Blockchain Audits: Steps to Ensure a Network is Secure

For blockchain companies to truly validate their internal security protocols, they need to be audited thoroughly. Here is a brief overview of how the process unfolds.

In recent years, blockchain platforms have become the centerpiece of many tech conversations around the world. Indeed, the technology is not only at the heart of nearly every cryptocurrency in existence today, but also supports a range of independent applications. In this regard, it should be noted that the use of blockchain has infiltrated a host of new industries, including banking, finance, supply chain management, healthcare, and gaming, among others. .

Because of this growing popularity, discussions about blockchain audits have increased dramatically, and rightly so. Although blockchains enable decentralized peer-to-peer transactions between individuals and businesses, they are not immune to hacking and third-party infiltration issues.

Just a few months ago, criminals managed to break into gaming-focused blockchain platform, the Ronin Network, eventually smashing their way in with over $600 million. Similarly, late last year, blockchain-based platform Poly Network fell victim to a hacking scheme that cost the ecosystem more than $600 million in user assets.

There are several common security issues associated with today's blockchain networks.

Even though blockchain technology is known for its high level of security and privacy, there have been many instances where networks have contained loopholes and vulnerabilities related to insecure integrations and interactions with applications and third-party servers.

Similarly, some blockchains also suffer from functional issues, including vulnerabilities in their native smart contracts. At this point, sometimes smart contracts - pieces of self-executing code that run automatically when certain predefined conditions are met - have certain errors that make the platform vulnerable to hackers.

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