Blockchain technology is an emerging technology field, and to explore its wide use of application, several companies have a dedicated research teams for the same. One such field that could take advantage of this technology is risk assessment. Blockchain technology can help in creating a secure and decentralized system that can be used to manage risks. These assessments, if performed, have the potential to be considered more accurate and trustworthy than any external audits.

Risk assessment is an important activity to align that is often listed as a part of an organization’s security strategy policy and procedures. It starts with the analysis of the company’s various assets resulting in the identification of potential risks and vulnerabilities. The likelihood and impact of the identified risks are evaluated. The security team then develops strategies to mitigate or manage them. The risk assessment process requires extensive collaboration with multiple stakeholders and is both time-consuming and resource intensive. 

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