Mediaboss Marketing

Blockchain technology has gained significant attention in recent years due to its potential to revolutionize the way we see money, store money, and exchange data. By providing a secure and decentralized platform for transactions, blockchain technology can help to prevent fraud, reduce costs, and increase transparency in a wide range of industries. However, as with any new technology, there are risks associated with its use, particularly when it comes to cybersecurity.

In this article, we will explore the security benefits of blockchain technology, the cybersecurity risks associated with its use, and the best practices for implementing strong cybersecurity measures in blockchain technology. We will also examine real-life examples of cybersecurity breaches involving blockchain technology and discuss the potential impact of emerging trends and technologies on blockchain cybersecurity.

Blockchain technology provides several key security benefits that make it an attractive platform for transactions. Perhaps the most important of these benefits is its ability to provide a tamper-proof and secure ledger of transactions. This is achieved through the use of cryptographic algorithms like Hash functions, Merkle trees, digital signature, and public key cryptography that ensure the integrity of the data on the blockchain.

Each transaction on the blockchain is verified and validated by a network of nodes, which use complex algorithms to ensure that the transaction is valid and that the data on the blockchain has not been tampered with. Once a transaction has been validated, it is added to the blockchain, creating a secure and immutable record of the transaction.

In addition to its tamper-proof nature, blockchain technology is also highly secure due to its decentralized nature. Because there is no central authority or point of control, it is difficult for cybercriminals to compromise the security of the blockchain.

While blockchain technology is highly secure, it is not invincible. There are several cybersecurity risks associated with the use of blockchain, including:

Cybercriminals can target blockchain networks with attacks such as 51% attacks, denial of service (DoS) attacks, and phishing attacks. These attacks can compromise the security of the blockchain and lead to theft of funds or manipulation of data.

For example, transactions on the Bitcoin network can be vulnerable to attacks, particularly transaction malleability attacks. In this kind of attack, an attacker modifies a transactions ID hash and broadcasts the changed transaction to the network. If the altered transaction is confirmed by miners before the original transaction, the senders account will be debited twice while believing the initial transaction failed. In 2014, Mt. Gox, a Bitcoin exchange, went bankrupt due to a malleability attack. To address this problem, Bitcoin introduced the Segregated Witness (SegWit) process which separates signature data from Bitcoin transactions, replacing it with a non-malleable hash commitment.

Routing attacks are another type of cyber attack on blockchain networks that can affect both individual nodes and the entire network. The attacker can tamper with transactions before sending them to peers, partitioning the network into separate groups that cant communicate with each other, and delaying propagating messages.

Then we have the Key generation flaws. In December 2014, a hacker known as Johoe was able to access private keys provided by Blockchain.info by exploiting vulnerabilities in key generation. A code update led to poor randomness of inputs for generating public user keys, allowing the hacker to exploit this vulnerability. Although it was quickly fixed, the same flaw is still possible with the ECDSA algorithm.

Smart contracts, which are self-executing contracts with the terms of the agreement written into code on the blockchain, can be vulnerable to coding errors or bugs. These vulnerabilities can be exploited by cybercriminals to steal funds or manipulate data.

In March 2021, Meerkat Finance, another DeFi project built on the BNB Chain, suffered a hack that resulted in a loss of $31 million worth of cryptocurrencies. The attacker exploited a vulnerability in Meerkat Finances smart contract that allowed them to mint unlimited amounts of the projects native token, before swapping it for other cryptocurrencies and withdrawing the funds.

Cybercriminals can use social engineering techniques to trick users into divulging their private keys or other sensitive information. This can lead to theft of funds or compromise of the blockchain network.

In July 2020, hackers took control of several high-profile Twitter accounts, including those of Elon Musk and Barack Obama, and used them to promote a Bitcoin scam. The attack was carried out by social engineering Twitter employees to give the hackers access to internal systems and tools.

Then the next year, in 2021, a group of hackers used SIM-swapping attacks to steal over $100 million worth of cryptocurrencies from several victims. They used social engineering tactics to convince the victims mobile carriers to transfer control of their phone numbers to new SIM cards, allowing the hackers to bypass two-factor authentication and access the victims crypto wallets. Researchers also discovered several fake mobile apps on Google Play Store and Apple App Store that impersonated popular crypto wallets and exchanges. The apps were designed to steal users login credentials and private keys, allowing the attackers to access their crypto wallets.

