What security measures are essential for a blockchain network?

The essential security measures for a blockchain network include regular audits, encryption, consensus protocols, and monitoring for malicious activities due to the unique characteristics and vulnerabilities inherent in blockchain technology.

Regular audits are critical because they ensure that the system is functioning correctly and safely by identifying any anomalies or issues in the network's data or operations. This proactive approach helps in maintaining the integrity and trustworthiness of the blockchain.

Encryption plays a significant role in safeguarding the data on the blockchain. It protects both the information contained within the blocks and the communication between participants in the network from unauthorized access and cyber threats, thereby securing the confidentiality and integrity of the data.

Consensus protocols are fundamental to the operation of a blockchain as they ensure that all participants in the network agree on the current state of the blockchain. This helps prevent fraud and ensures that transactions are legitimate, which is essential for maintaining trust in the system.

Monitoring for malicious activities is crucial to identify and respond to potential threats in real-time. It involves tracking unusual patterns, recognizing attempts to manipulate the network, and quickly addressing security breaches, thereby enhancing the overall security posture of the blockchain.

The other options listed do not encompass the necessary comprehensive approach to blockchain security. For instance, using soft passwords and minimal authentication is inadequate and can lead