4 blockchain security lessons from Euroclear's CISO

Euroclear is taking a security in-depth approach with its blockchain project. CISO Vincent Laurens shares his experience and offers advice for others looking to get started with blockchain.

Abstract blockchain concept  >  Blocks / nodes / connections / transactions

If you believe the hype, blockchain will solve most of the world’s problems, from coffee growing and logistics to shipping, medicine delivery and voting. It’s also seen as a tool to improve security, maybe even kill the password. Analysts don’t expect blockchain hype to abate anytime soon: IDC predicts growth in blockchain spending across Europe will rise from $800 million in 2019 to $4.9 billion in 2023.

Despite headlines about major companies launching blockchain-based projects and pilots, the reality is that success stories of blockchain projects in production are less common. Just 24% of enterprises globally say they have blockchain-based technologies in production, according to Deloitte’s 2019 global blockchain survey. Another notorious study found a zero-percent success rate among the projects it tried to study.

This means blockchain best practices and learnings are hard to come by. Real-world data on how to secure blockchains is even harder to find. Euroclear, a Belgium-based financial services company, has been experimenting with blockchain technology while avoiding additional risks to its business.

Euroclear's blockchain project

As a major clearinghouse of European finances, Euroclear helps settle securities transactions, covering bonds, equities, derivatives and investment funds. The company settled transactions totaling €791 trillion in 2018 – and so requires quick and accurate transaction validation with near 100% availability and resilience. That need is what drew Euroclear to blockchain.

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