It was in the year 2021 that we saw an unprecedented surge in people getting more and more interested in blockchain technology. Since its inception, this underlying technology has offered multiple growth opportunities to its users. This paradigm shift has resulted in blockahin technology offering something which is beyond cryptocurrencies.
However, there have been various drawbacks offering wide range of security concerns in the blockchin arena. So, with all the grandeur that this technology has on its plates, it is also important to not overlook its associated security flaws. With the help of an experienced blockchain auditor you can eliminate all the vulnerabilities!
In a world of decentralized applications, it becomes necessary to be ahead by implementing strategies to combat blockchain security concerns. This is what this post will talk about where we wil bedealing with some of the best practices for blockchain security.
So, let us begin.
What Should You Do To Maintain Blockchain Security?
The first and most important thing that you must never ignore is to go for a blockchain security audit. Let the auditors do their work–find the vulnerabilities, and help you mitigate them to avoid future hacks.
Other than that, here are some practices you should follow, together with a security mindset.
- Apply cybersecurity hygiene
- Whether you’re a consumer, executive, or employee doesn’t matter–you ought to have a security mindset and implement cybersecurity hygiene.
- Implement two-factor authentication
- Use VPNs
- Go for a strong private key management
- Use cold (hardware) wallets for storing cryptos
- Allowlist trusted senders and recipients
- Be aware of the custodial services
- Install security updates
- Security best practices and blockchain-specific mitigation
- Security leaders must balance strategizing security practices while thinking of new tools. tomaintain clarity and accountability and see that the organization aligns with the new technology.
- Apply for governance specific to blockchain security–know how new users join or lave the network. This will help you in eliminating bad actors, address all the conflicts between different parties, manage errors, and so on.
- In addition to data minimization, keep a check on what all you store on-chain. Youmust also include some added security measures for sidechains, cloud storage, hash data etc.
- Due to the multiparty nature of blockchain, databases, servers, infrastructure interact with each otherthere is a high chance of flaws or exploits. Therefore, you must include reviews of users, vendors, safeguards.
- Focus on blockchain application security and smart contract security
- As systems complexity expands, it can lead to unautorized transactions, data manipulation, and misconfigurations, etc. So, keep a check on interoperability.
- Secure your private key access
- Securing your private key access is one of the most important practices for maintaining blockchain security.AsBecause, these are the keys that can give anyone the access to a particular blockchain network.
- If anyone other than you gets the access to private key, then can easily steal your funds. To keep them safe, you can go for hardware wallets, implement multi-signature schemes, use threshold signature schemes, etc.
- Utilize consensus mechanisms for preventing 51% attacks
- Blockchain networks depend on consensus mechanisms to make it a point that all the nodes agree on the state of the network. In case, hackers control 51% of the total computing power of the network, then it is possible for them to gain complete control over the network.
- There are some consensus mechanisms that are resistant to 51% attacks. Such as Proof of Stake (PoS), Proof of Work (PoW), Delegated Proof of Stake (DPoS) that you must utilize.
- Use trusted auditors and third parties
- You should only rely upon a trusted blockchain auditor for carrying out security assessments, smart contract audits, penetration testing, etc. This way you can easily stay away from emerging threats and attacks on cryptographic algorithms, etc.
Blockchains might feature a variety of innovative stakeholder considerations and design settings, but much like other technologies, they are vulnerable to malicious usage and human mistake.
So, aforementioned are some of the top practices for blockchain security that will help you make secure transactions on different blockchains.
The only way to safeguard the blockchain transactions and assets is by securing the network from all the security concerns. By following the best practices, that we have underlined in this post, you can maintain a robust blockchain security against a wide range of potential threats.
Don’t let security concerns hold you back from using the full potential of blockchain technology. Rather, implement all the necessary security measures to fortify your blockchain network to reap multiple benefits via secure blockchain transactions!