On the 4th of February at 7 PM, Mayank Saxena – Lead Blockchain Engineer at Zeeve, answered a handful of intriguing questions asked by Karthik MS – Technical Content Writer at Zeeve, on the topic of Blockchain Security & Compliances.

After a brief introduction about the ongoing events at Zeeve, Mayank started answering the questions, and these were his responses in brief.

Starting with the question about the primary ways hackers & fraudsters threaten blockchain, Mayank avered about the differences between private and public blockchains, then explained the differences between custodial and non-custodial wallets. He describes the best practices to stay safe from fraudsters and wraps up his answer.

In the second question about FTX and how to avoid entrusting in such enormous fraud schemes, Mayank shares crucial information about the debacle and how to stay safe from the same.

Getting into the nitty gritty of it, Mayank starts speaking about security controls specific to enterprise blockchain solutions. In this, he details role-based access, network security – implementing firewalls, virtual private networks (VPNs), robust consensus mechanisms, compliance with regulations – GDPR & HIPAA, regular auditing & monitoring, and third-party security assessments – penetration testing, and more.

Mayank then starts to share details on how security & compliances are maintained and upheld at Zeeve in the following answer. He mentions how a successful network is hosted on multiple cloud platforms like AWS, GCP, and Azure, and doing so further ensures security. DevOps engineers at Zeeve maintain network sustainability and ensure no downtime in the network occurs by monitoring it 24/7 and with the help of automation.

The next question posed to Mayank was What are the top enterprise blockchain implementation risks one should consider? For this, he details about the following points – technical risks, security risks, compliance risks, integration risks, lack of standardization, adoption risks, and governance risks.

When asked to share some of the best blockchain security tips and best practices, he shares details about using decentralized exchanges, backing up your wallet regularly, logging and monitoring correctly, and much more.

Mayank follows through by talking about the smart contracts automation processes and eliminating the need for intermediaries to reach agreements. Speaking of the same, he mentions a few limitations of smart contracts: immutable code, lack of formal verification, implementing decentralized governance mechanisms, and scalability of smart contract platforms.

The last two questions asked by Karthik to Mayank are about interoperability which is the bane of the blockchain industry, and the involvement of third parties and auditors in strengthening blockchain. Find out the fascinating answer given by Mayank by clicking the link below.