Step 5: Assess Bitcoin Encryption (Blockchain) and Technological Capabilities
Bitcoin has become a successful globally appropriated form of virtual currency and digital currency (cryptocurrency) through its accomplished technology and practices. By many, it is still considered an emerging technology in the realm of cybersecurity.
Within the first few steps, you reviewed virtual currency and gained an overview of cybersecurity methods such as encryption methods and other technology traits associated with various virtual currencies. In the next few steps, you will investigate the cross-cutting effects in Bitcoin’s use of blockchain technology and perform an external Bitcoin and Blockchain Technology Audit for your company. You will scrutinize policy, budget, and technological capabilities (where they exist) to address cyberthreats, as well as how these effects are managed at the enterprise, national, and international levels. Feel free to pull items from your findings thus far to frame this assignment.
In this step, develop a record-keeping system specifically for blockchain. This can be in the form of a table, spreadsheet, or other format. Keep in mind that this will be submitted as an addendum to the final project, so it should be organized and easily understood by the instructor.
Determine variances from a cybersecurity perspective, consider Bitcoin’s encryption method, and other technological capabilities at the enterprise, national, and international level. Include other virtual currency technologies and reasons why they might have a better impact in these areas.
In the next step, you will determine any policy limitations of the use of blockchain technology.
Step 6: Determine Policy Limitations of Blockchain and Similar Technologies
As CISO, you direct the focus of the research into blockchain as the underlying encryption technology to the dominant virtual currency—Bitcoin. As you have learned, emerging alternatives tend to have a disruptive effect on current technology. Blockchain and other options would be expected to have similar results.
In this step, continue the comprehensive review of blockchain and related technologies regarding policy impacts. Review limitations which might be imposed or might involve other business affairs in the company’s cybersecurity arsenal. This should also include the perspective at the enterprise, national, and international levels.
Next, you will consider budget and resources for blockchain.
Step 7: Assess Blockchain Technology Budget and Resource Trade-Offs
In the last two steps, you have considered policy and technology capability impacts of blockchain and related technologies viewed from enterprise, national, and international levels. As you probably have found or predicted, budget and resource trade-offs now need to be acknowledged and will be the final piece of your External Bitcoin and Blockchain Technology Audit. This should also recognize and accommodate potential enterprise, national, and international constraints.
Provide a three- to five-page External Bitcoin and Blockchain Technology Audit. Incorporate what you have identified during your cross-functional analysis of blockchain and digital-currency technology alternatives in regards to technological capabilities, policy, and budget trade-offs relative to enterprise, national, and international restrictions. This should be directed to senior leaders about the pros and cons, the options, and the alternatives that would facilitate their strategic decision making in defense of cyberthreats.
Submit the External Bitcoin and Blockchain Technology Audit along with the recorded findings document as an addendum for feedback.
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