poor Practices: Information security often suffers from poor practices prevalent in all systems. The effects are worsened in contagious decentralized systems that rely on secured private keys and secured smart contracts.
  3. Classic Information Systems Security: Distributed ledgers and smart contracts are only a minor part of standard blockchain applications. The majority includes conventional software layers prone to traditional software vulnerabilities rather than blockchain technology issues.

Enterprise Blockchain Security Specification

The EBSS was created to supply businesses with a baseline security standard for their operations. Intended neither to replace existing security benchmarks nor to offer secure code, the EBSS instead supplies guidelines and operating protocols for businesses aiming to adapt to distributed ledger technology.

Enterprise Blockchain Security Council

EBSec is simply an alliance of companies that contributed to the EBSS, each investing in blockchain security in their unique way.

At present, EBSec encompasses Cryptonics, Solidified, S2 Group, and PARSIQ, which deal with distributed ledger consulting, smart contract auditing, cybersecurity, and blockchain analytics, respectively.

The EBSS and future specifications should not be dependent solely on the experiences and judgments of its creators. Therefore, contributions are welcomed using standard GitHub processes.

Dr Stefan Beyer, CEO of Cryptonics and the founder of the Enterprise Blockchain Security Council, concludes the article. His career spans 15 years in Distributed System research, with a focus on blockchain technology, cybersecurity, and cryptography.