Blockchain

Blockchain disrupts the traditional business model

Blockchain is an emerging technology that is disrupting the way we currently manage data. Through this exciting new technology, it is possible to create a digital ledger of data and share it among a network of independent parties. It works as an immutable record of transactions, that do not rely on any external authority(ies) to validate the authenticity and integrity of the data.

Still don't know what blockchain can do for you? We offer a blockchain training course, through our Cyber Academy.

Moreover, here at BDO, we have developed a unique solution for your information security incident reporting needs, based on the blockchain technology.

We introduce IRDA: The blockchain-based Incident Reporting Decentralized Application

Information security incident reporting is a process considered to be highly beneficial to organizations. The millions of security threats organizations nowadays face on a constant basis, should have encouraged the reporting of incidents. Nevertheless, it seems that very few incidents are indeed being reported to the relevant legal or supervisory authorities.

Organizations find it challenging to publicize information related to security incidents for a variety of reasons, such as fears related to possible negative publicity, possible financial penalties, legal liability, exposing their organizational vulnerabilities, as well as the various costs attached to incident reporting, such as operating costs and staff training, and also the organizational time spent by employees for reporting purposes. Although various solutions exist for facilitating incident reporting, the dismaying statistics of incident under-reporting suggest that organizations are not particularly satisfied and/or motivated by the available reporting solutions.

We present IRDA, the first, ever, incident reporting platform based on the blockchain technology. It is addressed towards a range of potential customers, including authorities and businesses, which can use the product both internally (i.e. reporting within the various departments of a single organization) or externally (i.e. reporting within a group of businesses, under a designated authority). IRDA is built on Quorum, a permissioned version of the Ethereum blockchain and features anonymous incident submissions, within a low-cost reporting ecosystem. The decentralized application treats a number of reporting demotivators, such as fears for negative publicity and increased reporting cost. Performance, efficiency, security, accessibility, the presence of social features, as well as the solution’s ease of use and understanding are all further benefits of the solution. Moreover, the inherent characteristics of the blockchain technology also ensure that IRDA is 100% available, immutable to any changes and fully transparent.

To find out more please check our brochure.

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