> If I decide to go with openssl and blowfish what are the 
> potential threats?

Yes, heaps of.
You might consider asking more detailed.

> Is there another security mechanism that I can use with blowfish?

Of course...
But what exactly do you want to know? If you can use SSL and Blowfish?
It does not appear in http://www.openssl.org/docs/apps/ciphers.html.

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