Investigating security of Block chain enabled applications
The block chain or the Distributed Ledger Technology (DLT) refers to the digital currency that is exchanged on the internet. It is also popularly referred to as the “internet of value” since it is a unique currency that cannot be seen or touched but it has value. Block chain technology began with the invention of the Bitcoin which was unpopular in the past but recently it has gained worldwide attention with its value rising up to $10,000 per bitcoin. Block chain has become popular due to its immunity towards security threats. However, there are many unforeseen threats that lie within the applications that rely on block chain technology.
Block chain technology tends to be one of the most insecure technologies despite its high immunity to cyber-attacks. People who have invested in cryptocurrencies can agree with this view. Most are very comfortable with using block chain since they are convinced of its tight security features. This belief is a risk since the developers of these systems overlook vulnerabilities that may be existing. Most of the upcoming block chains are not tested appropriately. They are used with just a few users but the performance when the system goes operational on a full-scale basis, the outcome is unknown. Other security threats to block chain include endpoint vulnerabilities, vendor risks, the lack of some regulated standards, use of only public and private keys to access data, and also the rampant use of unprotected code. Many block chain application developers over rely on existing code hence they risk transferring weaknesses of previous applications to the new ones.
References
Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain technology: Beyond bitcoin. Applied Innovation, 2(6-10), 71.