Preparing for Blockchain Technology

Blockchain is a distributed network system that is often associated with Bitcoin, the first global decentralized currency. Blockchain could potentially transform the way that finance, healthcare, manufacturing and real estate are handled today. Blockchain uses decentralized participants to reach a consensus rather than a central authority, which allows it more transparency, speed and security, while also minimizing cost when compared with traditional centralized systems. That being said, all emerging technologies present new issues for enterprises, and adoption must be approached with caution. As such, ISACA has released the Blockchain Preparation Audit Program to provide IT auditors with guidance on getting their enterprise ready for using blockchain technology and mitigate risk. The Blockchain Preparation Audit Program is organized into the following 6 categories:

• Pre-implementation
• Governance
• Development
• Security
• Transactions
• Consensus

Conducting a formal assessment of the blockchain technology control environment design and the risk that may arise from the use of blockchain technology allows auditors to provide management with both a technical and nontechnical perspective on implementing blockchain technology. To download this audit program, visit the Blockchain Preparation Audit Program page of the ISACA website.