If you were the leader of the free world, one of your worst nightmares would be having your most highly classified data leaked to the public. That’s exactly what happened in 2013 when U.S. government contractor Edward Snowden created the most significant government leak in U.S. history.
U.S. intelligence was embarrassed again in 2017. Wikileaks released 9,000 confidential documents showing how the CIA hacked into people’s smartphones and computers. Security measures like passwords and security clearances only offer so much protection for centralized data. In the age of the internet, both government and businesses must look more critically at their digital security.
“Your organization must implement a technology that prioritizes your customers data security,” said Lisa Marks-Canty, CEO of ChainNinja. Her blockchain professional services firm specializes in customized data control solutions.
How to Get More Control of Your Data
Lisa Marks-Canty first learned about the challenges of top leaders when operating her own human capital consulting firm. Her aviation business served billionaires including Hank Greenberg and Sheldon Adelson. This experience led her to the blockchain industry where she was hired to launch a blockchain consulting division for a leading recruitment firm.
ChainNinja uses blockchain technology to create security solutions and efficiencies for their clients. She emphasized, “you have to be able to protect your data and make the security of your customer a priority.” She explained that ChainNinja provides three types of blockchain solutions; Consulting, small business innovation and Incubator support, as well as Enterprise BaaS (blockchain as a service).
“Blockchain as a service is our proprietary framework for building and deploying applications in collaboration with other blockchain products,” she added. ChainNinja supports and develops the solution which may include their own products or partner products. These are then implemented into their client’s tech stack.
Their solutions serve many purposes such as legal, KYC, credentialing, healthcare or market research. One of their successes addressed the concerns of one of the largest IP attorneys in Pennsylvania and Ohio.
Proof of Custody Secured on Blockchain
The attorney’s clients needed a way to track designs and other artifacts related to their IP (intellectual property). ChainNinja’s POC (proof of concept) successfully stored paper documents on the blockchain creating a controlled chain of custody.
The security of the IP was a concern until the final sale was made. In a worst case scenario, a potential buyer could steal the IP by taking a picture of it or simply get an idea by looking at it. If a knock-off product appeared on the market a year later, how could it be proven that the IP was stolen?
ChainNinja implemented a third-party blockchain product called DocBloxs Matters. This tool has the ability to show when something is viewed, printed, downloaded, uploaded or altered. A third party escrow was added using blockchain so the tool could self-execute financial transactions digitally through the use of smart contracts..
The attorney’s client was now able to transfer their IP to a buyer using a smart contract and prove the transaction was completed. The chain of custody showed where the product came from, where it went and who had access. A digital signature provided by the buyer verifies the document was sent and received. If any part of the document was changed, it could no longer be validated.
“The project took six months to complete,” said Marks-Canty. This included an assessment, strategy, development, deployment and testing. Not only is their client pleased at how easily they can control chain of custody, they are taking the solution to market outside the legal vertical into Fintech, Healthcare and the Public Sector.
If you’re eager to implement your own blockchain solution, she offered three tips to help you get started.
Advice for Blockchain Innovators
Her first piece of advice is to understand your business problem thoroughly. She clarified, “this isn’t a square peg that goes into a round hole.” Blockchain doesn’t solve every business problem. While blockchain is capable of creating security and efficiencies, you must determine it’s the right solution.
Further, Marks-Canty said to start early and stay ahead of the competition. “If someone else is looking at blockchain technology as a possible solution within your industry, you should at least be doing your due diligence to stay ahead of the competition.” Look at what’s happening in your industry. For example, she said a company in retail management should be reviewing what Walmart’s doing.
Finally, she recommends you prioritize your customer security to avoid the problems Facebook is having. You must know your customer (KYC) and be able to implement a highly secure database. Financial services firms especially must remain compliant while protecting their customer’s data.
Don’t Get Leaked
As the world becomes more digitized, new security solutions must be developed. No company wants to see their most confidential information get into the wrong hands. If you need to share your data securely, then blockchain may be the right solution.
ChainNinja provides a range of blockchain solutions that include vetting and implementing third-party products. They assess your needs, create a strategy, develop, deploy and test your blockchain solution.