Cybersecurity, Data Privacy and Blockchain: A Review

Abstract

In this paper, we identify and review key challenges to bridge the knowledge-gap between SME’s, companies, organisations, businesses, government institutions and the general public in adopting, promoting and utilising Blockchain technology. The challenges indicated are Cybersecurity and Data privacy in this instance. Additional challenges are set out supported by literature, in researching data security management systems and legal frameworks to ascertaining the types and varieties of valid encryption, data acquisition, policy and outcomes under ISO 27001 and the General Data Protection Regulations. Blockchain, a revolutionary method of storage and immutability, provides a robust storage strategy, and when coupled with a Smart Contract, gives users the ability to form partnerships, share information and consent via a legally-based system of carrying out business transactions in a secure digital domain. Globally, ethical and legal challenges significantly differ; consent and trust in the public and private sectors in deploying such defensive data management strategies, is directly related to the accountability and transparency systems in place to deliver certainty and justice. Therefore, investment and research in these areas is crucial to establishing a dialogue between nations to include health, finance and market strategies that should encompass all levels of society. A framework is proposed with elements to include Big Data, Machine Learning and Visualisation methods and techniques. Through the literature we identify a system necessary in carrying out experiments to detect, capture, process and store data. This includes isolating packet data to inform levels of Cybersecurity and privacy-related activities, and ensuring transparency demonstrated in a secure, smart and effective manner.

The role of digitalization in business and management: a systematic literature review

“…In summary, the challenges that the digitalization of firms, institutions and society in general presents in this day and age are cybersecurity and user privacy (Wylde et al 2022 ). Specifically, maintaining a balance between the anonymity of users and the traceability of the transaction (Fujitani et al 2021 ); guaranteeing security and privacy of financial data in the face of a tendency towards open banking (Liao et al 2022 ), financial scamming, and hacking (Zhao 2021 ).…”

Effect of blockchain technology initiatives on firms’ market value

“…For example, some suppliers may lack the necessary infrastructure and resources to participate in BC-based physical object tracing (Klöckner et al 2022 ). Considering the realization of data storage and sharing purposes, the vulnerability of BC to external threats may create the risk of sensitive data loss or exposure (Wylde et al 2022 ). Even though some of the other purposes of the BC project can create efficiency gains, we assume that investors are aware of the ongoing concerns and risks associated with other purposes and will therefore perceive the potential business value to be lower than for the cost/time saving purpose.…”

Challenges In Security And Privacy Posed By Blockchain Technology

“…Another prominent advantage in the purchasing domain is the information transfer directly between the customer and supplier information systems. This helps avoid errors, alterations, and likely fraud [36].…”

“…This information can be invaluable in ensuring the safety and efficiency of your operations. This information allows you to identify problems promptly and make appropriate decisions [36].…”

“…Blockchain has begun to appear in large supply chains. However, its application is not limited to large transnational companies; its advantages can also bring significant benefits to small and medium-sized companies [36].…”