Architectural Design for Secure Smart Contract Development

• URL: http://arxiv.org/abs/2401.01891v1
• Date: Wed, 3 Jan 2024 18:59:17 GMT
• Title: Architectural Design for Secure Smart Contract Development
• Authors: Myles Lewis, Chris Crawford,
• Abstract summary: Several attacks on blockchain infrastructures have resulted in hundreds of millions of dollars lost and sensitive information compromised. I identify common software vulnerabilities and attacks on blockchain infrastructures. I propose a model for ensuring a stronger security standard for future systems leveraging smart contracts.
• Score: 0.0
• License: http://creativecommons.org/publicdomain/zero/1.0/
• Abstract: As time progresses, the need for more secure applications grows exponentially. The different types of sensitive information that is being transferred virtually has sparked a rise in systems that leverage blockchain. Different sectors are beginning to use this disruptive technology to evaluate the risks and benefits. Sectors like finance, medicine, higher education, and wireless communication have research regarding blockchain. Futhermore, the need for security standards in this area of research is pivotal. In recent past, several attacks on blockchain infrastructures have resulted in hundreds of millions dollars lost and sensitive information compromised. Some of these attacks include DAO attacks, bZx attacks, and Parity Multisignature Wallet Double Attacks which targeted vulnerabilities within smart contracts on the Ethereum network. These attacks exposed the weaknesses of current smart contract development practices which has led to the increase in distrust and adoption of systems that leverage blockchain for its functionality. In this paper, I identify common software vulnerabilities and attacks on blockchain infrastructures, thoroughly detail the smart contract development process and propose a model for ensuring a stronger security standard for future systems leveraging smart contracts. The purpose for proposing a model is to promote trust among end users in the system which is a foundational element for blockchain adoption in the future.

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