Document(s): 

ENISA - Distributed Ledger Technology & Cybersecurity

External link: 

https://www.enisa.europa.eu/publications/blockchain-security

Author(s): 

ENISA

Year of publication: 

2017

Distributed ledger technology – commonly referred as Blockchain – has emerged as candidate for financial institutions to reform their businesses. The distributed ledger allows counterparties to exchange data and automate contractual obligations to use smart contracts and enhanced transaction privacy.

This paper aims to provide financial professionals in both business and technology roles with an assessment of the various benefits and challenges that their institutions may encounter when implementing a distributed ledger. Some of the key challenges of Blockchain are identified. Furthermore, good practices to overcome the analysed issues as well as the key concepts that decision-makers should be aware of when approaching this technology are introduced. In addition, there are challenges that may require further development, such as anti-money and anti-fraud tools, interoperability of Blockchain protocols and legal provisions and tools for implementing privacy and the right to be forgotten.

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The European Union Agency for Network and Information Security (ENISA) is a centre of network and information security expertise for the EU, its member states, the private sector and Europe’s citizens.