Speakers:
Kennashka DeSilva
Aimee Reyes
Blockchain is a technology that is rapidly gaining widespread adoption; however, security standards, frameworks, or methodologies that incorporate the OWASP principles are not widely available. Frameworks such as OWASP as it relates to Blockchain Application Security (BAS) can ensure accountability, fair participation, and security within the network.
DEFI stands for Decentralized Finance and is an alternate financial universe with a steadily growing catalog of applications that runs autonomously, where users can deposit digital assets and earn returns, borrow, and loan money - still in its infancy. There is an opportunity to increase the quality of life and economic health across the board as currently, the total all-time high exceeds $2t with about $3b lost or stolen through hacks.
What are some components within a blockchain?
Blockchain networks are primarily managed through a peer-to-peer network for use as a publicly distributed ledger. Some components of the blockchain include transaction blocks of data representing each transaction found. The wallet stores your funds and allows a way to buy, sell, swap, and earn cryptocurrencies. Smart Contracts are computer code that automatically executes all or parts of an agreement. Public Key Cryptography, or asymmetric cryptography, is an encryption method that employs two mathematically related numbers.
How does the blockchain work?
Bob wants to send money to Susan. Bob’s transaction gets represented within the block. The block gets broadcasted to every party in the network. The transactions gets confirmed and approved. The block gets appended to the ledger, and Susan receives her funds.
The OWASP Top Ten List is an industry-recognized tool for identifying vulnerabilities in application security. Blockchain Application security has some areas of opportunity for correlating OWASP to the blockchain to help discover potential vulnerabilities in blockchain systems.