various domains, still have scalability as a maj or concern, and researchers

are striving to get better results.

2. Security: As some literature depicts, not all weaknesses apply to all

blockchain platforms or corresponding application domains. A threat

model needs to be evolved on similar lines of threat perception models

such as STRIDE. Efforts are in progress to create a public repository of

known blockchain vulnerabilities. (a) Smart contract weakness

classification and test cases (https://swcregistry.io/) (b) Cloud security

alliance (https://cloudsecurityalliance.org)

3 . Interoperability: Interoperability across various blockchain platforms is

still in its infancy, and a lot of work is required to address this issue.

Interoperability mainly is required in the following situations: (a) when

an entity moves to a new blockchain platform, it has to support a legacy

platform, (b) when participating entities use different platforms, then they

need to interoperate with each other, and (c) when an existing platform

exhausts its storage capacity, then a new platform may have to be set up

which needs to interoperate with the earlier platforms.

4. Data localization: Data localization requires data about citizens or

residents of a country to be collected, stored, and processed inside the

country before being transferred/ shared internationally. In order to

restrict the data flow and localize the data, countries have introduced new

data laws. European U nion introduced a data protection law called the

General Data Protection Regulation (GDPR). In the Indian context,

the proposed personal data protection bill would govern the collection,

storage, and processing of personal data, including their transfer outside

the country under certain conditions.

5 . Disposal of records: The right to be forgotten is one of the requirements

in the proposed personal data protection bill. As records stored on

blockchain are immutable, in order to enforce this requirement,

appropriate measures have to be taken while implementing blockchain

technology.

Opportunities

1. Blockchain technology provides an excellent technological framework

for the preservation of classified and unclassified data in a reduced risk

environment. Hence, it is suitable for entities requiring such capability.