Recent research revealed that blockchain is set to become ubiquitous by 2025, entering mainstream business and underpinning supply chains worldwide.
This technology is set to provide greater transparency, traceability and immutability, allowing people and organizations to share data without having to be concerned about security. However, blockchain is only as strong as its weakest link. Despite the hails surrounding blockchain’s immutable security, there are still risks surrounding it that organizations must be aware of – and mitigate – prior to implementation.
It is important to understand that there are two types of blockchain – permissionless and permissioned. The most prominent example of permissionless blockchain is Bitcoin – a public blockchain network that anyone can participate in. Cryptocurrencies like bitcoin favor this type of blockchain technology because it enables all users to track, verify and confirm transactions, regardless of whether users choose to be anonymous or not.