Blockchain boasts transparency among its transactions and is said to be tamper-proof. This is why it is quickly gaining popularity. However, with great power comes great responsibility, and blockchain networks are no exception. Just like any other system, the blockchain is vulnerable to attacks. That’s why it’s important to perform regular blockchain penetration testing to ensure its security.
In this article, we’ll discuss all the necessary steps to performing a successful blockchain pentest.
What is Blockchain Penetration Testing?
Blockchain penetration testing involves simulating attacks on a blockchain network to find and exploit its vulnerabilities. This is done to understand how each flaw can be taken advantage of so that you can fix them appropriately and ensure an attack doesn’t take place.
Why is it important?
As we mentioned earlier, the blockchain is a powerful tool that can be exploited if not secured properly. As a result, it’s critical to conduct regular blockchain penetration testing. By identifying and fixing vulnerabilities, you can help ensure the security of your blockchain network.
Security issues with blockchain
The blockchain is a new technology and, as such, has not been extensively tested. Therefore, it is vulnerable to various attacks. Among the common security issues with blockchain are:
- 51% attack – This is an attack in which a malicious actor gains control of more than half of the nodes on the network, allowing them to tamper with or even prevent new transactions.
- Double-spend attack – A double spend is when a malicious actor spends the same cryptocurrency more than once, for example by sending the same coin to two different recipients.
- Race condition – A race condition is an exploit that takes advantage of how transactions are processed on the blockchain.
- Sybil attack – Here a malicious actor creates multiple fake identities to gain control of the network.
- Timejacking and clock drift attacks – These are attacks that allow malicious actors to rewind the network’s clock and manipulate timestamps.
- Denial of service (DoS) attack – A DoS attack is an attack in which a malicious actor overwhelms the network with so much traffic that it can’t function properly.
Also read: Find blockchain consultants
Steps to perform blockchain pentesting:
1. Discovery
The first step in blockchain pentesting is discovery. During this phase, you’ll need to understand the blockchain architecture and how it works. You’ll also need to identify any compliance requirements that must be met. After you’ve had a thorough grasp of the system, you may move on to the evaluation phase.
2. Evaluation
In the evaluation phase, you’ll assess the security of the blockchain system. This includes identifying and exploiting any vulnerabilities. You’ll also want to test the functionality of the system, including its size and speed. After completing your assessment, you’ll move on to functional testing.
3. Testing
In testing, you’ll simulate real-world attacks against the blockchain system. When testing the blockchain consider:
- the size of each block and the blockchain
- how a block is added
- data transmission
- the smart contract
Then include the following in your testing:
- API testing – Testing the APIs allows you to understand how the system works and identify any vulnerabilities.
- Integration testing – Integrating different systems with the blockchain can help identify any vulnerabilities that may exist.
- Performance testing – Testing the performance of the blockchain is important to ensure it can handle the load of transactions.
- Security testing – Security testing is essential to identify and fix any vulnerabilities that may exist.
- Smart contract testing – Testing the smart contract ensures that it works properly and is not vulnerable to attacks and the code is error-free.
After you’ve completed all tests, you’ll need to evaluate the results and create a report.
4. Reporting
Draft reports that are simple to comprehend even for non-technical users. In this way, they will be able to fix vulnerabilities without any help from an expert. You’ll also recommend any necessary remediation steps.
5. Remediation
After testing has been completed and the report has been generated, it’s time to fix any vulnerabilities that were found. This includes implementing security measures to prevent attacks as well as repairing any damage that was caused by the attack.
Who can perform blockchain pentests?
Pentesters should have a good understanding of how blockchain works as well as experience with various attacks. They should also be able to identify vulnerabilities and recommend remediation steps.
If you lack in-house skills, you may want to consider hiring an external company or individual to perform the pentest such as Astra Security.
Conclusion
The importance of performing blockchain penetration testing cannot be overemphasised. By identifying and fixing any vulnerabilities in your blockchain’s network, you can secure all your transaction data. Blockchain technology is still new and evolving, so it’s important to stay ahead of potential threats by regularly performing pentests.
By following the steps in this guide, you can perform a comprehensive blockchain pentesting assessment that will identify any vulnerabilities in your system. After following the remediation tips, you can rest confident that your blockchain network is now safer than ever.
Avanti is a voracious reader of books in psychology and physics while being an experienced digital marketeer and ukelele artist. She writes on remote work, technology, space, quantum physics, and productivity.
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