Web3, blockchain, and smart contracts offer exciting possibilities for a decentralized and secure future, but they also introduce new cybersecurity challenges. This research seeks to identify the most pressing cybersecurity research topics and challenges in these areas, focusing on:
- Web3 applications: scalability, privacy, decentralized identity management, dApp security, and interoperability.
- Blockchain technology: consensus mechanisms, blockchain forensics, sidechains and cross-chain communication, privacy-enhancing technologies, and quantum-resistant cryptography.
- Smart contracts: smart contract security auditing, formal verification, runtime security, smart contract composition and interoperability, and smart contract economics and game theory.
This research aims to inform future research efforts and contribute to the development of secure and trustworthy Web3, blockchain, and smart contract ecosystems.
Keywords: Web3, blockchain, smart contracts, cybersecurity, research, challenges, privacy, scalability, consensus, forensics, interoperability, cryptography, game theory.
maintaining privacy but still being able to authenticate - ie Zero Knowledge Proof
My thoughts:
Web3 is a conceptualization of a decentralised and cooperatively owned iteration of the Web (Cloudflare, n.d.). The transition from Web 1.0 to Web 2.0 introduced enterprises to a variety of novel security vulnerabilities (Cloudflare, n.d.). As enterprises venture into the realm of Web3, they will inevitably encounter a fresh set of security vulnerabilities (Cloudflare, n.d.). The fundamental principles of Web3 encompass decentralisation, consensus, and implicit trust (Cloudflare, n.d.). Nevertheless, the expeditious advancement of technology coincides with a similarly swift transformation in cybersecurity patterns, wherever occurrences of data breaches, ransomware attacks, and hacks have become nearly customary news topics (Prakash, 2023).
Blockchain technology (BCT) is a nascent technology (Mahmood et al., 2022). The study by Mahmood et al. (2022) investigates the cybersecurity concerns in BCT with the aim of enhancing the value of business processes and transforming corporate operations. Blockchain employs distributed ledger technology (DLT) as a means to circumvent centralised databases, which are susceptible to cyberattacks (Benjamin, 2021). Nevertheless, blockchain is not necessarily a universal remedy, as blockchain applications do not obviate the necessity of adhering to existing cybersecurity protocols (Benjamin, 2021). The security of blockchains is compromised by hackers and fraudsters using four main methods: phishing, routing, Sybil, and 51% attacks (IBM, n.d.).
Smart contracts are computer programmes written in code and kept on a blockchain. They are specifically designed to autonomously execute and enforce the terms of an agreement (Zahid, 2022). Key security concerns encountered by smart contracts are code vulnerability and reentrancy attacks (Zahid, 2022). Code vulnerability encompasses a range of security weaknesses, including buffer overflows, SQL injection, cross-site scripting, and other similar issues (Zahid, 2022). Reentrancy attacks enable an assailant to invoke a contract's function several times before to the completion of the initial invocation, perhaps leading to unforeseen consequences (Zahid, 2022).
References
Benjamin, N. (2021). How effective is blockchain in cybersecurity? ISACA Journal, 4. https://www.isaca.org/resources/isaca-journal/issues/2021/volume-4/how-effective-is-blockchain-in-cybersecurity
Cloudflare. (n.d.). Understanding Web3 and its security implications. https://www.cloudflare.com/the-net/web3-security/
IBM. (n.d.). What is blockchain security? IBM. https://www.ibm.com/topics/blockchain-security
Mahmood, S., Chadhar, M., & Firmin, S. (2022). Cybersecurity challenges in blockchain technology: A scoping review. Human Behavior and Emerging Technologies. https://doi.org/10.1155/2022/7384000
Prakash, M. (2023). 60+ Latest cyber security research topics for 2023. KnowledgeHut. https://www.knowledgehut.com/blog/security/cyber-security-research-topics
Zahid, S. (2022). Major smart contract security challenges – Updated 2023. Metaschool. https://metaschool.so/articles/smart-contract-security-challenges/
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