Well, we all know that blockchain is secure and the topic name is contradicting this sentence. So, you must be curious to know where the blockchain gets weak. Oh, if so, then this guide will help you.
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Here are the top cyber issues that blockchain may face. Let’s go through them.
Weakness at Blockchain Endpoints
Although the blockchain is said to be virtually unhackable, still most blockchain transactions consist of endpoints that have low security. For instance, the outcomes of bitcoin trading or investment are likely to be a large summation of bitcoin being deposited into a hot wallet, or virtual savings account. However, these wallet accounts may differ in point of security when compared to actual blocks within the blockchain. So, these wallets may not be as hacker-proof as the actual blocks.
It is possible, to enlist several third-party vendors, to facilitate blockchain transactions. Examples include payment processors, smart contracts, and blockchain payment platforms. These third-party blockchain vendors often have their own apps and websites to operate which can be comparatively weak in security. This invites scammers as they are leaving the door open to hacking.
We all agree that technology is continuously expanding and growing, blockchains are only going to get bigger. Because of this, some experts may get cautious as these large-scale blockchains are untested. Common concerns center around the issue that as the blockchain ecosystem grows, it is possible to get light on more vulnerabilities.
the absence of clear regulatory standards is still another blockchain security issue. Developers have a challenging time benefitting from the mistakes of others as there’s little standardization in the blockchain world.
A final issue to address: While blockchain has primarily been involved in cryptocurrency trades, it is getting attention and growing rapidly in other fields. The concern is the coding that is used in non-crypto currency applications. You must be thinking why is this a problem? Because the coding tends to be untested and highly experimental which means hackers may be able to discover and locate vulnerabilities.
Cyber Security’s Role in Keeping Blockchain Secure
Although the blockchain constitutes potential security risks, cyber security professionals can do much more to handle and mitigate these threats.
One important step that cyber security professionals to take is to implement encryption. In addition to encryption, cyber security professionals can use their communication skills to clearly articulate potential hazards to their clients. Besides all this technicality, they may also advise on some common-sense practices for information security.