Singapore, 27th September 2016 – The fact that Blockchain Technology can disrupt existing applications and technologies, seems to be evident. Bitcoin was the first and is still most prominent blockchain application currently followed by Ethereum. Many FinTech, Start-ups and Industries are experimenting with Blockchain concepts and some are already migrating towards Blockchain technologies. On the other hand, several security breaches and vulnerabilities have manifested the last years. From stolen bitcoins, the DAO hack to crypto markets that undermine our economies. Key question is: “How can blockchain technology and applications be designed and deployed cyber secure?”
During the First Blockchain Security Workshop conducted by TNO, the 27 participants worked in teams to analyze and identify the most interesting blockchain applications. Applications were investigated as identity management, public voting technology till cloud storage using Blockchain. For the most promising concept, potential risks were identified and tools were invented to assess the security impact and approaches to mitigate those risks. Solutions were invented like LifeLock and methods to measure CPU cycles. These outcomes were pitched and the strongest approach has been awarded.
The Blockchain Security Workshop is important to determine priorities in Blockchain Security Research that is conducted with our partners in Singapore and The Netherlands. According to Dr Mark van Staalduinen innovation manager for TNO in Singapore: “This kind of workshop is ideal for awareness raising, concept development and the identification of blockchain security risks in an early stage. The research should deliver tools and methodologies to assess the impact and to develop capabilities to mitigate the risks.”
The First Blockchain Security Workshop was facilitated by the Embassy of the Kingdom of the Netherlands in Singapore on 27th September 2016. The workshop was part of the MISC Study Tour which was organized by University Twente.