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Blockchain Hacks: Can They be Prevented with Smart Contract Audits?

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Blockchain hacks will continue as long as cybercriminals keep easily discovering security vulnerabilities. Here is what happens if security is lacking, says Sumit Siddharth, founder of the SecOps Group.

With the exponential growth of cryptocurrencies, NFTs and other blockchain implementations, there has never been a better time for a cybercriminal to convert a vulnerability into easy and big money.

Blockchain Hacks and Security Audits

We see two different types of attacks involving crypto currencies. One of these is centred around the end user (the victim). The attack technique relies on social engineering tricks such as convincing a victim to send cryptocurrency to an attacker’s wallet.

The other type of hack we see is a bit more complicated and requires a deep understanding of blockchain smart contracts and associated components, such as side-chain, cross-chain, wallets, understanding of various protocols, and more.

The SecOps Group have now launched a blockchain smart contract security audit, to help blockchain developers identify and patch security issues before they get exploited in the wild.

Blockchain Hacks – Where They Start

Blockchain is a transaction record database that is distributed, validated and maintained around the world by a network of computers. Instead of a single central authority such as a bank, a large community oversees the records in Blockchain. No individual person has control over these records. Blockchain is based on decentralized technologies. Together these technologies function as a Peer-to-Peer (P2P) network.

Blockchain technology is being used in many different industries. The annual blockchain spending by companies will reach $16B by 2023, according to recent research by CBInsights. The rate of adoption of the technology is increasing.

Nowadays, there are various blockchain platforms in the market. Each platform uses its own technology. For example, the Ethereum platform uses Solidity language. Hyperledger platform uses the Go language. EOS platform uses Node.js. Multichain platform uses C++. Corda
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