Major Security Risks and its Alleviating Techniques: Blockchain Web Application Perspectives
Rinku Raheja, Prabhash Chandra Pathak, Syed Anas Ansar · 2024
Blockchain technology, renowned for its decentralized nature and robust security features, is increasingly integrated into web applications. The blockchain web application is not risk-free from the security issue, just like any other application. This paper examines the fundamental vulnerabilities of blockchain web applications, namely intelligent contract vulnerabilities, consensus mechanism vulnerabilities, and private key management risks. It also reviews the current literature regarding blockchain security, revealing critical findings and finding the research gap. The paper further describes several robust techniques helpful in mitigating such risks: strengthening smart contract security through code auditing and formal verification, reinforcement of consensus protocols with hybrid models, and private critical protection using multi-signature wallets and hardware security modules. The study concludes with a discussion on future directions in blockchain security, emphasizing emerging technologies and the importance of collaborative efforts between blockchain projects and security researchers. The following analysis is designed to contribute more secure blockchain-based web applications.