Considerations for Secure Blockchain Design
Howard E. Poston · 2022
This chapter explores some key factors to consider when designing a blockchain system, including the types of blockchain, privacy and security enhancements, and legal and regulatory considerations. Bitcoin, the original blockchain, was designed as a platform that was universally accessible and fully decentralized. Public blockchains like Bitcoin and Ethereum are designed to be globally accessible, allowing anyone to create an account on the blockchain. However, this model is not ideal for all use cases, especially for organizations looking to take advantage of the benefits of blockchain technology for their internal operations. One of the biggest critiques of blockchain technology is lack of privacy. The design of the blockchain means that the source, destination, and value of every transaction is publicly visible. Blockchain's digital ledgers are designed to be transparent to enable decentralized transaction validation.