Once hailed as unhackable, blockchains are now getting hacked.
The world of cryptocurrency has been shaken up over the last few months. Blockchain technology, having been touted for its high level of cybersecurity, has just been compromised.
Just recently, Gate.io, the second popular exchange of cryptocurrency, has admitted that it lost around $200000 for one attack from a smart-contract bug.
In fact, there are so many people who have successfully hacked blockchains and stolen money from exchanges that the incidents have gotten more prevalent. As we have seen over recent months with many major companies being targeted in successful attacks on their data centers or networks (including Equifax), breaches can happen at a moment’s notice and without any warning at all .
One thing that is for certain, blockchain technology isn’t as secure as many had hoped it would be.
So how is Blockchain Solving the Problem?
To address the blockchain hacking threat, some specialist firms have started to utilize artificial intelligence to identify hackers’ profit mechanism from gaming popular Ethereum smart contracts and also assure clean codes are simultaneously checked and audited.
Blockchain companies, collabs and projects have also begun to contract companies out there dedicated entirely to tracking down hackers’ profit mechanisms and identifying vulnerabilities in popular smart contracts before they can exploit them.
Another cost effective technique is to do both internal background checks such as these to verify internal employee information. Due diligence checks on crypto and hash projects and collabs are also increasingly useful and don’t cost much to administer.
Blockchain entities can do regular checks for security risks and threats that are unique to business, they can then introduce key blockchain security controls and protocols , alongside business controls that can proactively mitigate issues and threats in the long run.