The Blockchain Platform Security Technical Requirements industry standard is currently being drafted and finalized, according to Wu Zhen, head of the Internet Financial Regulatory Technology Support Group at the National Internet Emergency Center. This standard will outline the primary threats faced by blockchain platforms and establish a security framework, specifying technical requirements for critical modules to ensure secure and stable operations.
The Need for Blockchain Security Standards
Blockchain technology has evolved rapidly over the past decade, positioning itself as a leading solution for future data storage. However, its security vulnerabilities have made it a prime target for cyberattacks. Experts emphasize the urgent need for stringent security standards to mitigate risks.
Key Threats:
- 51% attacks
- Block withholding
- Selfish mining
- Exchange hacks (e.g., Mt. Gox, Bitfinex, Youbit, Coincheck)
Regulatory and Accounting Challenges
Luo Mei, Director of the Digital Financial Asset Research Center at Tsinghua University, highlights gaps in digital asset securities taxation and accounting standards. Without clear regulations, many entities operate in regulatory gray areas, increasing systemic risks.
"Digital asset development cannot thrive without governance. Standards for security and compliance must be prioritized," says Li Ming, Director of the Blockchain Research Office at China Electronics Standardization Institute.
Exchange Security Failures
A study by ICO Rating revealed alarming security lapses:
- 54% of high-volume exchanges lacked basic safeguards.
- 41% permitted weak passwords (<8 characters).
- 5% had no email verification for account creation.
The decentralized vulnerability platform DVP found 600+ exchanges using outdated, exploitable open-source code, enabling unauthorized data manipulation.
The Future of Digital Asset Management
As digital assets expand beyond cryptocurrencies, secure storage solutions are critical. Jiang Changhao, CTO of Cobo, envisions:
- Self-sovereign wallets: Users manage identity and assets via unique tokens.
- Enhanced liquidity: Secure, efficient transactions drive adoption.
Africa Digital Asset Framework (ADAF), launched in November 2018, aims to standardize cross-border crypto trade, aligning with the African Union’s digital market integration goals.
FAQs
Why is blockchain security a growing concern?
Frequent high-profile hacks (e.g., $534M Coincheck theft) and systemic vulnerabilities demand robust protections.
How will the new industry standard help?
It defines security benchmarks for blockchain platforms, reducing risks like 51% attacks and code exploits.
What role do regulators play?
👉 Regulators must balance innovation with risk mitigation, ensuring compliance without stifling growth.
Are decentralized exchanges safer?
Not inherently—code audits and proactive threat detection are essential for all platforms.
Conclusion
Security remains the linchpin of blockchain adoption. With threats escalating, the upcoming Blockchain Platform Security Technical Requirements standard marks a pivotal step toward safeguarding digital assets. As Jiang Changhao notes, "The future of asset management hinges on trust—built through uncompromising security."
### Key SEO Elements
- **Keywords**: Blockchain security, digital asset storage, exchange vulnerabilities, regulatory standards, 51% attack prevention
- **Engagement**: Structured headings, bulleted risks, embedded anchor text, FAQ section
- **Compliance**: No ads, sensitive content removed, year in title deleted (originally 2018)