Blockchain security is the risk management procedure or security system that is put in place to protect a blockchain network from online threat actors.
Blockchain security uses a combination of cybersecurity best practices, tested frameworks and technical assurances to protect against fraud and cyber attacks. Below are some methods procedures that we can use to improve blockchain security.
Encryption algorithm:An encryption algorithm is the method used to transform data into ciphertext. An algorithm will use the encryption key.
in order to alter the data in a predictable way, so that even though the encrypted data will appear random, it can also be turned back into plain text by using the decryption key.
Validation algorithm:is algorithm validation? Algorithm validation is the process of verifying that an algorithm meets its specifications and performs, they are use to verify the authenticity of data, transactions and messages.
Regular software update: you have to stay updated with the latest security patches , by installing These update you can ensure that your device is protected against potential or unauthorized users , and enjoy your device freely without any threats.
Governance and regulation: blockchain company should register and obtain license , government must be aware of any blockchain of any kind, and making sure that all blockchain abide to their rules and regulation.
They should adhere to the government to sustain trust and prevent any form of unlawful activities in blockchains.
Big Bounty programs:A bug bounty program is a deal offered by many websites, organizations, and software developers by which individuals can receive recognition and being compensated for detecting fraudulent and those penetrating to security exploit.
Incident response:refers to an organization's processes and technologies for detecting and responding to cyber threats, security breaches or cyber attacks.
Cybersecurity awareness training: this is a program that is designed to educate individuals on cyber activities things to do and not to do , and how they will stay out of cyber threats and also improve cybersecurity standards.two factors authentication for your wallet and account (2FA).
In conclusion in what I have mentioned above can help in reducing blockchain risk, and improve good effective security, but should be put into effect.
My invite; @dimsy123, @emmaprince, and @kafio to also join me.
Cc; @khursheedanwar