Kaspersky and INTERPOL Say Blockchain is Vulnerable

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Original article source: https://bitcoinist.com/kaspersky-labs-interpol-blockchain-vulnerable/

Kaspersky Labs and INTERPOL have presented research in which they show how blockchain-based cryptocurrencies can potentially be abused with arbitrary data that can be disseminated through its public decentralized databases.

These two entities addressed the issue at the BlackHat Asia conference in Singapore. They successfully demonstrated how arbitrary data can be injected into a digital currency decentralized database simply by using an exploit code that opens a notepad enabling corrupted data to be inserted into the Blockchain.

Not long ago, Kaspersky Lab’s signed an agreement and a memorandum of understanding with INTERPOL and Europol in order to expand cooperation in a joint fight against cybercrime. In addition, the company has also organized a series of training sessions for INTERPOL staff to give them some knowledge about malware analysis, digital forensics, and financial threat research.

A Kaspersky researcher named Vitaly Kamluk explains:

“Blockchainware, short for blockchain-based software, stores some of its executable code in the decentralized databases of cryptocurrency transactions. It is based on the idea of establishing a connection to the P2P networks of cryptocurrency enthusiasts, fetching information from transaction records and running it as a code. Depending on the payload fetched from the network, it can be either benign or malicious.”

Vitaly also stresses that before digital currency can be widely accepted, we need to understand the full potential of the threats it faces. The Bitcoin community seems to agree with Vitaly, as security is a healthy industry seeing remarkable growth in the cryptocurrency ecosystem.

A report from Juniper projects that the number of active Bitcoin users worldwide will reach 4.7 million by the end of 2019, up from just over 1.3 million last year. The company expects usage to continue to be dominated by exchange trading, with retail adoption largely restricted to relatively niche demographics. This is surely good news for the virtual currency industry, and it means that the potential of the technology has already been recognized.

The importance of cryptocurrencies on e-commerce and other online financial activities has been growing at an astonishing rate, and concerns over security are growing. Security issues will likely always be present in the Bitcoin world, and users will have to rely on cybersecurity firms to constantly innovate and provide solutions.

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Kaspersky Labs and INTERPOL have offered analysis by which they present how blockchain-based cryptocurrencies can probably be abused with arbitrary information that may be disseminated by means of its public decentralized databases.

These two entities addressed the difficulty on the BlackHat Asia convention in Singapore. They efficiently demonstrated how arbitrary information might be injected right into a digital foreign money decentralized database just by utilizing an exploit code that opens a notepad enabling corrupted information to be inserted into the Blockchain.

Not way back, Kaspersky Lab’s signed an settlement and a memorandum of understanding with INTERPOL and Europol with a purpose to develop cooperation in a joint struggle in opposition to cybercrime. As well as, the corporate has additionally organized a collection of coaching classes for INTERPOL workers to present them some information about malware evaluation, digital forensics, and monetary risk analysis.

A Kaspersky researcher named Vitaly Kamluk explains:

“Blockchainware, brief for blockchain-based software program, shops a few of its executable code within the decentralized databases of cryptocurrency transactions. It’s primarily based on the thought of creating a connection to the P2P networks of cryptocurrency fanatics, fetching info from transaction information and working it as a code. Relying on the payload fetched from the community, it may be both benign or malicious.”

Vitaly additionally stresses that earlier than digital foreign money might be extensively accepted, we have to perceive the total potential of the threats it faces. The Bitcoin neighborhood appears to agree with Vitaly, as safety is a wholesome business seeing exceptional development within the cryptocurrency ecosystem.

A report from Juniper initiatives that the variety of energetic Bitcoin customers worldwide will attain 4.7 million by the tip of 2019, up from simply over 1.3 million final 12 months. The corporate expects utilization to proceed to be dominated by change buying and selling, with retail adoption largely restricted to comparatively area of interest demographics. That is absolutely excellent news for the digital foreign money business, and it implies that the potential of the know-how has already been acknowledged.

The significance of cryptocurrencies on e-commerce and different on-line monetary actions has been rising at an astonishing price, and considerations over safety are rising. Safety points will doubtless at all times be current within the Bitcoin world, and customers should depend on cybersecurity companies to continually innovate and supply options.

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