To mitigate these risks, it is important for organizations to implement strong cybersecurity measures when using blockchain technology. Some best practices include:

1. Multi-factor authentication: Requiring users to provide multiple forms of identification, such as a password and a fingerprint, can make it more difficult for cybercriminals to gain unauthorized access to the blockchain network.

2. Encryption: Encrypting data on the blockchain can make it more difficult for cybercriminals to access sensitive information.

3. Regular vulnerability assessments: Regularly assessing the security of the blockchain network can help to identify and mitigate vulnerabilities before they can be exploited by cybercriminals.

In June 2016, The DAO, a decentralized autonomous organization built on the Ethereum blockchain, suffered a $50 million hack. The attacker was able to exploit a vulnerability in the organizations smart contract code to siphon off funds from the organizations digital wallet. The hack ultimately led to a contentious hard fork of the Ethereum blockchain, with some members of the community advocating for the return of the stolen funds and others arguing that it would set a dangerous precedent.

In September 2020, KuCoin, a cryptocurrency exchange, suffered a $280 million hack. The hackers were able to gain access to the exchanges hot wallets and steal various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. However, the exchange was able to recover most of the stolen funds by working with other exchanges and blockchain networks.

In April 2021, DeFi100, a decentralized finance platform, disappeared from the internet after its developers were accused of scamming investors out of millions of dollars in cryptocurrency. The platforms website and social media accounts were taken down, and the developers behind the project went into hiding, leaving investors with no way to recover their funds.

That same year, in August 2021, Poly Network, a decentralized finance platform, suffered a $600 million hack. The hacker was able to exploit a vulnerability in the platforms smart contracts to steal cryptocurrencies from multiple blockchain networks. However, the hacker later returned the stolen funds and claimed that it was an attempt to expose vulnerabilities in the platforms security.

These case studies highlight the importance of strong cybersecurity measures in blockchain networks and the potential consequences of failing to adequately secure these systems.

These breaches highlight the importance of implementing strong cybersecurity measures when using blockchain technology. In response to these breaches, the blockchain community has developed new tools and technologies to enhance the security of blockchain networks. For example, many blockchain networks now use multi-signature authentication, which requires multiple parties to sign off on a transaction before it can be executed. This makes it more difficult for cybercriminals to gain unauthorized access to the blockchain network.

As blockchain technology continues to evolve, new trends and technologies are emerging that have the potential to enhance the security of blockchain networks. One such technology is zero-knowledge proofs, which allow users to prove the validity of a transaction without revealing any sensitive information. This can help to protect the privacy of users on the blockchain while still maintaining the integrity of the data on the network.

Another emerging trend in blockchain cybersecurity is the use of artificial intelligence and machine learning to detect and prevent cyber-attacks. By analyzing large amounts of data, AI and machine learning algorithms can identify patterns and anomalies that may indicate a potential cyber attack. This can help organizations proactively identify and mitigate security threats on the blockchain network.

As with any new technology, it is important for organizations to carefully evaluate the risks and benefits of using blockchain technology, and to implement appropriate security measures to protect against cyber attacks. By doing so, organizations can help to ensure the security and integrity of their data on the blockchain network.

Follow this link:

Exploring Cybersecurity Risks & Best Practices in the Age of ... - CryptoTvplus

Blockchain technology has revolutionized various industries, offering secure, decentralized, and transparent solutions for a wide range of applications. As we look ahead to 2023, its important to identify the top blockchains that stand out in terms of scalability, security, functionality, and community support. In this article, we will explore the top 5 five blockchains to consider using in 2023, along with their key features and advantages.

Ethereum is an open-source blockchain platform that enables the development of decentralized applications (dApps) and the execution of smart contracts. It introduced the concept of a programmable blockchain, allowing developers to create and deploy their applications on its network. Ethereum is one of the top 5 blockchains.

Binance Smart Chain is a blockchain platform developed by the cryptocurrency exchange Binance. It operates parallel to the Binance Chain and offers compatibility with the Ethereum Virtual Machine (EVM), making it easy for developers to migrate their Ethereum-based projects to BSC.

Cardano is a blockchain platform that aims to provide a secure and scalable infrastructure for the development of decentralized applications and the execution of smart contracts. It takes a scientific approach, incorporating peer-reviewed research and formal methods into its development process that makes it one of the top 5 blockchains.

