Security Strategies Information Technology Security Mangers Use in Deploying Blockchain Applications

Blockchain is seen as a potential game-changer in many industries and a transformational technology in the 21st century. However, security concerns have made blockchain technology adoption relatively slow. Massive security breaches in cryptocurrency, an example of blockchain technology, have caused organizations to lose $11.3 billion in illegal transactions, exacerbating these security concerns for information technology (IT) security managers who are worried about the safety of blockchain. Grounded in the routine activity theory, the purpose of this multiple case study was to explore strategies used by IT security managers to deploy blockchain applications securely. The participants were 4 IT security managers from companies in Ghana, the United States, and Europe with experience in implementing blockchain applications securely. Data collection was done using semistructured interviews and a review of organizational documents for triangulation. A thematic analysis produced three themes: (a) cryptographic key management, (b) comprehensive software auditing, and (c) traditional IT security controls. A critical recommendation is for security managers to implement the National Institute of Technology (NIST) key management and cybersecurity frameworks. The implications for positive social change include the potential to alter people’s negative perceptions of blockchain security and giving security assurance to individuals and organizations on their digital assets stored in a blockchain system. In addition, a secured blockchain system could improve people’s confidence in blockchain applications for an increased adoption rate of this useful technology development