How to Use Blockchain and Access Request Management to Ensure Compliance

The blockchain has shown to be an incorruptible and highly transparent technology. It delivers end-to-end encryption and security because of its decentralized nature. The distributed nature of blockchain removes the possibility of human mistakes and protects against hacker assaults. This is crucial for access control, especially as a service.

Blockchain technology generates a data format with intrinsic security properties. To maintain the integrity of transactions, it relies on 

  • Encryption
  • Decentralization
  • Consensus

Each block of data in most blockchains or distributed ledger technology (DLT) comprises a transaction or bundle of transactions. Each new block in a cryptographic chain is connected to the previous blocks, making tampering almost tricky. A consensus system verifies and approves every transaction within a block, guaranteeing that every transaction is accurate.

Blockchain technology facilitates decentralization through the engagement of network participants. No one person or system compromises the integrity of the ledger of financial dealings, and no one user alters the history of those dealings. Yet, distributed ledger systems vary in essential security features.

How blockchain security varies by the kind

Participation and data access rules in blockchain networks are flexible. Public, private, permissioned, or permissionless networks explain who can join and how.

Private and public blockchains

Typically, anybody joins a public blockchain network, and individuals stay anonymous. A public blockchain relies on internet-connected computers for transaction validation and consensus formation. In the case of Bitcoin, the most well-known public blockchain, a consensus is reached through a process known as bitcoin mining. Machines on the Bitcoin network referred to as miners, attempt to solve a complicated cryptographic challenge to generate proof of work and confirm the transaction. Apart from public keys, this network form has few identification and access constraints.

Private blockchains usually allow only well-known entities to join and use identification to validate membership and access privileges. Collectively, the groups constitute a business network exclusive to members. A private blockchain on a permissioned network reaches an agreement using a process known as selective endorsement, in which recognized users validate the transactions. Only members with certain rights and access manage the transaction ledger. This sort of network requires increased authentication and access constraints.

While developing a blockchain-based application, it’s essential to determine which network type best serves your business objectives. Private and permissioned networks are strictly monitored and preferred for compliance and regulation. Further decentralization and dissemination, however, is possible on public, permissionless networks. 

  • Public blockchains are open to anybody who wishes to join and validate transactions
  • Private blockchains are often restricted and reserved for commercial networks. A single corporation or consortium governs membership
  • On permissionless blockchains, there are no processor restrictions
  • Permissioned blockchains are restricted to a chosen group of users whose identities are granted by digital certificates

Cyberattacks and Fraud

Blockchain technology creates an unaltered transaction ledger, but blockchain networks are still vulnerable to hacking and fraud. Individuals with malicious intent exploit known blockchain technology weaknesses and have succeeded in various hacks and scams.

How Cybercriminals Exploit Blockchain Technology

Hackers and scammers pose four critical threats to blockchains: 

  • Phishing
  • Routing
  • Sybil
  •  51% assaults

1. Phishing attacks

Phishing is an effort to get a user’s credentials fraudulently. Fraudsters’ emails sent to wallet key owners appear to originate naturally. The emails request users’ credentials by using deceptive hyperlinks. Accessing a user’s passwords and other sensitive data costs the user and the blockchain network.

2. Routing attacks

Blockchains depend on massive, real-time data transmission. As data is being sent to internet service providers, hackers intercept it. Blockchain players are often unaware of a routing attack’s danger, so everything appears fine on the surface. Yet, criminals have grabbed private data or currency behind the scenes.

3. Sybil attacks

A Sybil attack is one in which cybercriminals generate and employ many fictitious network identities to overwhelm the target network and cause a system crash. Sybil is a well-known literary character with multiple personality disorders.

4. 51% of attacks

Particularly for large-scale public blockchains, mining demands massive processing power. But, if a miner or group of miners amassed sufficient money, they obtain more than fifty percent of the mining power of a blockchain network. Possessing more than half of the power implies you have influence over the blockchain and alter it. Yet, private blockchains are immune to 51% of assaults

So, in today’s digital world, it’s crucial to take measures to protect the safety of both your ledger design and surroundings. 

