CSA kicks off project to create a security framework for blockchain and cryptocurrencies.
Blog Article Published: 04/06/2020
Like many new technologies, many industries are moving ahead with experimentation and deployments of DLT (Distributed Ledger Technology), especially in the finance sector. The benefits offered by DLTs such as tamper evident and tamper proof records, near instant settlement via smart contracts and the potential for multi-party coordination without a trusted third party are attractive indeed.
No widely used standards or security frameworks for Distributed Ledger Technologies (DLT)
At this time, there are currently no widely accepted security frameworks or standards for DLT (Distributed Ledger Technologies). There isn’t even a widely accepted vocabulary, ask five DLT experts what the term “decentralized” means and you’ll get six answers. Now is the time for a DLT vendor and platform agnostic security framework. This means actual testing and deployment, it can’t be an academic standard, and it needs to be operational. The companies showing leadership in DLT technology also need to show security leadership, not only for customer confidence, but also because DLT’s will become the next battleground for hackers, it literally will be where all the value is stored and processed. Involvement in this standard will also position organizations to help shape it and ensure that it is useful for all parties, and of course, involvement will make deployment that much easier.
Recent attacks on DLT resulted in millions of dollars of losses
DLTs are already being used to store and process value, and we have seen attacks that have resulted in millions of dollars of theft and losses. Organizations are rapidly gaining operational DLT security knowledge, and now is the time to coordinate and create a security framework to ensure a safe and secure future.
Get in on the ground floor to help secure DLT.
For financial institutions and blockchain experts interested in participating in the creation of the DLT security framework, please reach out to [email protected] for more information.
If you're interested in learning more about blockchain and DLT, you can download our research here.