Blockchain Security

Blockchain is secure or insecure? Even though data and network resiliency is relatively higher in the blockchain world, blockchain is no exception to threats or attacks.

The security of the blockchain ecosystem breaks down everywhere where the infrastructure is not based on blockchain or the principles of being distributed are violated. For instance, mining pools, crypto exchanges and hot wallets were not designed as parts of blockchain protocols. Data on your blockchain network, crypto in your wallet can be lost if you do not have any security practices.
We help you design, create and execute security strategies and test methodologies for blockchain application that fits your business needs.

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The Three Layers of Cryptocurrency Security

Coins or Token (ICO)

Insecure Smart Contract

Smart contract is a programme resides within blockchain that are used to automate the execution of an agreement or transaction between two parties. It is typically used on Ethereum blockchain.

Same as any other new technology, smart contract is written by programmers that inevitably tends to have flaws, not to mention the coding of smart contract is far more complicated than traditional programme.

However, one of the key challenges is once a smart contract is deployed, it cannot be modified due to the immutability nature of blockchain. Therefore its security largely depends on trustful, knowledgeable programmers, as well as all-rounded security testing before deployment.

Exchanges

Vulnerable Wallet App & Crypto Exchange

One thing to understand about exchange and crypto wallet app is that they are written in custom code with infrastructure security that has nothing to do with blockchain.

Is your crypto wallet app easy to hack? If the app has a back door where hackers can come in, they can steal your key, then remove your crypto from your wallet.

Crypto Exchanges which have a websites as their touch point are naturally prone to have vulnerability, thus exposed to attacks. Coins stored on the exchange platforms is at risk of being stolen.

Wallets:Hot (online) or Cold (h/w)

Hot Wallet Private Keys Stolen

Let’s not forget the vulnerability created by human. You have to raise your security awareness — stay alert to phishing email or sms, regularly change your passwords, prevent your company internal key being stolen. Otherwise, when hackers stole your key of the crypto wallets, you may suffer from financial loss.

The five layers of Blockchain Security

Testing Methodologies

Protect your business. It is crucial to invest in proper security measures. Regular Security Assessment is essential for blockchain-based Dapp, application, server, website, and validator.