Enhancing Web3.0 security through on-chain data analysis: Insights from industry leaders – Digital Transformation News
On September 28, 2023, a panel of experts gathered at the Singapore Management University (SMU) to discuss the importance of on-chain data and Web3 security. Led by Prof. Feida Zhu, co-director of the SMU Blockchain Lab, the panel included industry leaders Aby Huang, Neal, Anndy Lian, and Xiaolin Wen.
The discussion began with an exploration of how on-chain data analytics can enhance blockchain network security. Aby Huang emphasized the real-time benefits of on-chain data analytics, stating that it can monitor blockchain networks, assess risks, and detect anomalies such as irregular transactions or suspicious contract calls. Neal echoed this sentiment, highlighting the role of on-chain data analytics in promoting transparency and accountability by verifying the correctness and integrity of smart contracts and transactions.
Anndy Lian emphasized the importance of feedback and improvement in enhancing security measures. He discussed how on-chain data analytics measures the performance and efficiency of blockchain networks using key metrics like throughput, latency, scalability, and cost. Xiaolin Wen added that on-chain data analytics contributes intelligence and innovation to blockchain security, as it can uncover new patterns and insights through advanced techniques like machine learning and natural language processing.
The panelists also discussed how on-chain data analytics can facilitate the early detection of fraud and security breaches in the blockchain space. Aby Huang described how his company, SlowMist, actively monitors and investigates hacking incidents in the blockchain ecosystem, preventing financial losses. Prof. Feida Zhu offered insights into the future of Web3 security, predicting that advances in on-chain analytics would lead to proactive security measures and foster collaboration among stakeholders.
In conclusion, the panelists agreed that on-chain data analytics holds great promise for enhancing blockchain security. Techniques such as graph analysis and network analysis can provide insights into transaction networks, while methodologies like game theory and decision theory can offer insights into the strategies and preferences of transaction participants.
The event was organized by Moledao and aligned with an MOU signing between SMU and SlowMist, showcasing the collaborative spirit of the blockchain community in advancing Web3 security.
As the blockchain industry continues to evolve, the importance of on-chain data analytics and Web3 security cannot be overstated. By leveraging these technologies and approaches, stakeholders can proactively detect fraud, identify vulnerabilities, and create more secure and transparent blockchain networks.
