Blockchain and Cybersecurity: Addressing Smart Contract Vulnerabilities in Decentralized Applications

Abstract

Blockchain technology can provide smart contracts with valuable attributes: distributed consensus, tamper evidence, auditability, and intelligent behavior based on asset interactions. However, there are critical risks and challenges that need to be addressed. The distinction between public and private blockchain access is a key challenge. Finding the right balance is crucial for system functionality and security. Logic and legal implications of smart contracts can lead to unintended consequences or conflicts with regulations. Careful review and analysis are essential. Immutability brings benefits and risks, requiring thorough testing and monitoring. Non-upgradeability poses a challenge for scalability. Connectivity, exposure, storage, trustworthiness, and data security are critical aspects. Researchers are working on mitigating these challenges through secure design options. Education, guidelines, and robust governance frameworks can minimize conflicts and legal issues. Successful implementation requires addressing risks and challenges for the integrity, reliability, and compliance of smart contracts. [1][2][3][4].