Polkadot is a multi-chain blockchain platform that facilitates the transfer of assets and data between different blockchains. It aims to create an interconnected ecosystem of specialized blockchains, known as parachains, which can communicate and share information securely.

Solana is a high-performance blockchain platform designed for decentralized applications and crypto-currencies. It offers fast transaction speeds and low fees, making it suitable for applications that require real-time interactions and high throughput.

As we approach 2023, Ethereum, Binance Smart Chain, Cardano, Polkadot, and Solana emerge as the top five blockchains with exceptional features, scalability, and functionality. Each blockchain offers unique advantages and caters to specific use cases. When selecting a blockchain for your project, consider factors such as scalability, security, community support, and the requirements of your application. Conduct thorough research to make an informed decision and leverage the benefits these top blockchains offer for a successful venture.

If Ripple wins over the SEC, there may be a possibility of price surges. Let's mention the top 3 reasons

Despite the risks, meme coins can be a lucrative investment opportunity. Here are the four best meme coins that could

Some altcoins managed to gain significantly over the past week. In this article, we mention the top 3 altcoins outperforming

Read more:

Top 5 Blockchains to Use in 2023 - CryptoTicker.io - Bitcoin Price, Ethereum Price & Crypto News

New York, May 15, 2023 (GLOBE NEWSWIRE) -- CertiK, the New York-based blockchain security company, and Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, announced the signing of a partnership to provide blockchain security services to cloud-based Web3 projects. Web3 developers can now accelerate their development process and secure their applications and smart contracts with CertiKs Security Suite and Alibaba Clouds scalable, highly efficient, and secure infrastructure.

Cloud-based computing services have driven the evolution of communications technology over the last decade, and cybersecurity has played a key role. New technology is not suitable for mass adoption until it has proven itself to be secure, which is exactly what CertiK is bringing to Alibaba Clouds Blockchain as a Service (BaaS) platform.

Blockchain is a novel technology that unlocks powerful new ways to perform secure, decentralized, and highly-efficient distributed computing. The integration of Web3 applications, smart contracts, and blockchains is the next step in the evolution of cloud computing.

With this new partnership, developers and enterprises can conduct code reviews, risk assessments, team identity verification, background checks, and more using the services and tools provided by CertiK and deployed on Alibaba Cloud.

Alibaba Cloud has gone live with CertiK's smart contract auditing service and Layer 1 blockchain auditing service fully integrated. In the near future, penetration testing and CertiK's Skynet due diligence tool will also be introduced, providing end-to-end security solutions.

Were excited to bring our years of blockchain security experience to Alibaba Clouds platform, said CertiK co-founder, Prof. Ronghui Gu. Weve believed in the power of blockchain technology for over half a decade, and to see Alibaba Cloud commit to this same vision and embrace a comprehensive approach to security is extremely rewarding. We look forward to bringing secure blockchain development and deployment to the widest audience possible.

Story continues

"Alibaba Cloud has always been committed to providing customers with safe and reliable cloud computing services, and actively promoting the development of new technologies and applications. This cooperation will provide us with more comprehensive technical support and security solutions to better serve the blockchain and Web3 ecosystem, said Raymond Xiao, Head of International Web3 Solutions, Alibaba Cloud Intelligence

CertiK experts will monitor deployments to Alibaba Cloud environments, helping developers and enterprises perform secure cloud computing, maintain high-uptime cloud storage, and build secure infrastructure, while automated tools run behind the scenes and around the clock.

In addition, the upcoming Skynet vulnerability scanning platform scans code and identifies vulnerabilities in real time, providing developers with real-time monitoring and remediation recommendations.

Beyond the integration of the Security Suite, CertiK and Alibaba Cloud will support the continued growth of the Web3 world through the joint organization of hackathons, developer education sessions, and application development programs.

About CertiK

CertiK is a pioneer in blockchain security, leveraging best-in-class AI technology and expert manual review to protect and monitor blockchain protocols and smart contracts. Founded in 2018 by professors from Yale University and Columbia University, CertiK secures the Web3 world, by applying cutting-edge innovations from academia to enterprise, enabling mission-critical applications to scale with safety and correctness. CertiK has audited more than 3,900 Web3 projects and secured hundreds of billions of dollars of market capitalization.

