This video outlines 5 core elements
Richard R. Brooks, from Clemson University, speaks at the Industrial Cybersecurity Conference 2019, about blockchain and smart contracts.
Brooks notes that true blockchains are distributed, decentralized, trustless and theoretically immutable.
Following are additional notes.
Blockchain security is partly based upon its systemic decentralization, as opposed to central authority.
In Etherium, smart contracts are embedded in the money.
Hyperledger is a modular styled blockchain.
Scrybe: a blockchain ledger for clinical trials
Some of the open problems he discusses re blockchain include:
- Wallet exploits lead to theft
- Fake wallets lead to theft
- Mining has many alternatives
- Applications other than currency are probably a better fit
Brooks describes the blockchain audit application as a particularly good idea.
He states that smart contracts are a good way to remove single-point of failure in a system.
Side chains are a way to make blockchains more efficient.
Having spent years in the software and data industry, I’m aware of how imperfect software is. Heck, any casual user of software has likely had that realization.
Hence, it’s not much of a stretch to state that I don’t think we’ve seen the end of security vulnerabilities in cryptocurrencies. And as highlighted in this article, Bitcoin Dev Finds Potentially Crippling Security Flaw In Bitcoin Cash, some issues are still being discovered in mid-2018 that are remarkably serious. Continue reading “Cryptocurrency Security Issues”