Blockchain is a revolutionary technology that has the potential to transform how we do business.
With blockchain, all records are updated and validated across an entire network of computers.
This means that blockchain offers businesses unprecedented levels of security against cybercriminals who may try to steal sensitive data or tamper with transactions – but blockchain also comes with its own set of unique risks.
In this blog post, you will learn about what blockchain is, what threats it poses for your business, and how you can protect yourself from these new kinds of attacks using a blockchain monitoring tool.
Blockchain is a decentralized ledger that records every transaction of digital currency.
It can be used to store the history, ownership, and management rights for all sorts of assets like money or intellectual properties as well.
Blockchain technology has been around since 2008.
Blockchain networks have no central point of failure that would allow an attacker to disrupt all transactions at one time, making it more difficult for hackers to cripple blockchain’s security system.
There are different ways blockchain can be hacked such as the following:
Double-spending is a type of fraud that happens when the same digital token or cryptocurrency can be spent more than once.
This form of theft typically occurs in online transactions with cryptocurrencies, where users quickly send money to themselves and then spend it again before their original transaction has been confirmed by miners on the blockchain ledger network.
For this reason, some refer to these types of thefts as “fast” cyberattacks.
They are so quick and virtually undetectable for victims until after they have already lost funds from scams like phishing attacks.
This leads them into sending payments directly back to unsuspecting targets who continue reaping commissions off legitimate sales while also pocketing all illicit profits generated by such fraudulent activity.
Some blockchain cyberattacks occur when a mining pool is hacked and the attacker gains control of over 50% of the computational power.
The attackers then use this majority to complete fraudulent transactions that are not correctly validated by other miners on the blockchain network, making it possible for them to execute double-spending attacks where they spend money more than once.
Blockchain networks can have their own threats just like any other network online right now.
There was recently an incident where cybercriminals used malicious code (malware) through the two mentioned services listed above.
These codes allow them to access users’ private keys and steal cryptocurrencies from victims’ accounts.
Smart contracts are programmed with blockchain-based blocks that execute the terms of a contract.
They can be useful for automating transactions, but they can also have vulnerabilities in them due to their complexity and lack of security errors checking protocols.
Blockchain security has been a hot topic for years now.
There are many discussions on how to protect your business from blockchain attacks, but there is no one-size-fits-all solution!
The best way to avoid any type of attack that you may come under as an owner or manager in the cryptocurrency space will be through constant vigilance, caution, and blockchain monitoring tools.
Blockchain technology was designed with safety at its core; however, despite this fact it is not immune from cyberattacks like other types of software programs can be.
Blockchain is envisioned as the next big thing in IT.
And with good reason: it is a secure, decentralized technology that enables transactions without involving any third parties like banks or governments.
Yet many companies are still adopting blockchain slowly because of concerns about security and privacy breaches nowadays.
To blockchain monitoring, there are a few factors to consider.
For one thing, blockchain is not yet fully mature and has had some problems with scalability–the number of transactions it can process at any given time.
This will be something you want to monitor as blockchain develops.
Blockchain monitoring tools provide power-packed features for you to use in blockchain monitoring.
Blockchain monitoring monitors blockchain transactions for fraudulent, illegal, or corrupt activity by identifying patterns of fraud and blockchain-related threats to your business in real-time.
It also provides blockchain forensics – pinpointing the source location of a threat with its geo-mapping feature.
This is useful when investigating suspicious blockchain transactions that may have been carried out over an extended period of time such as ransomware or malware attacks.
Blockchain monitoring tool prompts you for critical issues of your website in real-time.
The blockchain forensics feature also helps you identify the source location of a blockchain-related threat.
Additionally, blockchain monitoring is powered by AI and machine learning algorithms which constantly improve to better detect suspicious activities on your site that analyze historical data for possible similar attacks in the past.
It is not enough these days to protect your company’s data from attack.
The time and resources that are required for a cyber-attack can be significant, but it takes just one small hole in the system to make things go haywire quickly.
So keep an eye out and never let down your guard against potential vulnerabilities by following this checklist:
The first step – find any flaws within security protocols before they do damage.
Do not wait until after something has already gone wrong.
You should constantly monitor systems using various techniques such as penetration testing or vulnerability scanning software which allow you to see where there may be weak points of entry into networks even if those holes are not currently being exploited.
Second – be proactive and update your blockchain protocol to the latest version as soon as it is available.
Many updates offer critical fixes for known vulnerabilities so make sure you stay up-to-date.
Third, do not forget about the blockchain apps that are being used on your network infrastructure.
Replacing these with enterprise versions of the software will reduce the risk of your website geolocating, blockchain malware, and other blockchain attacks.
Fourth – if you are using blockchain in a shared network environment, make sure the blockchain is not too accessible at any time when it is not being used or accessed by authorized users.
Lastly, use a blockchain monitoring tool to provide another layer of security in your blockchain networks.
With blockchain monitoring tools in your network, it prevents many of these common types of threats from happening.
Blockchain is a new technology that many people are claiming will revolutionize the way we do business and interact with one another.
It is no surprise then, that blockchain security has become an increasingly important subject of conversation among both entrepreneurs who want to protect their own company’s data from being compromised and hackers looking for vulnerable targets.
Pinghut offers uptime and blockchain monitoring tools to help companies monitor their downtime, page load speed, SSL certificate expiration, and API monitoring.
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