Blockchain Technology in Security and Risk Management

Security And Risk
Management

TABLE OF CONTENTS
Introduction......................................................................................................................................1
Blockchain technology................................................................................................................1
Working of blockchain................................................................................................................1
Applications of blockchain..........................................................................................................1
Illustrate ways in which CIA can be attained in blockchain.......................................................1
Describe ways in which hashing technique furnishes execution of blocks in blockchain..........1
Capabilities as well as restrictions of blockchain technology.....................................................1
Future of blockchain technology in banking industry.................................................................1
Conclusion.......................................................................................................................................1
REREFENCES................................................................................................................................2

Introduction
Information security is defined as set of practices that are projected for keeping
information protected from any kind of unauthenticated access or modification is defined as
information security (Bai and Sarkis, 2020). It comprises of processes and methods that are
formulated as well as implemented for protection of confidential data. The decentralised and
distributed ledger technology that is responsible to record attribution of digital entities. This
report provides an overview of distinct perspectives associated with blockchain technology and
many other associated components related with this like working, hashing techniques,
capabilities,, restrictions and future analysis.
Blockchain technology
The structure that is accountable to store transactional records of various databases of
individuals within a network that are connected through peer to peer nodes is defined as
blockchain. This implies publicly accessible as well as transparent ledger that allow transferring
ownership securely to units of values by utilisation of public key encryption. Usually, this
implies distributed database which is responsible to record digital transactions as well as events
that have been implemented along with shared between distinct parties which are involved in
these perspectives (Chong and et. al, 2020). In addition to this, by taking into account security
concerns each transaction needs to be verified via distinct parties associated with system. This
denotes promising and revolutionary technology that assists in minimisation of threats and brings
in transparency in operations.
Working of blockchain
Blockchain refers to system of network that involves various nodes or computers which
acts like a distributed network. Along with this, each node encompasses of distinct copies of
database as well as ledger (Di Vaio and Varriale, 2020). The transaction history is liable for
accessing needs as well as updates it each time node is being update new transactions that are
present within chain. The working of blockchain has been illustrated below:
It can be considered that there are two nodes in blockchain network node A and B that
are liable for carrying out new transactions among them. This operation occurs when all the
nodes verify legitimate transactions, each node will have request for processing transactions
which takes place in between A and B.
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