Blockchain Risk Assessment and Enterprise Management Framework

There is plenty of hype around blockchain technology, which is a concept having the potential to change business processes, enable new businesses, and even revolutionize the world economy. According to a recent study nearly two - thirds of large businesses are looking to deploy new blockchain projects. With Blockchain technology, the participants can interact directly and can make transactions across the internet without the interference of a third party. Such interactions through Blockchain will not share any personal information regarding the participants and it creates a transaction record by encrypting the identifying information. The most exciting feature of Blockchain is that it greatly reduces the possibilities of a data breach. In contrast with the traditional processes, in Blockchain there are multiple shared copies of the same data base which makes it challenging to wage a data breach attack or cyber - attack. With all the fraud resistant features, the block chain technology holds the potential to revolutionize various business sectors and make processes smarter, secure, transparent, and more efficient compared to the traditional business processes. At the core, changing the business process to use blockchain is not a simple task. It requires time, effort, and most importantly, a good investment to get started. Failure is not an option. If risk management is not done correctly, then you can lose resources, and also have a chance of project failure.