Development Technology Blockchain is a hot topic not only in the areas of finance, encryption, etc., but also in the field of cyber security.
This technology is still in its infancy, as "work in progress". Therefore, I think it would be too early to call it 100% safe technology.
It is estimated that technology companies focus on blockchain expect their revenue to grow beyond $ 6 billion by 2020.
Application development blockchain aims at security, but wants even more effort to achieve it. Exchanges can be accessed Bitcoin in open and public networks where anyone can create a node, but with corporate applications blockchain, are different from the public. They are private and networks and are not accessible to everyone.
Although the blockchain can be a difficult target for a hacker, it is not unlikely that this will happen. His experts blockchain have warned that developments in blockchain can carry vulnerabilities that organizations need to be aware of.
Access to blockchain - public or private key:
The Blockchain can be entered via public or private keys. These keys are encrypted character strings of appropriate length to make it almost impossible to guess. Since data access to blockchain without the exact combination of private and public keys, this shows both the strength and the weakness of this technology.
Possession of keys is as powerful as possession of the whole blockchain. The best way to get these keys is to note the user's device - laptop or mobile.
Risk around sellers:
As the blockchain is gaining more acceptance, the market for third party solutions will increase. The top areas of application blockchain in which we can expect the biggest third party solutions, include blockchain integration platforms, wallets, payment platforms, etc. This urgent need for solutions blockchain will create a growing market for developments in its field blockchain.
Along with this, there is also the possibility of exposure through the seller's risks. Organizations can have secure solutions blockchain if they have reliable suppliers. Weak security on their own platforms, incorrect code and staff vulnerabilities can expose credentials and information blockchain of customers to the illegitimate entity. This threat carries more risks with regard to "smart contracts".
In the "full scale" scenario of the beam:
The architecture blockchain is inherently scalable, but no one knows what will happen on a full scale? When certain changes are made, it is scaled by one node. The development of a blockchain involves two major risks, according to the FSOC (Financial Stability Oversight Council) - a US-based federal agency.
First, today blockchain is limited and therefore we are familiar with handling and problem solving only in this "limited" area. But with any GB expansion, the experience will come with its price, which so far is not high enough to require a major change to the full system.
Second, we may be vulnerable to the so-called problems of 51%, a scam in which the majority of participants may be illegitimate and conspiring against other participants. This threat could be real if a large number of mining companies are set up in countries where electricity is easily accessible.
The absence of principles and statutes:
The Forbs ad reported that one of its main security vulnerabilities blockchain is the absence of principles and laws. The mere mention of laws and standards puts its roots on alert blockchain. The absence of standard procedures and protocols means that blockchain developers cannot learn from the mistakes of others.
If every company, every association and every application operates and follows rules that are "apples" and "oranges", there are risks arising from a custom technology of any kind. In addition, sometimes, chains may be needed to integrate. Lack of standards will result in security threats from merging different technology applications.
Despite its existence for 8 years with Bitcoin, the blockchain not related to encryption remains experimental and hypothetical. Just to advertise some organizations are willing to develop their tried and tested code into existing blockchain or in a whole new one blockchain. An example of such activity is the DAO attack.
DAO is a decentralized autonomous organization developed on the blockchain. Its purpose is to execute code for smart main business contracts. One such DAO was created in 2016 by the Ethereum team, which had experimented while making history by raising $ 150 million in crowdfunds.
The attacker was aware of the weaknesses of the DAO code and created a DAO affiliate account and made repeated requests to transfer money from the first account to the chain. Since the code did not reduce the original balance after each transfer, nothing could prevent the repeats from playing almost 40 times. After transferring $ 55 million from Ether, the hacker completed the theft. The reason behind which the violation stopped is still unknown.
Blockchain, on the one hand, has great potential to change the world, but on the other hand, it is in its infancy with its own vulnerabilities. Therefore, organizations need to consider business use cases, risks, platform vulnerabilities, etc. and then implement their solutions with high security and input and output tests.