Japanese Cybersecurity Group to Showcase New Blockchain Scan Tool

Technology > Security

Blockchain Security Monitoring Service detects vulnerabilities in information systems and services and based on blockchain. / Photo by: Michael Tratov via Shutterstock

 

Blockchain technology has become the premiere service to protect a person’s data. Blockchain uses next-gen systems to provide the maximum level of security and safety, previously unseen in other types of defense for personal information. Recently, a cybersecurity subsidiary of Japan’s Nomura Research Institute (NRI) announced their new blockchain security alert tool in a press release. This information comes with the confirmation that they are indeed working together and partnering with ConSenSys, a blockchain software company based in the United States.

This new tool, called the ‘Blockchain Security Monitoring Service,’ aims to increase security in blockchain implementation as stated by the NRI Secure Technologies (NRI ST). This is especially important as the topic of blockchain infrastructure is still considered controversial and still requires significant enhancement in order for participants to have more confidence in the software. The 'Blockchain Security Monitoring Service' works by detecting security vulnerabilities in information systems and services based on blockchain, and then sending that information to the operators so that they can be informed of the issue and take action accordingly. The current focus of the tool is to target smart contract weaknesses and work with ConsenSys’ Diligence team to expand their security. Tom Lindemann, the co-founder of ConsenSys Diligence, states that they "plan to collaborate closely to bring powerful automated smart contract analysis services to customers worldwide and to further our shared goal of making Ethereum safer for everyone.” This in an initiative by both companies to increase awareness of this, as a recent study by two American universities recently found that there was a lack of diversity in Ethereum smart contracts, which could pose a threat to the ETH blockchain ecosystem.

NRI has continued with their dealings with cryptocurrency and plans to make use of this partnership to make sure that every aspect of this business is safe and secure from outside threats.