Hexa: A Blockchain-Based Solution to Empower Businesses and Institutions with Secured Data-Sharing Ecosystem

Ahsan Habib Tanmoy1Prianka Maheru1Mahmuda Nayem2Ishrar Tanzim2Jubair Mahamud Apon3Fariba Tabassum3

1Department of Computer Science and Engineering, Islamic University of Technology, Bangladesh
2Department of Business and Technology Management, Islamic University of Technology, Bangladesh
3Department of Electrical and Electronic Engineering, Islamic University of Technology, Bangladesh

A Paper Submitted in Partial Fulfilment of the Requirements for IBCOL 2023

Sustainable Development Goals

Keywords

Cybersecurity ThreatsData LeakageBlockchainThird-Party Data BreachesData ProtectionTransparencyImmutabilityDecentralization

Abstract

In an era marked by escalating cybersecurity threats and valuable data leakage, Project HEXA emerges as a robust shield, leveraging blockchain technology to fortify businesses against the looming specter of third-party data breaches. Recognizing the paramount importance of data protection in contemporary business landscapes, HEXA establishes a secure paradigm by maintaining the pillars of transparency, immutability, and decentralization inherent in blockchain.

Project HEXA is a blockchain-based project that provides solutions to protect businesses from the threats associated with third-party data breaches and security vulnerabilities. The solution addresses data breaches, vendor risk management and supply chain vulnerabilities using blockchain technology, homomorphic encryption and asymmetric cryptography. The project aligns with SDG 9 (Industry, Innovation and Infrastructure), SDG 16 (Peace, Justice and Strong Institutions) and SDG 17 (Partnerships for the Goals) fulfilling corporate social responsibilities of accountability, responsibility and reputation.

Integration of Homomorphic encryption enables computation on encrypted data while maintaining its confidentiality, whereas, utilization of Asymmetric cryptography, enables secured communication ensuring confidentiality, integrity, authentication, and non-repudiation of data using a pair of related keys. However, HEXA concentrates on reducing risks from third-party service providers and suppliers, helping fortify businesses against security breaches, privacy violations, and unauthorized access to critical information.