Indispensable steps of a blockchain security audit

Although the blockchain system refers to protecting the integrity of data, that does not mean that the applications running on it are not hacked. What is more interesting is that protecting blockchain applications from an attack is quite a difficult and time-consuming process. That is why the concept of performing a blockchain security audit is gaining prominence in industries and companies that use blockchain as software. Let’s talk about the Indispensable steps of blockchain security audit.

I. Why does Blockchain need to rethink security?

While blockchain is a technology known to be the most secure, there have been cases where vulnerabilities and vulnerabilities have been discovered – targeting its insecure integrations and interactions with applications. and different servers. This makes it important to evaluate blockchain security to eliminate such vulnerabilities and avoid exposing vulnerabilities in applications.

Some other issues that lead to vulnerable Blockchain software include:

Vulnerabilities in Smart Contracts: Smart contracts, also known as pieces of code that run on the blockchain network, are the most vulnerable.

Security Review Bypass: Applications that run on the Blockchain approach are deployed without a full security assessment.

Development Flaws: Also, the majority of IT professionals will tell you that it is impossible to develop code without any minor flaws.

Therefore, it is necessary to perform a Blockchain security audit to stay protected from any cyber threats or risks.

II. Indispensable steps of a blockchain security audit

1. Defining the goal of the target system

A misguided Blockchain security audit is worse than no audit. It leads to confusion, consumes time, and ends without any definite results. To avoid getting sucked into the blockchain security testing loop in a less direct, always define your test objective before starting with the process.

A broad goal of a security audit, blockchain or otherwise, is to identify security risks in your systems, networks, and technology stack. You can also narrow this down to a number of smaller goals related to different areas of security and your specific needs. Also define an action plan that is subject to the security audit.

2. Identify the component(s) and associated data stream(s) of the target system

The second step is to identify the components and associated data flows of the target system. Furthermore, the audit team also needs to understand the project along with its architecture and use cases. A review of test plans and test cases is also necessary to conduct a successful audit.

When you are doing smart contract testing in Blockchain, you need to lock the source code version first. This ensures that there is transparency in the audit process. Furthermore, this step also helps you distinguish the checked-out version from any new changes you show to the code. But it is important to note down the version number(s).

3. Identify potential security risks

Blockchain applications have nodes and APIs that are implemented by communicating over private and public networks. Nodes and their respective roles are distinguishable in solutions as they are communicating entities within the Blockchain network. With the constant evolution of implementations and risks, organizations should consider reviewing risks.

4. Threat Modeling: Blockchain Security Audit

Strictly speaking, threat modeling can detect data tampering and data tampering. Furthermore, it can also identify denial of service attacks on the Blockchain system. As an integral part of the blockchain security audit, this step also defines data manipulation.

5. Exploit and overcome security audit

The final step in the Blockchain security audit process is – Mining & Disposal. The exploitation of the vulnerabilities found in the steps above shows the severity of the risks. Exploitation, basically, is determining the vulnerability of a vulnerability and its manifestations on the system. However, Remediation deals with patching those vulnerabilities.

Want to know more about the Indispensable steps of a blockchain security audit – contact us.

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