CRYPTOPEDIA

The main economic and technical threats for the blockchain applications

The information security market is normally one step behind innovations in the world of information technologies. Many companies often recall the safety of the product when something has already happened and the subsequent risks of detecting and exploiting a security deficit exceed the cost of a defect. Blockchain is the underlying technology of Bitcoin. Thus, the Bitcoin community is keeping a track on the news and updates. Bitcoin price is often influenced by the news regarding the blockchain technology. It is also important to understand what is blockchain when researching Bitcoin and other cryptocurrencies.

Uncertainty of changes in blockchain

The crypto currency market is very unstable and it is very difficult to predict what will be the course of a particular coin or to reveal the regularity. Sometimes the logic of the application depends on the course of the cryptocurrency or token, and developers need to build the application model in such a way that possible fluctuations in the exchange rate are taken into account.
What to do? It is necessary to track the changes in the value of assets and make the appropriate changes to the smart contract. If a smart contract is autonomous over a long period of time, then such a scenario is not always possible and requires a different approach to solve the problem.

 Delays in obtaining information

Despite the fact that we live in a world of high technologies and high speeds, we can not deny that sometimes the speed of obtaining data does not match the claimed data or the resource has problems with availability. It may happen that the necessary centralized resource has been subjected to a DDOS attack, or a country has decided to block it on its territory.

Inside the closed decentralized systems, the delay in obtaining data is also possible, for example, if a smart contract depends on certain data of another contract that a third-party system participant must contribute.

Timing problems can also be attributed to the race condition when the transaction is included in the block, if the transaction falls into the wrong uncles or if the blockchain network is overloaded due to the large number of transactions sent.
In emergency situations, when there is no possibility of receiving information from external sources, there should be a possibility to manually enter data into the application.

Inconsistency of the received data in blockchain 

Description: If you properly develop the architecture of any application, you should not trust a single source of data retrieval. The data acquisition chain is very long and potentially can be changed on any site. The correct solution would be to receive data from several independent sources and compare them. If the data are different, this discrepancy should be noted and action taken.
Any resulting exceptions are fairly easy to handle in centralized applications. In decentralized applications, there are many nuances that are not always easy to foresee.

Blockchain path dependence

Description: Sometimes smart contracts use third-party libraries for convenience, or even address third-party calls to other contracts. This architectural implementation can help with the process of updating smart contracts, but at the same time makes the application itself depend on the performance of third-party programs and libraries.

Do not rely on a third-party contract. It should also be noted that even if the contract code does not contain a call to the selfdestruct method, it can still perform this operation using delegatecall or callcode.

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blockchain, ICO, bitcoin, ethereum, mining

CRYPTOPEDIA


The main economic and technical threats for the blockchain applications

Published by blockchain, ICO, bitcoin, ethereum, mining