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Security and blockchain, two concepts that go together in the metaverse

Security and blockchain, two concepts that go together in the metaverse

IBM says that “blockchain technology produces a data structure with inherent safety qualities. It is based on principles of cryptography, decentralization and consensus, which guarantee trust in transactions”. Come on, security and blockchain are united by nature. and although there is more and more talk of this technology, still not sufficiently known.

As its name suggests, the technology blockchain or chain of blocks, structure the data in blocks. Data that can be a credit card number, the visits your website has received or the medical history of a patient. Each block is connected to every other data block in a crypto chain. In addition, each transaction or connection between the blocks is validated, so that manipulation or alteration is not possible. This makes it almost unable to access full information of the blockchain without the proper keys.

Another advantage of the blockchain is that it is a decentralized technology. It does not depend on a single server or a single virtual entity or subject. This makes it difficult for someone to gain control and/or access to the data. And best of all, you can use the blockchain for anything that has to do with safeguard data.

Blockchain and metaverse

The first use of blockchain technology was to coin the virtual currency or cryptocurrency Bitcoin. But soon more elements based on blockchain emerged, such as NFTs (non fungible tokens), keys to creating the metaverses. And, not so well known by the general public, other solutions in the field of medicine (secure data delivery), logistics (supply chain monitoring), anti fraud operations (secure payments or money laundering detection), secure contracts , etc.

Thus, many of the virtual worlds that are included under the umbrella of the metaverse are based on blockchain technologies like Ethereum. Security and blockchain. In practice, in the metaverse you can perform secure transactionssecure exchanges of virtual items or NFTs involving anything from an avatar or character to a pet, a digital parcel, a work of art or copyright to a song or video.

Public and private blockchain networks

One of the classifications made of blockchain networks is to differentiate between public and private networks. The first, “public blockchain networks generally allow anyone to join and that the participants remain anonymous. A public blockchain uses computers connected to the Internet to validate transactions. This definition offered by IBM refers to networks as popular as the cryptocurrencies themselves. Anyone can acquire and exchange them. Also the metaverse is part of the public blockchain networks.

For their part, private blockchain networks refer to more restricted uses. Following IBM’s definitions, “private blockchains use identity to confirm membership and access privileges and typically only allow known organizations to join. Together, the organizations form a private, members only “business network.” In practice, the public blockchain is more decentralized, while the private one offers a data centralization that are part of that network. Each model has its advantages and disadvantages and depends on the intended use.

Features of the public blockchain: high security, environment open to everyone, anonymity for users, no regulation, transparent, decentralized, immutable. Examples: bitcoin, ethereum and the like. On the other hand, characteristics of private blockchain: absolute privacy, faster transactions, more scalable, consumes less energy. Examples: R3 (mainly used by banks), EWF (used in energy), B3i (used by insurance companies), etc.

Security threats to the blockchain

Although blockchain technology is secure, in security nothing is 100% sure. There is always a vulnerability or a gateway to access blockchain protected content. Sometimes the use of technology is necessary. Other times, just social engineering and the theft of passwords or keys through fraud and deception.

For example, they can be steal the keys necessary to access data protected by blockchain. Using trickery or more sophisticated methods, such as infecting a device with malware. This malware can take advantage of vulnerabilities and/or security holes in virtual wallets or cryptowallets, especially if they are integrated into the web browser via an extension.

But not only key owners are susceptible to attack. The blockchain services employees are in the eye of cybercriminals. Its objective, to access their computers by infecting them in order to escalate and be able to access customer data. And lastly, get the cryptocurrencies associated with hosted keys.

Hence the importance of activating the two step verification and/or to have a secure wallet, either hosted or non custodial. It will depend on the degree of security we want in our blockchain wallet. In exchange, we will give up some comfort. It is also important to avoid giving our data and credentials to strangers via email, social networks or instant messaging.