Securing Blockchain Beyond Web3

Given the extent to which the Internet and Internet-enabled applications are intertwined with virtually every aspect of modern life, the question of who controls the Internet and sets the standards that guide its development—or whether it is controllable at all—is of enormous importance. This is true for the prosperity and security of everyone relying on the Internet and for the future of geopolitics.

Web3 is the next generation of the Internet, bringing together new networking technologies and financial infrastructure in a way that blurs the traditional boundaries of telecommunications and finance, resulting in new decentralized and democratized models of network interaction based on web users' cryptographically secured autonomy. However, for this to work, these novel web3 technologies must be made secure against various non-state and state-level attackers. Building such security into web3 cannot be done as an afterthought.

The web3 threat model must account for efforts to compromise the confidentiality, such as mass surveillance of financial transactions by authoritarian governments, exploitation of web3 infrastructure and services to enable fraud and illicit finance, and availability attacks that deny or degrade web3 service access. Web3 must be resilient in the face of organized crime and nation-state actors with vast resources and infrastructure access.

Securing The Blockchain

One way to secure a blockchain beyond the current state of Web3 is to use advanced cryptographic techniques to protect the integrity and confidentiality of the data stored on the blockchain. This can include using digital signatures, hash functions, and zero-knowledge proofs to ensure that only authorized users can access the data and that it cannot be altered without detection.

Another approach to improving the security of a blockchain is to implement measures to prevent attacks on the network, such as distributed denial of service (DDoS) attacks and 51% attacks. This can include using advanced consensus algorithms resistant to these attacks and implementing robust network security protocols to protect against malicious actors.

Overall, securing a blockchain beyond the current state of Web3 requires a combination of advanced cryptographic techniques and robust network security measures to ensure the integrity, confidentiality, and availability of the data stored on the blockchain.

Blockchain technology is used to share and store medical data, improve patient care, and streamline supply chains. One obvious application for these innovations is the often scary experience of receiving medical care abroad. This highlights blockchains' often-overlooked role as a disintermediation tool.

Legal proof of who we are, our qualifications, and our credentials are provided by blockchain-based digital identity. With an estimated $24 billion in identity fraud losses in 2021 alone, the need for a secure method of confirming identity is more pressing than ever. Digital identity creates a verifiable confirmation of identity while concealing the data used to generate these credentials. As a result, attackers cannot replicate or use the data to impersonate someone else. However, as with any new technology, its resolution of prior art vulnerabilities introduces new vulnerabilities of its own. This is why digital identity technology must employ web3 security practices.

Web3: How to move forward securely

Given the decentralized and interoperable nature of web3, these blockchain use cases will almost certainly become deeply connected to web3 technologies and infrastructures. This is obvious with CBDCs, but it also applies to healthcare infrastructure, as new dApps and smart contracts originating in web3 will seek to cater to these new sectors.

As businesses explore and begin to interact with Web3, they must always keep security in mind. Security flaws can cripple a company or harm its reputation. Because Web3 applications rely on Web 2.0-style frontends, businesses must protect themselves against Web 2.0 and Web3 security threats.

QuillAudits is a smart contract auditing company working towards securing Web3 and making it a safer place. It has the tools and expertise to provide cybersecurity solutions that can save millions of dollars.

📌 700+ projects completed globally.

📌 Over 600,000 lines of code were audited.

📌 We have collectively saved approximately $16 billion from attacks and thefts.