{"id":8911,"date":"2022-02-25T03:37:36","date_gmt":"2022-02-25T03:37:36","guid":{"rendered":"http:\/\/egrowonline.com\/?p=8911"},"modified":"2022-02-25T03:37:36","modified_gmt":"2022-02-25T03:37:36","slug":"letter-regulators-may-not-clock-blockchain-security-risks","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=8911","title":{"rendered":"Letter: Regulators may not clock blockchain security risks"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div data-attribute=\"article-content-body\">\n<p>Regarding Gillian Tett\u2019s article \u201cRegulators have cryptos in their sights\u201d (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/847c5472-65b6-4a13-a951-bcf02c07fddb\" data-trackable=\"link\" rel=\"noopener\">Opinion<\/a>, February 18), I work in cyber security and underpinning cryptocurrency is the blockchain technology which replaces hierarchical checking and signing off of transactions with a decentralised, mutually agreed, process. No single person or organisation has overseer control. <\/p>\n<p>Blockchains are immutable \u2014 once an individual user or organisation enters data or completes a process, that\u2019s it, done. Blockchains have inbuilt security, but there is a potential risk of a breach where individuals may have compromised security on their own devices while completing transactions. <\/p>\n<p>Unlike a traditional hierarchical corporate financial process, just one lapse in a blockchain member\u2019s security may result in substantial losses for all. <\/p>\n<p>I\u2019m not sure that both customers and regulators are fully cognisant of the full risk?<\/p>\n<p><strong>James Morris<\/strong> <br \/><em>Malmesbury, Wiltshire, UK<\/em> <\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.ft.com\/content\/ee6fddbe-2838-4eea-9679-21bee5a8d96a\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regarding Gillian Tett\u2019s article \u201cRegulators have cryptos in their sights\u201d (Opinion, February 18), I work in cyber security and underpinning cryptocurrency is the blockchain technology which replaces hierarchical checking and signing off of transactions with a decentralised, mutually agreed, process. No single person or organisation has overseer control. Blockchains are immutable \u2014 once an individual [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[38],"tags":[73,5550,2909,1054,250,1349],"class_list":["post-8911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-blockchain","tag-clock","tag-letter","tag-regulators","tag-risks","tag-security"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/02\/ft-v1.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8911"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8911\/revisions"}],"predecessor-version":[{"id":8913,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8911\/revisions\/8913"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/8912"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8911"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}