Blockchain technology has made headlines and caught the attention beyond technology enthusiasts and crypto-miners/traders. It is touted to the mainstream audience as having the potential to impact business processes, from recordkeeping to transaction tracker and other back-office activities like asset management, procurement, inventory management, financial reporting, and tax preparation.
Experts claim that blockchain is the future and organizations are rushing to identify business use cases to apply the blockchain technology to capture market opportunities and position themselves as industry leaders. Despite all of this excitement, has the industry given enough thought to security and privacy considerations pertaining to blockchain platform applications? What additional steps can organization take to strengthen and secure their blockchain applications?
A poorly designed blockchain platform application represents significant reputation and financial risks to businesses and stakeholders.
Opportunities of fraud
Tampering of data impacting integrity of transactions
Security flaws that result in loss of money or control of users or owners
Damage to reputation of the cryptocurrency exchange or blockchain application
Lack of trust in the adoption of the application and related technology
Smart contract vulnerabilities, to a great extent, are caused by design. Over 3% of smart contracts on Ethereum blockchain has one or more trace vulnerabilities according to MAIAN tool review. The semantics of Solidity code, Ethereum's most popular programming language, executed in a decentralized system, are difficult to understand, and there are many other compiler quirks developers need to be familiar with. The same can also be said about Hyperledger Fabric and its Gochain development language.
Caplock Security employs a multi-phased approach that helps organizations to better design, develop, deploy, and secure blockchain applications. Our full life-cycle approach ensures the application performs as intended, meets the requirements of the smart contract, and is free of high-risk security flaws that increase the susceptibility of the blockchain application to unintended or malicious exploits. Our approach provides organizations the know-hows to best allocate limited resources to support revenue generation and to safeguard against possible missteps related to blockchain implementation.