Blockchain Security - The network is MUCH larger than today's Internet!
In this fascinating workshop Luke went through a brief intro to what Blockchain actually is, from the very basic elements each block contains: transactions list, PoW (Proof of Work) cryptographic challenge and previous block hash chained to it. Luke then covered important topics in information-security both relevant for Blockchain use-cases and any other general digital systems. One of the key challenges that are introduced in a world where tons of our information is stored and communicated online revolves around access permissions. The decades old user + password mechanism is ridiculously vulnerable and prone to be hacked, or as Luke says: "everyone's gonna get hacked, I kid you not!" referring to service providers as well as individual users. The shift that is starting to take place is digitally signing with private keys, in a similar way to opening a door in the physical world; one would have to own the copy of a key and be able to decrypt it to sign a particular transaction with it. This practice is hard-coded into the protocol layer of virtually any Blockchain today. But, key management systems are still not properly standardized and there aren't any complete solutions around it yet. This is something we're going to be dealing with over the next decade.
Luke Anderson Discussing security by means of digital keys in MCIC
Luke discussed game theory designs to enhance security while encouraging decentralization as the Blockchain ethos aims. The reason we are particularly interested in moving from PoW to PoS (Proof of Stake) is that it has the potential to be much more efficient in terms of computing power and by that further democratizing the network minning/transaction processing business. This potentially will take us to the next level with regard to scaling up the network capacity through mass adoption and even greater decentralization.
If you want to get more of Luke's workshops follow the links below to get the video and slides.
Luke Anderson - Biosnap:
Luke Anderson is a director in Sigma-Prime (σ') currently undertaking his PhD at The University of Sydney where he also lectures on information security. Luke's PhD examines Blockchain design in detail and he is currently investigating various Blockchain peer-to-peer networks. Luke and his colleagues at Sigma Prime also have experience in cryptocurrency mining and are up to date with the latest Blockchain and cybersecurity technologies.