![]() ![]() Potential prevention measures for this type of attack, she said, include code reviews, baseline smart contract execution and fine-grained smart contract access control. DeFi smart contracts are prime targets: For instance, from January through August 2020, there were six DeFi hacks where smart contract bugs were exploited, with hundreds of thousands of dollars stolen. Litan pointed out that smart contracts are a type of blockchain record that contain externally written code, and control blockchain-based digital assets. Node vulnerabilities including insider threat, data exposure and distributed app exposure lead to financial/value theft and data compromise and information manipulation.Smart contract vulnerabilities including bugs, exploits and unauthorized execution lead to theft and information manipulation.(Potential solutions: storing data off-chain, privacy-preserving protocols, user access control) Off- and on-chain data vulnerabilities around data security, data confidentiality and data integrity and validity lead to process failure and data compromise.(Possible solutions: decentralized consensus of data reads and writes, cross-checks on data validity) API and Oracle vulnerabilities including bugs, exploits and invalid data lead to account takeover and incorrect smart contract execution.(Potential solutions include identity proofing, endpoint protection, user authentication.) User vulnerabilities such as stolen or fake identity, insecure endpoints or weak credential management (passwords, private keys) lead to user account takeover.Notably, there are five top blockchain security threat vectors: “There are plenty of points of vulnerability in networks,” she said. Blockchain vulnerabilitiesīut just because blockchain data is cryptographically secured doesn’t mean data is always legitimate, Litan pointed out. These decentralized systems ultimately remove the need for repeated identity proofing across services, and support common authentication services by removing the need for multiple credentials.Īnd the Web3 era is swift approaching: Gartner predicts that by 2025, at least 10% of users under 20 years old will have a decentralized identity wallet on their mobile device for managing their identity attributes and making verifiable claims. Web3 will ultimately support user ownership of data and algorithms through decentralized identity (DCI) constructs, tokenization and self-hosted wallets, she explained. Also, some Web2 digital asset custody services - especially those that are not regulated - are no longer trustworthy. Web2 customer identity services and traditional enterprise identity and access management (IAM) frameworks “are no longer scalable,” she said. A web built on decentralized identity constructsĪvivah Litan, Gartner distinguished VP analyst, described the internet of the moment as “Web 2.5.” ![]() The firm predicts that the global Web3 blockchain market size will reach $12.5 billion by 2028, representing a compound annual growth rate (CAGR) of more than 38%. It can give the internet an entirely new dimension.” Each record contains a timestamp and reference links to previous transactions.Īs ReportLinker asserts: “Using blockchain technology, Web 3.0 can revolutionize internet usage. Its backbone is blockchain, a technology described by Gartner as an “expanding list of cryptographically signed, irrevocable transactional records shared by all participants in a network.”īlockchain is based on the broader concept of distributed ledgers. Put simply, Web3 is the internet without a centralized control mechanism. So the question is: Just what might security and threat prevention look like in Web3? But first: What exactly is Web3? “We need new, faster and more surgical threat prevention measures, and we need them now.” But, while touted for its decentralization and user- (and data-) centricity, when it comes to security and threat detection, “Web3 is outgunned, plain and simple,” asserts Christian Seifert of Forta Network. ![]()
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