Comprehensive security audit of the blockchain project

Although the blockchain system aims to protect the integrity of data, this does not mean that the applications running on it are immune to attacks. In addition, protecting blockchain applications from attacks is a rather complicated and time-consuming process. This is why the idea of ​​conducting a comprehensive blockchain security audit is gaining more and more importance in industries and companies using blockchain as software.

It is not uncommon for audits to uncover loopholes and vulnerabilities that target insecure integrations and interactions with various applications and servers. This makes blockchain security assessment critical to address such issues.

Here are some issues that lead to software vulnerabilities:

• Vulnerabilities in Smart Contracts: Smart contracts, also known as code snippets, running on blockchain networks are the most vulnerable to hacking attempts.

• Ignoring security assessments. Blockchain applications are deployed without sufficient security assessment.
• Development flaws. Most IT professionals would agree that it is impossible to develop code without some flaws. An audit helps identify such deficiencies.

Despite this, many projects do not conduct regular security checks, such as automated security checks and independent security audits. In addition, applications running on a blockchain are different from applications running on a centralized system.

In other words, if there is any problem, you will not be able to interrupt the application because the blockchain is a decentralized system. Thus, there is an urgent need to conduct a blockchain security audit in order to remain protected from any cyber threats or disruptions.

Although the advent of automated audit tools has been a relief to many, they are not able to catch all bugs and vulnerabilities. For this reason, manual auditing continues to play a very important role. So what is a blockchain audit?

A comprehensive security audit of a blockchain project is a systematic and structured check of the code of a blockchain development project, which is performed by manual and automatic methods. The process usually involves extensive use of static code analysis tools. But the main responsibility for the audit lies with experienced security professionals and developers who check the code for errors.

Let’s take a look at the different steps in the blockchain audit process:

1. Determination of the main goals of the project

A poorly directed blockchain security audit is worse than no audit. This leads to confusion, eats up time, and ends without any solid result. To avoid falling into an aimless audit loop, goals must be defined before the process begins.

The broad goal of a blockchain security audit is to identify security risks in the system, network, and technology stack. This goal can be narrowed down to several smaller goals related to different areas of security and your specific needs. It is also important to define a plan of action. A predefined goal and action plan will ensure that each component of the project and the project as a whole is properly assessed.

2. Definition of the components and their associated system data flow.

The second step is to recognize the system components and their associated data flow. The audit team should have a good understanding of the project along with its architecture and use cases

The existence of test plans and test cases is essential for the successful conduct of an audit. When auditing smart contracts, the version of the source code is blocked. This ensures the transparency of the audit process. This step will also help distinguish the already tested version from any new changes that are made to the code.

3. Identify potential security risks

Blockchain applications have nodes and APIs that enable communication across private and public networks. Nodes and their respective roles may differ in solutions as they are the communication entities in the network. With implementations and risks constantly evolving, organizations should consider reviewing risks. Some of the potential security risks in blockchain are related to data, transactions, etc.

4. Modeling threats.

Threat modeling is one of the essential components of a comprehensive blockchain security assessment. This allows you to identify potential system security issues. To be more precise, threat modeling can detect spoofing and data falsification. Moreover, it will help identify denial of service attacks.

5. Operation and correction

The last step in the process of a comprehensive blockchain security audit is maintenance and repair. Exploitation of the vulnerabilities found in the above steps reveals the severity of the risks. After assessing each identified vulnerability, a fix follows.

If you are looking for an experienced audit company, please contact us. Our experts have extensive experience in conducting a comprehensive audit of blockchain projects and are ready to check your project using all available types of tests, including static and dynamic code analysis, system configuration verification, network configuration flaw detection, permission verification, etc.

Based on the results of the check, you will get access to a detailed report, which will give an objective assessment of your project. A comprehensive security audit of blockchain security is of great importance for your business, as it will identify all security loopholes and unpatched vulnerabilities.