- Blockchain Technology is unique and enticing.
- Its ability to develop a secure and immutable network has been the primary reason behind the formidable run of so many decentralized cryptocurrencies and the inception of next-generation innovations like Web 3.
In today’s fast-paced world, blockchains are being used in multiple industries, ranging from supply chain management to identity verification. But the fact remains that no technology is completely secure and blockchain is also penetrable and susceptible to security risks.
Best Practices for Blockchain Securities
- Implementation of two-factor Authentication
This is an important aspect of security in the Blockchain ecosystem. It might not be foolproof, but it increases the security of the online account significantly and should be used whenever possible. It adds an extra layer to the online account by adding a second factor after password verification. The second factor can be a unique hardware token or a regular biometric factor like a fingerprint or iris scan.
- Use of Anti-Phishing Tools
Phishing attacks are too common nowadays, as cybercrime offices are flooded with reports of people getting scammed so frequently, losing a lump sum of their hard-earned money in seconds. It is important to observe the signs and patterns of a phishing attack. Any text or Email that insists on clicking the link or asks to fill in sensitive credential information should be considered suspicious. An anti-phishing tool can help sort out and identify such malicious phishing attempts, keeping the blockchain safe and secure.
- Using VPNs – Virtual Private Network
VPNs are widely used nowadays for various purposes, from running a banned site to downloading a movie through torrents. They are preferably used for activities that might seem illegal but aren’t much of a threat but that’s not all about them; they certainly have a lot more pros than cons. One such pro is its role in confronting online security threats. A VPN is a secure connection between two parties in an encrypted way. VPNs help hide the real IP address and location, which results in enhanced privacy and improved security. It is recommended to choose a reputable VPN provider.
- Keeping the software up to date
Installing security updates regularly from time to time so that any virus or malicious bug can be eradicated and blocked automatically by the software as soon as they are discovered. Again, it’s more beneficial to choose a reputed and prominent provider for blockchain security needs instead of less recognized ones. By staying one step ahead of the latest security threats, the blockchain network has a near-zero chance of getting tampered with by external threats.
- Allowance of only Trusted Senders and Recipients
Even though this is self-understood and something simple and known to most of the users, it is still quite important to make sure that they are interacting only with trusted entities on the blockchain. It doesn’t mean that they should be too adamant about not interacting with new entities but it simply implies that they need to be careful about the entities they are interacting with.