Continue reading here:

CertiK Partners with Alibaba Cloud to Bring Blockchain Security to the Cloud - Yahoo Finance

For years, industry leaders, skeptics and enthusiasts alike have questioned if blockchain would ever be adopted by mainstream institutions, and if so, when? Well that day has come and passed, in large part thanks to the ability to tokenize assets on-chain. Blockchain technologies are now playing a vital role across industries, and are propelling businesses forward. Particularly in the financial services space, blockchains are making a tremendous difference in reducing friction, improving efficiency and bringing down costs.

Asset tokenization is the process in which a digital representation of an asset is created on a blockchain and used to verify and track the authenticity and ownership history of the asset. This technology can be applied to virtually any asset, including securities, real estate, art and much more. The value of tokenization is in the application of the trustless and efficient record-keeping abilities of a blockchain to any asset in the physical world.

Tokenization is already making waves in mainstream circles, with financial powerhouses like Blackrock, Goldman Sachs, BNY Mellon and JP Morgan all implementing blockchain technology into their operations in a variety of interesting and innovative ways. The tokenization of asset classes is opening new doors to further drive efficiencies in capital markets, shortening transaction and settlement times, while also improving costs and proliferating access for investors of all kinds.

Tokenized on-chain assets opens up access to liquidity in the market while increasing freedom and access for investors to form and participate in capital markets. Traditionally illiquid assets, such as real estate or fine art, can have their value unlocked through the process of tokenization, which opens the door to tremendous possibilities for new investment. For example, a recent report published by Boston Consulting Group outlined how Asias largest private market exchange, ADDX, has started to do this by using programmable smart contracts built on the blockchain to tokenize and fractionalize multi-asset securities including private equity, hedge funds, bonds and even pre-IPO companies. By utilizing customizable smart contracts, ADDX has been able to overcome the intricate manual processes previously necessitated when dealing with complex transactions while opening up the possibility for smaller investors to take part in the aforementioned transactions.

Story continues

Fractionalization is a key aspect of tokenization that allows for shares of any item, through its token, to be further split up into smaller pieces, which effectively proliferates and democratizes access to these assets. Fractionalization provides a new way for more investors than ever before to access these financial tools and opportunities.

Arguably the most pertinent issue faced by modern markets and customers across the globe is the incredibly high amount of friction that exists across our financial infrastructure. Asset tokenization is relieving this friction, making financial institutions and infrastructure far more efficient in terms of time, cost and labor, while at the same time, proliferating access to capital markets. The friction that currently plagues our global financial rails is one of the largest barriers to capital formation and wealth growth, and in many instances, it prevents smaller investors from participating. However, thanks to the reduction in cost due to alleviated friction facilitated by blockchain technology and fractionalized assets, less wealthy investors will be now able to explore and participate in new investment opportunities that traditionally would have been unavailable to them.

The investment banking giant Goldman Sachs has also been very successful in utilizing blockchain technology to improve its existing financial infrastructure. In a recent op-ed in the Wall Street Journal penned by CEO David Solomon, Solomon discussed how Goldman Sachs arranged a US$125 million two-year digital bond for the European Investment Bank along with two other banks, all based on a private blockchain. Without tokenized assets on-chain, it would have taken five days to settle for a transaction of this magnitude to settle. However, the settlement took just 60 seconds after the bond had been tokenized on a private blockchain. The ability to reduce settlement times can, and will, lower costs across the globe for all market participants including banks, customers and regulators, ultimately making markets incredibly more efficient.

The rapid proliferation of tokenized assets across industries in the last few years is a clear sign that this technology is here to stay. However, there are still some challenges standing in the way of even wider adoption.

One such issue is the technical difficulty of creating these platforms. Cryptography is not an easy discipline to learn, and creating permissioned and private blockchains for enterprise use is a tremendous undertaking. This level of difficulty, and the relatively new technology being used, makes it difficult for leaders at incumbent institutions to update their already profitable systems and businesses with new instruments that they may not fully understand. However, now that a handful of influential business leaders across global markets have proclaimed their own grand successes with this technology, the rush to follow suit is underway. Even global governments, notoriously the hardest institutions to change, are feverishly looking into tokenizing their national currencies through the creation of central bank digital currencies.

Institutions from banks to governments across the world have widespread access to the most amazing transactional machinery mankind has yet to devise. We can buy and sell quite literally anything on the blockchain. This evolution of technology is facilitating an equally exciting evolution in financial services one that is benefiting users on both ends of every transaction. The benefits of this technology are staggering, and as the adoption of blockchain technology continues to advance and spread across institutions, we can continue to look forward to the new ways innovators will implement tokenization platforms to solve their complex business challenges.

