Blockchain technology has been extensively accepted by the people, so many institutions/entities are also keen on implementing the Blockchain technology. But the fame of the Blockchain technology does not suggest that there are no threats posed to the Blockchain platforms. Following are the vulnerabilities/threats which are challenging the Blockchain platforms:
1. Endpoint Vulnerabilities
These are the points in the system in which humans access the services of the Blockchain technology. The interaction of the human with computer makes the system vulnerable to the threats, when the user puts the data in the system. So, Endpoint vulnerabilities exist against the security of the Blockchain platforms.
How to Reduce Them?
The accounts are secured by private and public keys. Every user is instructed to keep a strong and powerful passkey that cannot be guessed easily.
2. Vendor Risks
A distributed ledger is useless if no information is moved into or out of the accounts. So, as the DLT Blockchain solutions gain prominence in the market, third party solution will also experience growth.
Third-party development will be witnessed along following 6 areas:
- Blockchain payment platforms
- Blockchain integration platforms
- Smart contracts
- Payment processors
So, the security of the vendors to their clients along these 6 areas is utmost necessary. Any weakness found in the security keys of the systems, flawed code and or personal vulnerabilities can cause extreme loss to the businesses, exposing personal data to the unauthorized owners.
How to Reduce It?
Vendor-related weakness must be effectively eliminated in order to reduce the vulnerabilities posed to the Blockchain platform of an organization. The tight security must be ensured by the vendors.
3. Untested Blockchain Platform Upgrades
There always remains a bad news for the Blockchain platforms is one characteristics of the Blockchain technology, and it is the scalability of the Blockchain platform. The Blockchain platforms are being scaled up by implementing different set of measures in them, Which are enforced by updating the software. Generally Testing for Bug, Vulnerabilities are not done extensively as they should be done, causing Vulnerabilities being detected afterwards which puts User security at risk. This is itself a danger and harmful to the existence of the Blockchain platform.
Extensive Primary testing and Longer duration of Beta Version Testing can help reduce chances of such Threats/Vulnerabilities not being detected early.
4. Lack of Regulation and the Standardization
Blockchain platforms are not run by a single body of governance. All act accordingly and follows a set of protocols by the creator/Developer. This can create several security issues while interacting with eachother. So these issues poses a threat to the operation of the several Blockchain platforms while inter-operating/communication which largely remain non standard.
How to Reduce It?
The only solution is to regulate and bring standardization at the points wherever it may seem necessary, Some universal rules and SOP may be created and advised for such, As all Blockchain platforms cannot be regularized.
Above are some of the Threats/Vulnerabilities which exist and should be handled by Developers to make Future of Blockchain more secure.