By Lauren MillerDecember 27, 2017 5:20:08It’s a classic case of “when it comes to the cryptocurrency world, it doesn’t matter how many forks you have, if there’s a problem, you don’t know who the problem is, you just get used to it.”
That’s the takeaway from a new research from security researchers who say they have discovered the key to preventing ransomware attacks.
Researchers at security firm Kaspersky Lab said in a research paper published Monday that they discovered an encryption method that allows for a secure way to communicate securely with the blockchain that’s currently in use to track transactions.
The company published a new blog post today, explaining that its new method, which is called Secure Mode, is a combination of the encryption algorithms found in the Crypto Currency Network (Cryptocurrency Network) and the Open Transactions Framework (OTF).
Secure Mode is designed to “ensure that only trusted parties are able to communicate with the Blockchain,” the researchers wrote.
“This prevents the Blockchain from being used by malicious actors to impersonate the public key of a wallet.”
This means that the attacker cannot access the wallet or use the private keys to unlock the wallet without the public keys.
The researchers said that by using Secure Mode and the OTF, they can secure the blockchain against an attack that uses “decentralized attack techniques that can be performed in an unsupervised manner,” such as by a hacker or by a third party.
“It is a highly secure way of securing the Blockchain by ensuring that only the parties authorized to communicate and execute the transaction are able.
As a result, it is highly unlikely that malicious actors can compromise the Blockchain or steal private keys from the wallet,” the research paper read.
Kaspersky said that it is still not clear how Secure Mode works or how long it will last, but said that the researchers said it was able to keep the blockchain secure for more than five years.
Security experts said the researchers had found a way to secure the Blockchain against ransomware attacks without compromising the security of the underlying software.
“I’m really excited about the results,” said Mark Maunder, CEO of cybersecurity firm FireEye.
“It’s very impressive that these attacks have been successfully mitigated, even in the absence of a central authority, which should mean that a centralized authority like an exchange or wallet provider can be taken offline.”
Maunder added that “they can take down the entire Blockchain, without even being able to decrypt the transactions.”
“In many cases, the blockchain itself will still be in use,” he said.
“The reason why they can’t actually do it in the Blockchain is because the blockchain is a public ledger.”
Maintaining the Blockchain was a big challenge for cryptosystems like Bitcoin and Ethereum, which were created to enable a decentralized, global economy, and are also built on top of the Ethereum blockchain.
However, the researchers explained that they “made the most of the Blockchain as it is,” which is a very open-source technology, with a wide variety of developers and developers collaborating on the blockchain.
“They made it extremely easy for us to test and validate the system, and that meant we could get a very large number of tests and verify the system against a very small set of malicious actors, which in this case was the attacker,” Maunder said.
“So it’s actually very secure, and it works.”
Security researchers at Kasperski Lab say their new encryption method has been used successfully for about a year to “secure” the Blockchain.
They said in the blog post that it was built to protect against a “decontamination attack” where an attacker tries to delete or modify data in the blockchain without anyone’s permission.
“The idea is to keep it secure even if the blockchain gets compromised,” Mather said.
The Kasperskaya researchers said their approach is the same approach used by Bitcoin developers, which use a cryptographic signature to prevent data from being tampered with.
“While the Bitcoin system was designed to be highly secure, it also has many vulnerabilities,” Kasperska said in their blog post.
“So we have built a system that prevents a decontamination attacker from deleting or modifying data in a Blockchain.”
“This means the attacker can’t change or delete the blockchain, but can’t delete the signature that verifies the signature,” the blog said.
A Crypto Coin News video on the study, titled ‘Secure Mode,’ is below: