Abstract:
Blockchain presents a new paradigm for delivering a very robust audit trail through the use of distributed ledger technology. There is the potential to provide a high level of security while keeping costs under control. There are, of course, many challenges, which are specific to cloud computing, and these must be identified and addressed before the right level of security can be achieved. Failure to achieve proper security will negate the benefits of the technology and also expose companies to massive potential fines. We investigate what these challenges are and suggest a means of ensuring how these challenges can be met in order to mitigate any potential exposure of cloud users. We address this in the context of a company who wishes to use a cloud based accounting system and must be compliant with the European Union General Data Protection Regulation.