The blockchain is set to become one of the technologies of the future. By 2024, the blockchain market is expected to exceed $10 billion, according to the McAfee IT security firm. However, the same company warns of a possible increase in security risks, which could put the evolution of this phenomenon in jeopardy.
McAfee especially pointed out that the danger would come from the blockchain technology’s relationship with cryptocurrencies that are also booming at this moment, but that can hide identities.
Experts talk about four different attack vectors, from phishing or malware fraud to exploits and technology vulnerabilities.
McAfee IT security firm is optimistic the blockchain technology will reach $10 billion by 2024, but the price for this would be security risks
Cryptojacking or illegal cryptocurrency mining, for example, is already a headache. McAfee estimates that mining malware skyrocketed 629% in the first quarter of 2018, from 400,000 such malicious programs recorded in the last quarter of 2017.
Accordingly, now there are over 2.9 million cryptojacking malicious programs.
“Like other great technologies, blockchain technology can have a huge impact on solving real business problems, as long as security is not addressed urgently,” said Raj Samani, the chief security researcher at McAfee.
“Given the potential of blockchain to create value and the tremendous enthusiasm for implementing this technology, cybercriminals will look for every possible opportunity to attack any human and technical vulnerability in the blockchain ecosystem,” added Samani.
On the other hand, Samani thinks that all those involved in the blockchain technology, as well as those who adopt it and rely on it, should work together to minimize the security risks.
“Governments, security providers, and businesses must be aware of these threats and try to minimize the risks,” says Samani. “Without proper education, the adoption of blockchain technology by major industries and governments could end up costing billions of dollars and affecting millions of people.”