Blockchain Security Facts and Myths re Industrial Control

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.