Recently, I had the honor of being on TV’s New Perspectives Show, which is hosted by Barry Lefkowitz. It gave me the opportunity to discuss the differences between public and private blockchains and highlight permissioned blockchain’s true potential. However, there were a few important topics I didn’t get a chance to address in detail, and thought I’d share them here. These include:
What Makes Crypto Wallets and Blockchains Vulnerable to Hacks?
Contrary to popular belief, there are inherent vulnerabilities in the permissioned blockchain, and by extension crypto wallets and exchanges. The reality is, anyone who accesses crypto wallets and exchanges using mobile or desktop devices is vulnerable to hacks. Similarly, it is very easy for bad actors to prey on permissioned blockchain’s vulnerabilities and gain access to sensitive information.
Enterprises looking to deploy blockchains may assume that only authorized users can access those transactions and legitimate ones can be permanently added to the record, making the transactions untouchable. But if a malware secretly accesses a legitimate transaction made by an authorized user, the entire blockchain can be compromised.
What is malware? In What Other Ways Can Hackers Compromise the Blockchain Ecosystem?
I briefly touched on this during our CryptoDefender demonstration, but didn’t have a chance to dive deeper. Every four seconds, hackers release a new strain of malware designed to infect blockchain’s endpoints. By the time there’s an antidote, another gets generated. By implementing features such as keystroke encryption to secure mobile and desktop devices, we can prevent malware from infecting the devices.
In addition, hackers can compromise the network through several methods. Keylogging is a popular choice among those looking to steal crypto wallet passwords and online login credentials, and to access private keys. Hackers can also use clipboard hijacking to attack mobile and desktop devices. Most crypto users copy and paste their destination address to transfer crypto funds. Hackers can find addresses by scanning the clipboard and modifying it to a different address. Most of the time, the user is not aware of the change and by the time they find out, it’s too late.
Since cryptowallets and crypto exchanges are only as strong as the devices used to host and interact with them, it is vital to find ways to secure our devices.
How is BlockSafe Technologies contributing to blockchain and crypto security?
BlockSafe secures the blockchain ecosystem of wallets, exchanges and permissioned blockchains at their most vulnerable points, user authentication and interaction, with proven cybersecurity solutions. Our goal is to establish stability in the crypto markets and enable real-world blockchain applications by ensuring absolute security.
Our CryptoDefender™ app for mobile and desktop devices is currently available in the market and we will soon be launching our ExchangeDefender™ and BlockchainDefender™ solutions. These products address a market of crypto users (24 million today growing to 200 million by 2025) and enterprises deploying blockchain technology.
If you as passionately as we do about blockchain security and crypto security, please be sure to connect with us on social.
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