How Secure is Blockchain? - ON24

Jun 6, 2017 - You can enlarge slides by clicking on the box in the upper right hand corner of the slides. Page 3. A few reminders. 3. Use the Q&A box on the upper left to ask questions during the webcast. To download slides and ... Discuss the cloud and associated security aspects. Examine the new complexities that ...
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How Secure is Blockchain? June 6th, 2017

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• For better sound quality, please use headphones • You can enlarge slides by clicking on the box in the upper right hand corner of the slides

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A few reminders To download slides and marketing information, click on Resources Use the Q&A box on the upper left to ask questions during the webcast If you experience technical issues, click on the yellow question mark Help icon

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Here with you today Grainne McNamara

Tim O’Donnell

Principal PwC

Managing Director PwC

Daragh Morrissey

A. Michael Smith

Worldwide Director for Blockchain Microsoft

Partner PwC

Michael Glaros Senior Program Manager Microsoft

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Objectives 1

Overview blockchain and the opportunity it presents Discuss the cloud and associated security aspects

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Examine the new complexities that blockchain implementation adds to the cloud environment

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Review best practices for blockchain implementation

Evaluate what this technology means for risk assurance

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Blockchain can enable profound business and operational transformation What is Blockchain? A blockchain is a decentralized ledger of all transactions in a network. Using blockchain technology, participants in the network can confirm transactions without the need for a trusted third party intermediary

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Blockchain interest and adoption is growing…

Blockchain is moving out of the lab… …55% of Global FinTech Survey respondents are planning to adopt blockchain as part of a production system or process by 2018

77% of respondents are planning to adopt blockchain as part of a production system or process by 2020

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…however, there are a number of hurdles to adoption

Blockchain Maturity

Customer Adoption

Security Concerns

Fragmented Field

Interoperability

Legal and Regulatory Compliance

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Microsoft cloud services have the largest compliance portfolio in the industry

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There are many layers to consider in a secure implementation

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First build the foundation, then secure the pillars

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Take into account blockchain specific security concerns in addition to traditional security concerns • • • •

Traditional Security Concerns

Blockchain Specific Security Concerns

Key Management Weak Cryptography Data Privacy and Confidentiality Vulnerabilities in Code

• Consensus Hijack • Sidechains • Distributed Denial of Service (DDoS) Attacks • Wallet Management • Scalability • Smart Contract Management • Interoperability • Governance Controls • Lack of Anti-fraud/Anti-money Laundering Capabilities

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Assess the entire technology architecture of a blockchain initiative Technology Architecture

1 Services and Applications

2 Blockchain Platform

3 Technology Infrastructure

Security Challenges Services and Applications – Design and Implementation • API and code security • Malicious transactions (smart contracts, wallet management) • End-point / application vulnerabilities (fraud, identity management) • Vulnerability management and defences against malware

Blockchain Technology • Code flaws and bugs • Design risks (consensus hijack, interoperability, sidechains) • Distributed denial of service (DDoS) attacks • Governance and access management (in permissioned blockchains)

Development, Infrastructure, and Operations • Infrastructure and network securit