Businesses will want to understand the security levels of Web 3.0 before investing app development resources in Web 3.0 projects. However, there is no doubt among HiTech professionals that Web 3.0 is coming. Indeed, many technologists argue that Web 3.0 is already here, even if it is not yet widely adopted by the greater public.
With the proliferation of online services, FinTech apps, etc., cyber security has never been more critical than it is today. Therefore, organizations need to consider data security when considering the benefits and risks of moving to a decentralized network like Web 3.0.
This post will examine the security benefits of Web 3.0 and discuss how companies can minimize their risk on Web 3.0 through cyber security measures.
The Security Benefits of Web 3.0
Web 3.0 will represent a major shift in the structure of the Internet. The Internet follows a read/write architecture and is dominated by a few tech giants. Instead of centralized tech giants controlling the Internet, Web 3.0 will be controlled by a broad community of Internet users.
When we discuss cyber security, the primary concern for most businesses and users is data security. Data security, at its essence, can be boiled down to information control. Proponents of Web 3.0 claim that it will be far more secure than Web 2.0 because users will have more control over their data and identity online.
The foundation for Web 3.0 is blockchain technology. As a result, Web 3.0 will have all of the privacy protections and benefits of a blockchain decentralized network. The cryptographic protocols used by Web 3.0 are complex. We will not examine and explain every protocol, but we can look at what makes blockchain technology so secure.
Think about the blockchain as a public ledger. Every participant in the blockchain network maintains a copy of all transactions. As a result, no one person, company, government, group, etc., controls the ledger.
Manipulating data in one instance of the blockchain ledger won’t do any good because the majority of ledgers will remain unchanged. As a result, it is nearly impossible for cyber attackers to access the ledger in at least 51 percent of instances and manipulate the data for their nefarious purposes.
How can my data be secure if every network participant has a copy of the network’s ledger? Unlike Web 2.0, in Web 3.0 or blockchain networks, a user’s identity is decoupled from their data. As a result, Web 3.0 Internet users will have complete control over their data. For example, Web 3.0 users can see who has access to their data, how they are using it, and what type of access they are granted.
Cyber Security Measures Your Business Can Take To Minimize Risk on Web 3.0
Internet security for online services in Web 3.0 will be heightened, but that doesn’t mean that it will be completely infallible. Therefore, companies and decentralized autonomous organizations (DAOs) should still take cyber security seriously while enjoying blockchain technology’s security benefits. The truth is that while decentralized networks remove centralized control, they also remove the single point of access for private data. Furthermore, since everything is anonymous on Web 3.0, identifying cyber attackers will be nearly impossible.
Regardless of Web 3.0’s security strengths, take these security measures when building online services for Web 3.0:
- Design with security in mind
- Use the proper blockchain technology
- Utilize attack prevention techniques
- Independently audit smart contracts
Design With Security In Mind
Just because Web 3.0 is vastly different from Web 2.0 doesn’t mean that tried, and true security design principles don’t apply. Use the tried and true security design principles you are familiar with when building applications for Web 3.0. For example, development teams should strive to minimize potential attack surface areas, secure zero-trust frameworks, and ensure minimal and separate privileges.
New technology is great, but don’t forget about the security design principles that have driven projects in the past. Technology changes, but security principles remain the same. So don’t lose sight of security when building on Web 3.0.
Use the Proper Blockchain Technology
What type of blockchain does your business plan to use? Did you know there are public and private blockchains? Public blockchains are open to everyone to join and use. Private blockchains require users to confirm their identity and their permissions to access them. Each blockchain network is different. Just because you understand cryptocurrency wallets and the Bitcoin network does not mean you understand the complexities of other blockchain networks or multi-chains, sidechains, or cross-chains.
Ensure that you fully understand your company’s blockchain network before you begin development. The blockchain technology you choose to use will have a large impact on your security efforts.
Utilize Attack Prevention Techniques
Sometimes the best way to secure your digital assets is to think like a cyber attacker. Of course, Web 3.0 is not necessarily immune to common threats like phishing attacks. Still, your security team must also consider attacks unique to blockchain networks like 51% and Sybil attacks. In addition, given the unique nature of Web 3.0 and blockchain technology, security best practices should be an integral part of user onboarding and communications.
Independently Audit Smart Contracts
Smart contracts are the way of the future. These contracts are automatically executed once the terms have been met, but they are powered by code. Errors in the code can lead to unexpected and irreversible results, not to mention security vulnerabilities. Before deploying a smart contract, ensure the code is independently audited for errors and quality control concerns.
At the moment, Web 3.0, blockchain, and decentralized apps might seem like a small concern for businesses. However, while Web 3.0 and the associated technologies might seem irrelevant now, they represent a serious disruptive potential for every aspect of our digital lives. If you need help understanding the security levels of Web 3.0, reach out to an experienced app development partner.