In an unprecedented yet revolutionizing move, VeChain, a blockchain service provider, attempted and passed the first-ever cryptocurrency disaster recovery plan (CDRP) by PwC.
This marked the first time that any blockchain based entity attempted to demonstrate its prowess with an industry level CDRP that was approved by no less than the incomparable PwC itself.
The first of its kind CDRP was designed by VeChain Foundation. It aimed to ensure the effective management of operations and implementation of security protocols in case of unforeseen events.
The CDRP is an enterprise-level protocol that was designed with higher future adoption in mind. With the plan, VeChain had segregated possible scenarios into the following categories:
1) Low risk – Adverse event
The plan described this section is about scenarios that do not directly compromise the security of confidential data such as digital wallets or private keys.
Examples of such events were explained as system crashes on machines with financial information, detection of virus or malware on the company’s network, or identification of external cyber-attacks on systems that do not contain digital wallets or private keys.
2) Medium risk – security incident
This section comprised of events that could have a direct effect on the security of digital wallets and private keys.
Examples of such events were defined as the unauthorized use of the system, virus or malware affecting devices with digital wallets, and damage to hardware containing sensitive keystore files.
3) High risk – private key compromise
This section was related to suspected or actual compromise of private keys or keystore files.
Examples of this were events resulting from a natural or human-made disaster, or a widely spread cyberattack.
A drill comprising of all possible scenarios was held on January 19. VeChain’s staff including its CEO Sunny Lu were in attendance, along with PwC representatives. As per VeChain’s official statement, the drill was run for around 6 hours and covered all digital wallets owned by VeChain.
The staff went through simulated scenarios and applied a wide range of procedures to find practical solutions for the posed issues.
VeChain termed the CDRP drill to be “a great success.”
Why is this a significant move?
With more and more large businesses looking to depend onto blockchain technology in the future, such enterprise-level protocols will be required. While blockchain technology remains to be the securest method to share information, for now, the threats against it will only evolve.
That is why, by ensuring that such plans are in place, corporations can make sure that their operations are not affected and that their data along with their customers’ information can remain secure, even in the event of an unforeseen situation.
What Is VeChain?
VeChain is an enterprise blockchain solutions provider that offers blockchain as a service through its platform. By collaborating with organizations all over the world, it has been able to deploy blockchain based programs to multiple clients so far, including an importing corporation in China and PwC itself (for its third-party services).
VeChain has been making waves with its unique approach to establish blockchain corporations as enterprise level entities. This particular stance towards employing first-ever initiatives has only worked in its favor, as it has recently seen a noticeable increase in both the level of interest in its operations and its native token VEN, which raised in value over the past few days.
VEN is currently being traded on multiple exchanges including Binance and HitBTC.