Though Praised For Security, Blockchain Still Prone To Hacks - Report.

Though Praised For Security, Blockchain Still Prone To Hacks - Report.

2019-02-20 | Selina Mathew

Though Praised For Security, Blockchain Still Prone To Hacks - Report.

MIT Technology Review magazine has revealed an 'article' recently on yesterday, arguing that security-touted blockchain tech is still prone to hacks.The magazine is completely owned by the U. S. Massachusetts  MIT [Institute of Technology].

In the recent article, the MIT Technology Review outlined that blockchain technology represents a complex economy system that depends on un-predictable human behavior.

As such, the Review’s outlined multiple security breaches that are progressively rising in crypto's and smart contract platforms since the origin of crypto’s, citing variety of incidents as well as the recent double spending vulnerability issue that was 'found' on a renowned United States based cryptocurrency exchange named ‘Coinbase’, earlier in Jan. first week, this year.

The Review additionally enumerated variety of conditions that make blockchain technology vulnerable, as well as both unintentional 'bugs' within the system along with the human factor. The magazine added:

“In short, whereas the blockchain technology has been long touted for its security, beneath several conditions it is quite vulnerable. Typically shoddy execution can be blamed, or unintentional software bugs. Other times it’s additional of a grey area — the sophisticated result of interactions between the code, the economics of the blockchain and human greed.”

The Review has additional cited several bounties — programs provided by blockchain and crypto currency firms that permit white hat hackers get rewards by reporting a certain [blockchain flaws] on a given platform.

According to TheNextWeb, white hat hackers 'earned' around $878K USD in total by reporting crypto bugs, earlier in last year.

Recently, Coinbase handed out a $30K reward for reporting a major critical bug on its system, that is the largest cryptocurrency bounty ever given out by the exchange on HackerOne.

Previously, the MIT Technology Review had 'argued' that the blockchain technology will finally become common by this year, considering the technology a disappointment for 2018.

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