Hacking smart contracts - [Your weekly digest and risk alert 12/2019] - Blog

Dear Global Risk Community member,

Mar 25, 2019

Smart contracts are software programs stored on a blockchain that automatically execute some form of digital asset exchange if conditions encoded in them are met. Entrepreneurs are pitching their use for everything from money transfers to intellectual-property protection. But it’s still early in their development, and researchers are finding bugs in some of them. So are hackers, who have exploited flaws to steal millions of dollars’ worth of cryptocurrencies.

The fundamental issue is that blockchains were designed to be transparent. Keeping data associated with smart contracts private is, therefore, a challenge. “We need to build privacy-preserving technologies into smart contract platforms,” says Dawn Song, a professor at the University of California, Berkeley, and the CEO of Oasis Labs, a startup that’s working on ways to do this using special hardware.

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