The Cryptocurrency Security Bounty Program
Startup companies in the cryptocurrency space seem to be running out of ideas of how they can keep their system safe and secured. The cryptocurrency exchange Binance is offering about $250,000 for any body who can have information enough to arrest the people behind the alleged attempted hack on its servers.
Historically offering bounty has brought a lot of positive results usually in man haunt of want criminals and lost properties. There are some records too indicating the efficiency of bounty programs in the cyber world. The main advantage of a bounty program is that very many ideas for solving the problem can be obtained at a fairly cheaper price since only one successful solution is paid for.
The log of possible solutions to the problem can be used in developing system resilience that can prevent the occurrence of similar problems in the future or make handling them more easier and cheaper.
Can we rely on this Bounty Program as our main security Shield against Hackers?
Blockchain and cryptocurrency is becoming part of our daily way of life, the need for their security is paramount as trust ratings on them are still not sufficient for a mainstream adaptation. Cryptocurrency firms need to develop an industry standard for security involving a checklist of all possible security threats and a solution for them.
The solution should be coded in a manner that can be used by every player in the industry. This way the general security of the whole cryptocurrency industry can be put under control. The main advantage that come with winnin trust in the industry but not just a single platform is that more people will be attracted to the industry and all the platforms will benefit.
Bounty programs as a security measure should be in extreme conditions when the existing security checklist can not adequately protect the security of the platform from the anticipated threat. Keeping up with the hackers through counter ethical hacking should be the initiative of the whole industry to make sure the best individuals are deployed to work to secure the systems with updated security features regularly.
What can be done apart from trusting anonymous Ethical Hackers?
It is essential for governments around the world to realise the potential of cryptocurrencies and blockchain technologies and develop enough capabilities to run the industry as an important part of the economy.
This can be done through formulating blockchain and cryptocurrency departments at government levels and staffing them with industry level players. Regulation against cyber crimes should apply to cryptocurrency and blockchain technologies as well and convicted criminals should be punished heavily by the law.
Anonymity of cryptocurrency is still a major barrier to identifying criminals. It is amazing out cryptocurrency enthusiast enjoy being anonymous but sooner than later this status quo will have to be changed to ensure that cryptocurrency usage is more secure.