3 Blockchain Best Practices Enterprises Need to Know
The use of blockchains in business IT is still emerging as companies continue to explore new ways to use the technology. Its strength as a platform to build new generations of transactional applications that will allow users to establish trust and maintain high security for their data and processes is one of its greatest promises and attractions.
To help make blockchains more approachable, here are three best practices that can be expanded and incorporated by businesses as they dive into blockchains to help their companies deal with their data, security and business processes in the future.
1. Create a governance structure for the blockchain
The problem with blockchain adoption are not just technical but most of the challenges lie in their governance model. To keep things working smoothly, it is best to define the governance structure upfront. For example, enterprises need to be sure of how the data will flow and what architecture will the enterprise use. The structure needs to be robust and flexible at the same time. The governance structure also addresses the procedures for many other possible situations, as well as how to cope with the politics of the user group. Always remember, these things are still evolving, so those governance procedures will likely change over time
2. If you don’t want your data to be public, use a permissioned blockchain!
Enterprises are very sensitive about their data. As data privacy is of utmost importance, enterprises need to explore the option of using permissioned blockchains — data can be stored, accessed and used only between the partners who need to have access.
3. Enterprises need to keep up with changing security practices
When people hear about blockchain, they believe that as the network is cryptographically protected, there are no concerns with personally identifiable information (PII). The problem with this path of thinking is that such an assumption fails to consider the future because as soon as the hackers and other bad actors break the cryptographic algorithms, all the data will become a treasure for the hackers. The systems are only as secure as they are today. This might not be the case in the future.
So when it comes to security, even with secure systems like blockchain, PII should not be put on the blockchain. Enterprises need to be very careful with such information.
Conclusion
Blockchain can be a great choice for projects that rely on security, controlled access, accountability, transparency and efficiency in a wide range of fields, from finance to banking, supply chains, manufacturing and more. Having well laid plans, goals and best practices can all help enterprise IT leaders explore the growing blockchain ecosystem as they work to capture its strengths for their businesses.
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