From finance to healthcare, blockchain technology is revolutionizing and streamlining the way technology systems operate in countless industries. Supply chain management, accounting, smart contracts – and even voting – are just a few of the use cases that blockchain is emerging to provide transparency and efficiency in the coordination, flow, and transparency of data. Unfortunately, this transparency is precisely why blockchain-enabled networks are now on hackers’ radar as targets for cybercrime.
A distributed, decentralized “public ledger” of transactional information, blockchain networks can help speed up international payments, track the movement of shipped goods, and maintain detailed financial records. But the convenience and efficiency that public or private blockchains provide doesn’t come without cybersecurity risks. Endpoint vulnerabilities, security key access, and untested codes all represent potential entry points into blockchain networks that hackers are actively seeking to exploit.
Blockchain hacking is real, and when it has occurred, it has been devastating. Hong Kong-based bitcoin exchange Bitfinex recently had its blockchain hacked and lost $65 million worth of cryptocurrency. Hackers also exploited smart contract code vulnerabilities in the 2016 of the Decentralized Autonomous Organization (DAO), costing upwards of $60 million.
Thankfully, the CyberloQ proactive cybersecurity solution was developed with blockchain organizations, companies, and networks in mind to ensure that your mission-critical data is safe and secure, no matter what you utilize blockchain technology for.
CyberloQ – Secure Multi-Factor Authentication
Advanced Credit Technologies’ patent-pending CyberloQ™ technology adds one more tool to your arsenal to fight unauthorized access to protected resources. Rather than passively responding to a breach, CyberloQ uses Multi-Factor Authentication (MFA) to pro-actively ensure that only authorized users, on approved devices within designated locations can access your blockchain network’s protected data.
Securing You Blockchain with a Surveillance Perimeter
Data protected by CyberloQ can be accessed only by those employees who have been registered with a secure CyberloQ enabled database. CyberloQ enabled client accounts will always be in an “inactive” state until the client uses their mobile device (a smartphone, laptop or tablet) and PIN as part of a secure, multi-factor authentication system, to access any of a blockchain ledger’s private or transactional resources. Organizations that employ blockchain networks can also use CyberloQ’s administrator-defined geofencing capability to ensure that the user/device is within a specified geographical perimeter before access is granted. This location can be as large as a city or, using physical beacons, as small as a room providing the ultimate perimeter surveillance scalability. If a hacker should breach the perimeter of the geofence, the account and all access is automatically disabled. This feature sets our system apart in a world where blockchain data is increasingly accessed via “always-on” active accounts.
Your Iron-Clad Blockchain Network
We’re currently developing enhancements to add additional layers of security to CyberloQ’s current multi-factor authentication solution by including biometrics for the highest level of access security.
By using CyberloQ’s multi-factor protection technology, blockchain-enabled organizations can take steps to proactively meet evolving standards and guidelines around securing their distributed public ledgers. CyberloQ will help keep your essential records stored for future compliance, transparency, and reporting purposes. Information is accessible easily and securely via a global administrative console, to authorized users at any given instance.
Grounded in 30+ years of experience providing domestic and international cybersecurity services for the U.S. Government, our patent-pending CyberloQ™ technology is designed specifically to provide a solution for proactive, real-time control of identity governance to protect any company or organization that leverages blockchain technology or networks.