Blockchain only as strong as its weakest link

The safety of the blockchain ecosystem is the cybersecurity problem more difficult at this time. The blockchain itself could be secure, but that does not mean that all the pieces that intersect with it – wallets, exchanges, miners, smart contracts – are safe. And many are not. According to a recent study by Carbon Black, hackers stole $ 1.1 billion of cryptocurrency in the first half of this year.

Although the threat is mainly limited to the public blockchain at this time, the corporate space will be next. There is so much money to be spent on blocking the public blockchain that the business blockchain is an uncharted territory for hackers right now. Weaknesses in the corporate blockchain will be discovered due to the successful exploits of the public blockchain.

The safety learning curve

The new technology means new threats and a new security learning curve. With any new technology, it takes some time before the risks emerge and therefore to understand how to deal with the risks to be developed. We went through this same curve with the wifi and we are still inside with IoT. We are currently in the early stages of learning when it comes to blockchain security. And we will have to learn quickly, because it is an attractive goal. There is a lot of money involved and a considerable amount of activity of the strikers that emerge.

Part of the reason why it is such an appealing target is that, in this new scenario, cyberattachists can take a step away from the payday: You do not have to worry about how to make money from the stolen data. They simply steal (virtual) money itself.

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