See the original post here:

Tokenization is changing the world, from finance to art - Yahoo Finance

Ensuring your safety in Web3 may often seem like a difficult task. But it really shouldnt be, considering the wide variety of best practices that users can observe to boost their level of security while perusing the blockchain. Yet, many simply glaze over the lessons of the past and other practical security solutions established by their peers until its too late.

Except in the wake of a remarkable hack or scam, security seems to be a secondary or even tertiary priority to many in Web3. But significant grifts can ultimately cause problems for the majority of those in the NFT space, depending on whos affected. How can we end this cycle?

The solution is twofold. First, we must understand that the safety of the NFT space isnt only the users responsibility but needs to be a group effort. Secondly, users need to familiarize themselves with and begin using the tools that are already readily available to help keep creators, collectors, and builders safe. Here are some of the top ones to know.

Web3 Antivirus is a security tool catered to creators, collectors, and builders at any level. It installs as a browser extension on Chrome, Brave, Firefox, and Edge. The extension works by auditing the smart contracts a user engages with to identify dangerous logic, critical vulnerabilities, and compromising access permissions.

By vetting contracts, Web3 Antivirus warns users before they engage with malicious contracts or otherwise take potentially dangerous actions. Currently, only the basic free version of Web3 Antivirus is available, while a premium paid version (equipped with a range of new features) is set to be released soon.

SafeSoulis a free browser extension created by the same team behind theDigital AnimalsNFT project. The service is compatible with Chrome, Brave, Firefox, Opera, and Safari. It identifies potential NFT scams using bright red brackets while Web3 users navigate popular platforms such as Twitter, Google, and YouTube.

Threats are constantly being monitored by the SafeSoul team, but the service also relies heavily on community members to identify potential malicious accounts and content. With the SafeSoul Web3 Patrol, users are incentivized to flag potential hazards by leveraging their identities using non-transferable Soulbound Tokens (the SafeSoul Token) that act to verify them as trusted members of the NFT community.

Immunefi is one of, if not the most prominent, bug bounty platforms available in Web3. For those unfamiliar, a bug bounty is a reward (monetary or otherwise) provided to benevolent hackers that seek to successfully find and flag a vulnerability or bug to an application (or smart contract) developer.

In the NFT space, smart contract auditing is a crucial step before launching a project and one that can significantly affect the safety of users in Web3 if performed incorrectly. Considering that, in 2022 alone, hacks and scams reportedly cost the Web3 community over $4 billion, Immunefi has continued to encourage hackers to claim bug bounties to prevent more capital from being senselessly funneled away from creatives. The platform reports that it has saved $25 billion from being hacked to date.

NotCommon is a service that provides real-time custom alerts about security threats in Web3 to users on Ethereum, Polygon, Solana, and Tezos. By connecting a wallet to the service and downloading the services Chrome extension, users will get updates about security threats specific to their NFTs, tokens, and the projects they follow.

The reactionary model that NotCommon is spearheading has thus far seemingly proved to be effective, with the platform having identified over 160,000 scams to date. By identifying threats as they occur, NotCommon can send up a flare that might save collectors from engaging with malicious links or trading unofficial and nefarious NFTs.

Harpie is an on-chain firewall that aims to provide a new, essential security layer for Web3 wallets in order to stop hacks before they ever get on-chain. The service monitors a users wallet hundreds of times a second and works to stop a malicious transaction or transfer in transit automatically.

Users can expect to be defended against front-end attacks, bait and scam sites, private key theft, phishing attacks, and accidental transfers. Aside from being the first and only company to ever stop a private key theft automatically, Harpie also lays claim to being non-custodial, operating off of immutable and audited contracts, and utilizing a system of checks and balances to avoid single points of failure.

Forta is the first detection network built for the security and operational monitoring of blockchain activity. The services goal is to create a Web3 approach to securing the open economy by detecting threats and anomalies within the DeFi and NFT ecosystems as well as throughout governance, bridges, and other Web3 systems in real time.

Running on the Ethereum, Polygon, BSC, Avalanche, Arbitrum, Optimism, and Fantom blockchains, Forta provides users (traders, developers, and investors) with timely and useful information about the security and stability of their systems. To date, Fortas community-run security network has protected tens of billions of valuable assets from exploits.

Visit link:

6 Web3 Security Tools for Collectors, Creators, and Builders - nft now