While developing an enterprise blockchain application, address security at all tiers of the technological stack and handle network governance and permissions. Using tried-and-tested security measures and those exclusive to blockchain technology is essential for protecting any corporate blockchain system. Among the various security controls for business blockchain platforms are the following:

Hire professionals to assist you in designing a compliant and secure system and achieving your company objectives. Consider a production-ready blockchain solution development platform that can be implemented on-premises or with your chosen cloud provider. 

Access control through blockchain

By applying blockchain access management, several blockchain-powered firms are attempting to improve corporate security dramatically. Their objective is to survive security difficulties and provide the end user authority over the data. 

What does identity access request management mean

Identity and access management, also known as IAM, generates and administers individual network entities’ roles. It also manages access rights to several cloud-based and on-premises apps. Users are the following:

  • Customers
  • Partners
  • Workers

Some devices include:

  • Laptops
  • Mobiles
  • Modems
  • Servers
  • Controllers

Managing, updating, and keeping tabs on every user’s or device’s digital identity is essential throughout their access session. Hence, the fundamental objective of IAM systems is to create a distinctive digital identity for each individual or object.

What are identity management and access request control tools

Businesses use identity and access request management systems to manage and provide access to employees. Organizations of all sizes use IAM systems to allow users access to secure apps and services. IAM solutions allow security managers and administrators to track, limit, and monitor data access.

The best part is that IAM software lets you configure and monitor all these permissions from your computer on an internet platform.

What benefits do IAM technologies offer?

Companies employ IAM systems to protect and control user activity and application access. In addition to this well-known benefit, the following are other benefits:

  • With IAM technologies, administrators modify access privileges
  • With high-efficiency features like SSO and MFA, the user and the company needn’t be concerned about data breaches or other security concerns
  • It enables you to control who has access to your data and how it’s used and shared
  • IAM decreases spending on IT

Top 10 Identity Management and Access Request Tools

In companies, security comes before service. In tandem with the development of new technology, the risks that impede economic expansion also advance. Ensure your company has access to this list of best access request tools. They will preserve user access and facilitate smooth productivity to protect user and staff data from malicious assaults. 

  1. Zluri

It’s a SaaS control platform using an employee app store to automate access management. The life cycle manager processes requests for self-service access and automates provisioning. The password manager facilitates quick, secure, and compliant 

  • Onboarding
  • Offboarding
  • Job administration
  1. CyberArk

Users acquire access without passwords by using AI-powered features such as face and fingerprint recognition. 

  1. IBM Security Verify

Multi-Factor Authentication (MFA) is available to all account users, even those with non-federated IDs. 

  1. Okta

The identity engine from Okta enables adaptive multi-factor authentication for customized 

  • Authentication
  • Registration
  • Authorization (MFA)
  1. Oracle Identity Management

A self-service interface enables users to seek access to specific data or applications. Team leaders or supervisors approve it. 

  1. Sailpoint

This platform is renowned for its ease of use, allowing both access providers and users to manage their accounts and access entitlements. Its IdentityIQ identification intelligence makes identifying issues easier for security administrators and provides recommendations for improving their efficiency. 

  1. Ping Identity

It offers a user-friendly, interactive platform. It enables all users and devices to securely access cloud, mobile, SaaS, and on-premises apps and APIs with extensible single sign-on (SSO) and federation capabilities. 

  1. OneLogin

This identifying as a service (IDaaS) technology enables cloud and on-premise directory integration and identity provider sign-in through SAML. It has:

  • SSO
  • MFA
  • Attack detection
  • Reset password capabilities
  1. Auth0

An entirely customizable platform that allows:

  • Third-party authentication
  • Self-service password management
  • Seamless SSO
  • Various security options via MFA 
  1. RSA SecurID

It makes use of technologies such as:

  • Identity insights
    • Threat detection
  • Business context

It gives safe and secure access to your apps and devices.

Blockchain and IAM tools are here to help

Distributed technologies, such as ledger access control, provide more cyber security. Decentralized technology relies on encryption and private-key authorization to provide a safer corporate environment for IoT applications like Access Control Systems.

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