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Understanding Blockchain's Cyber Vulnerability and its Solution

By Capital Markets CIO Outlook | Monday, February 25, 2019

Blockchain technology has been hyped a lot for its robust security against cyber attacks that it drew billion dollar investment in recent times and a multitude of human workforce in the form of developers, miners, and stakeholders. Unfortunately, developers often do not put in enough efforts into securing their blockchain deployments. It seems that cyber threats are being taken for granted and developers rely entirely on blockchain network for security. But the real-world scenario differs as various onslaughts have already been witnessed on mining software and multiple high profile thefts worth a lot of money.

Cryptojacking activities in which sneaky malware infects enterprise infrastructure have successfully been carried out by hackers and many victims are even aware of the same until it’s too late. Tokens are lucrative targets which hackers siphon carefully without leaving traces behind. Another security pitfall in the crypto realm is the exposure of metadata through everyday activities like checking balance, initiating transactions, and receiving block updates. Metadata might sound harmless but reveals the physical location of sensitive data.

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For security one might look up to traditional VPN and firewall security methods. Though these solutions work, but when one digs deeper into the blockchain layers, the framework becomes complex and fragile. With fragile, it means that if any misconfiguration happens doors to vulnerabilities would open. Also, there is a centralized nature of traffic management managed by ISPs who themselves are vulnerable to cyber threats.

So to secure the blockchain network and crypto miners use, one possible solution is to build Marconi protocol. In this protocol framework, by default secure channels are formed for data transport via packet-level encryption. In contrast to using a separate solution like VPN which introduce central authority and requires specialized knowledge to set up and maintain with a single point of failure. Peers in the network must establish these secure connections between all nodes for safe traffic transportation. In support, features like network layer virtualization and traffic proxying built-in will make traffic protection much more comfortable.

Marconi protocol enables routing management and packet processing with rules programmed in smart contracts to automate the process for simple deployment and maintenance. Further, enthusiastic developers can define their own network traffic rules to enhance security and prohibit the user from trapping into luring weblinks.

Few Blockchain companies:  BLOQCogniveGlobal Debt Registry 

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