Cybersecurity for blockchain-based applications

A smart contract is a business application. You need several smart contracts to work together to form business applications. If you are a bank or a hedge fund you should utilize some kind of guarantee to secure these business applications and their protocols. They all run with a smart contract and with different protocols (Ethereum, Neo, Hyperledger Fabric) that carry business risks. As a result, a comprehensive solution for securing, assuring and enabling decentralized applications which are tightly integrated into your organization CI/CD process is required. This will enable you to innovate with blockchain, securely.

With transactions, you need reliable systems that you can trust which are tamper proof. We live in a world full of Internet fraud, malware, and state-sponsored attacks one needs to be able to trust the quality and integrity of the information you are receiving. Companies that are generating new tokens or going through token events must control their digital assets. As there is no regulation in this area most of them are self-regulated but they need some kind of a tool to enable them to be more self-regulated. Many businesses outsource to managed IT services to take care of it for them as it can be a complex field to master, but if you do want to tackle it yourself you can.

Blockchain cybersecurity is not just about using blockchain as an infrastructure. Most of what can be done are off-chain by using cybersecurity for blockchain-based applications. Off-chain uses analytics and machine learning algorithms running on the ledger. This enables you to carry out analysis of the smart contracts before they are even executed!

There are many companies doing security audits for smart contracts the manual way. However, an automated way of doing things is needed. Employing machine learning algorithms will maximize the benefits for security audits. For effective security, vulnerability assessments are required to run on smart contracts. A unique simulation design is required that enables you to run an assessment on the smart contracts before deployment into the chain to determine the future impact of those smart contracts. This gives you the ability to detect any kind of malicious code that is running and also the ability to run the tests before you deploy to your chain, which enables you to fully understand the future impact before it actually happens.

Protection is needed for different types of detection. For example, a vulnerability in human error, malicious error, and malware. Let’s not forget about hackers. Hackers are always looking to hack specific protocols. Once a coin reaches a specific market cap, it becomes very interesting for hackers.

Vulnerabilities can have a significant effect on the distributed ledger once they are executed. What is needed is a solution that can eliminate the vulnerabilities in smart contracts. Essentially, you need to try to catch any security vulnerability in the development stage, the deployment stage, and runtime in the ledger. For example, during build time, smart contracts code and log files are scanned to make sure that you always deploy robust and secure applications.

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