AnChain.AI’s 3 Eternal Themes of Blockchain Security
Since the inception of Bitcoin in 2009, a new market worth over $300 billion has been formed. As more financial institutions and consumers enter this new financial and technological world, blockchain security is on its path to becoming an increasingly prevalent multi-billion dollar industry.
AnChain.AI aims to be the security industry leader and set high standards.
Our Silicon Valley team is comes from top-notch security companies, has been backed by Silicon Valley and Wall Street’s top venture capitalists, and is in the same portfolio as ICE-Bakkt exchange, Ripple, Dffinity blockchain, Omisego, Bytedance, Youku, Orbeus, and countless others changing the blockchain landscape.
Our three eternal themes of blockchain security, include:
- Transaction security
- Code security
- Infrastructure security
Tencent’s 2018 Blockchain Security Report for the First Half of the Year report provides a comprehensive summary of the newly-formed blockchain security industry. According to our findings and philosophy, companies within the blockchain security industry are focusing primarily on code (Certik, LianAn) and infrastructure security (SlowMist, KnownSec). Transaction security is still a very niche market with a lot of growth potential (AnChain.ai, Chainalysis, etc.).
Transaction security plays an incredibly important role in securing the blockchain ecosystem.
Loopholes in code and infrastructure are huge security threats and pain points for all technology companies, which is why proper security measures (monitoring and protecting blockchain transactions) are so crucial in order to detect these loopholes and threats as quickly as possible and mitigate risk.
A recent ChainNews article shared how even large multi-billion dollar corporations are vulnerable:
“From Facebook ATO vulnerabilities to numerous security incidents, all these issues indicate that establishing a safety auditing system to prevent problems beforehand is ‘a survival of the fittest’ for all technology companies.”
AnChain.AI in Real-Life:
- AnChain.AI SAP — Transaction Security Case: Blockchain Advanced Persistent Threat (BAPT) Detection
The first BAPT hacker group in history, BAPT-LW20 (coordinated crime of 3+ ETH addresses to target Last Winner DApp), was identified by AnChain.ai in August 2018! The news became a major breakthrough in the blockchain security world, and we’re proud of our achievements.
2. AnChain.AI CAS — Code Security Case: SpankChain Smart Contract Vulnerability Event
Following a breach in its smart contracts, the full range of SpankChain smart contracts were automatically scanned using AnChain.AI’s Smart Contract Auditing Sandbox (CAS). In addition to a reentrancy vulnerability, our CAS identified several other high-risk vulnerabilities that were quickly remediated by SpankChain.
3. AnChain.AI CAS — Infrastructure Security Case: Using AI Detection for Internal Threats within Large Financial Institutions
Disclosure: Our team members researched and successfully deployed these solutions during their tenure at EMC, bringing this expertise into the formation of AnChain.AI.
The multinational IT architecture of large financial institutions is complex and processes incredibly large volumes of data. This creates a massive challenge for enterprises to monitor internal threats. The founders at AnChain.AI pioneered the AI+Big Data + Security Analytics solution, ETL the L4 -L7 of the global infrastructure network.
Simply put, the innovative AI engine learns automatically from network packets of normal behavior baseline and detects internal threats with incredibly high accuracy and minimal false positives.
This AI solution was directly responsible for financial institutions detecting several internal threat accounts, preventing indescribable losses. We published this work after the fact, in order to benefit academic research communities working in these areas.
This article received many valuable suggestions from senior security colleagues and we would like to thank them. A warm thank you to Richard Seiersen, Howie Xu, Hao Chen , and Rod Soto!
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With extensive experience in cybersecurity, artificial intelligence, cloud computing, and big data AnChain is continuously securing top-tier crypto exchanges, protocols, investors, custodians, and enterprise with our Blockchain Ecosystem Intelligence.