You’re welcome back to my blog, or if you’re here for the first time good day to you!
My blog, just like for most people here, is my digital journal. I create and share content about my life at any particular point. Very spontaneously!
In my last but one blog, I introduced my undergraduate dissertation topic. Which is, Mitigating security risks in blockchain networks. Let us not waste time giving more background information. I practically dedicatedthe first blog to giving background information. So if you’re interested in knowing how come this particular topic, the information is in the last post linked right there.
As far as I know every research work starts with a proposal. It’s a summary of how you intend to undertake the main project. The proposal discusses the objectives of the research, the problem statement, a review of related literature, proposed solutions, methodology, etc of the research work.
Introduction
When I first started learning about blockchain it was very hard for me to understand. There were(still are) so many jargons(technical terms). My only take away was that it’s this new piece of technology that has come to make the internet so secure that it’s impossible to penetrate. It piqued my interest.
The layers upon layers of the unconventional (compared to web2)security measures were just so fascinating. Who came up with this?!!
It’s built with cryptographic algorithms using smart contracts so it’s immutable!
Cryptography has to do with using complex mathematical equations that are almost impossible to reverse to enforce security in a piece of program. That’s where the immutability comes in. It’s unchangeable!
Vulnerabilities and Attacks
Unfortunately there is nothing created by man that is short of vulnerabilities. If you can create it you can break it huh? Despite the layers of security measures there are still vulnerabilities in it. Well if there is an attack then it means there’s a vulnerability somewhere that has been targeted. Blockchain networks are faced with a number of attacks and a few of them include smart contract vulnerabilities, 51% attacks, Sybil attacks, phishing attacks, DDoS attacks, just to mention a few.
Smart contract vulnerabilities
This has to do with errors in the code behind the blockchain network. As has been created by human, it is bound to come with its shortfalls. Some of the common vulnerabilities in smart contracts codes include; errors in logical operations, errors on numbers manipulations, time manipulations, authorization vulnerabilities, etc.
51% Attacks
This is has to do with governance of the network. Blockchain networks uses a governance strategy to enforce security and to make sure no particular individual or group controls the entire network. They are called consensus mechanisms. The 51% attack occurs when an individual or group finds a away of controlling the highest computing power of the network giving them the highest control over the network risking the network being manipulated with governance.
Sybil attack
This work almost like the 51% attack. This occurs when an individual controls a number of individual networks participants(nodes) on the same network. It gives him control over governance decisions of the network.
DDoS attack
Distributed Denial of Service attack occurs when networks participants are blocked by any means from accessing the blockchain network denying them voice in governance decisions.
These are just but a few blockchain network vulnerabilities. In my next blog on the topic, I will dive a deeper and explore each one of the vulnerabilities and figure out possible solutions to them.
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See you in the next one!
