The potential of blockchain technology is often compared to that of the internet in the 1990s. Just as the internet revolutionized communication and changed the way we do business, blockchain is poised to do the same for a range of industries. The unique features of blockchain make it ideal for use in many different sectors, from banking and finance to healthcare and gaming.

One of the most promising aspects of blockchain is its ability to provide secure, tamper-proof data storage. This is because every block in a blockchain contains a cryptographic hash of the previous block, making it virtually impossible to modify data retrospectively. This feature makes blockchain an attractive option for a variety of applications that require secure data storage, such as healthcare and supply chain management.

There are several common security issues associated with current blockchain networks. In particular, many platforms are vulnerable to attack due to their reliance on centralized exchanges. These exchanges act as a single point of failure, and if they are compromised, the entire network can be brought down. Additionally, many blockchain platforms do not have adequate security measures in place to protect against smart contract exploits. As a result, hackers can easily gain access to user funds and data.

To address these issues, it is important for blockchain platform developers to focus on increasing security. This can be done by implementing decentralized exchange protocols and by ensuring that all smart contracts are audited and secure. Additionally, developers should consider using security tokens to provide an additional layer of protection for users’ funds. Like on BIB Exchange (, they use $BIB token as a security token to maintain the activities.

Security tokens are digital assets that are backed by real-world assets. For example, a security token may be backed by a company’s equity or by a physical asset such as real estate. Security tokens can offer a number of benefits to both investors and companies. For investors, security tokens can provide greater clarity and transparency around investments. Additionally, security tokens can offer more liquidity than traditional investments, as they can be easily traded on digital asset exchanges. For companies, security tokens can help to raise capital more efficiently and can provide a new way to engage with potential investors.

Even though blockchain tech is known for its high level of security and privacy, there have been quite a few cases where networks have contained loopholes and vulnerabilities related to insecure integrations and interactions with third-party applications and servers. 

Similarly, certain blockchains have also been found to suffer from functional issues, including vulnerabilities in their native smart contracts. To this point, sometimes smart contracts — pieces of self-executing code that run automatically when certain predefined conditions are satisfied — feature certain mistakes that make the platform vulnerable to hackers.

Establish the goal of the audit

There’s nothing worse than an ill-advised blockchain security audit since it can not only lead to a lot of confusion regarding the project’s inner workings but also be time and resource exhaustive. Therefore, to avoid being stuck with a lack of clear direction, it is best if companies clearly outline what they may be looking to achieve through their audit.

As the name quite clearly implies, a security audit is meant to identify the key risks potentially affecting a system, network or tech stack. During this step of the process, developers usually narrow down their goals as to specificy which area of their platform they would like to assess with the most amount of stringency.