How to Perform a Blockchain Security Audit?

Why does Blockchain need to rethink security?

Although blockchain is believed to be the most secure technology, there have been cases where gaps and weaknesses were uncovered — targeting its unsecure connections and interactions with other servers and apps. In order to close these security gaps and prevent application vulnerabilities from being exposed, Blockchain Security Audit evaluation is thus essential.

A few other problems that lead to a vulnerable Blockchain software include:

• Smart contract vulnerabilities: The programming that runs on blockchain networks and is referred to as “smart contracts” is especially susceptible to hacking attempts.
• Ignoring Security Assessments: The Blockchain-based apps are launched with insufficient security analysis.
• Development Errors: The majority of IT professionals would also agree that it is difficult to build code without at least one little error.

Even said, a lot of Blockchain systems do not do routine security audits, such as independent security audits and automated security checks. Applications that operate on Blockchain also differ from those that run on centralised systems. In other words, because Blockchain is a decentralised system, you cannot halt the app’s functions in the event of a malfunction.

Therefore, doing a Blockchain security audit is essential if you want to avoid falling victim to cyberattacks or other mistakes.

How to do a Blockchain Security Audit?

The unfortunate truth is that there aren’t many tools available to do a blockchain security audit, despite the fact that the introduction of technologies like VeriSol is a comfort to many. Because of this, human auditing continues to be crucial in Blockchain networks and applications.

A manual code review that is methodical and structured and performed on a blockchain development project is known as a blockchain code audit. Static code analysis tools are frequently used extensively during the process. However, it is the job of the blockchain engineers and experienced security specialists to analyse the code and look for problems. Let’s look at the various phases of the Blockchain auditing process.

1. Define goal of the target system

A poorly focused Blockchain security audit is preferable to none at all. It causes confusion, takes time, and has no conclusive outcome. Always specify your audit goals before you begin the process to prevent being trapped in a Blockchain full node Audit Services that goes in circles.

Identifying security threats in your system, network, and tech stack is a general purpose of a security audit, whether it involves blockchain technology or not. This aim may also be broken down into a number of more precise objectives that address various security concerns and your own requirements. Also specify the course of action that should be taken after the security audit. A predetermined objective and action plan will stop you (the auditor) from becoming disorganised throughout the audit and keep your evaluation on track.

2. Identify component(s) and associated data flow(s) of target system

Recognizing the target system’s components and the related data flow is the second stage. Additionally, the auditing team must comprehend the project’s architecture and use case. To carry out an audit successfully, test strategies and test cases must be reviewed.

Locking down the source code version is the first step in any Blockchain smart contract audit. This ensures that the auditing process is transparent. Additionally, this step aids in distinguishing between any fresh changes you make to the code and the version that has already been audited. However, it’s crucial to record the version number.

3. Identifying potential security Risks

Nodes and APIs in blockchain applications communicate with one another across both private and public networks. As the communicative entities in the Blockchain network, nodes and their corresponding responsibilities might differ in solutions. Organizations should think about reviewing the risks given the ongoing evolution of implementations and risks. Blockchain technology may have some security risks involving data, transactions, etc.

4. Threat modeling: Blockchain security audit

One of the essential elements of a blockchain security evaluation is threat modelling. Potential system security concerns can be found more quickly via threat modelling. Threat modelling can specifically detect data faking and data manipulation. Additionally, it may spot threats that cause a Blockchain system to become unresponsive. This process, which is crucial to the blockchain security audit, also detects data modification.

5. Exploitation and remediation

Exploitation & Remediation is the last phase in the Blockchain security assessment process. Exploiting the weaknesses identified in the aforementioned phases demonstrates how serious the threats are. Exploitation simply involves determining how easily a vulnerability may be exploited and how it manifests itself on the system. However, remediation focuses on fixing such flaws.

Professional blockchain security audit by Astra Security

You should not look past Astra Security if you need a qualified blockchain security evaluation. The Astra security specialists will perform over 1200 tests on your system when you sign up for their security audit, including static and dynamic code analysis, configuration checks, network configuration problems, permissions checks, and more.

Additionally, you would have access to a collaborative dashboard where you could instantly check for vulnerabilities detected in your Blockchain system. Astra security engineers will re-scan to ensure that all patches have been applied in the event that you are fixing the identified vulnerabilities.

The Blockchain security model from Astra Security has the following features.

Secure Architecture Review: Astra examines your Blockchain system’s fundamental architecture to weed out potential security holes in the original plan.

Review of payment platforms: Using its unique and reliable governance architecture, Astra also evaluates the technology and procedures in the blockchain system.

Security Assessment: This security assessment step’s primary objective is to find problems with smart contacts and apps.

Review of APIs and SDKs: This stage involves evaluating the platforms’ hosting services.

For your company, a Security audit for blockchain full node assessment is crucial. A thorough analysis of your Blockchain system would inform you of any security gaps and open vulnerabilities. Choose one of Astra Security’s cost-effective VAPT services to get your Blockchain system evaluated right now.