25 compliance & security readiness checklist tips for Blockchain-based project.

Most blockchains are decentralized, and the identity of each party is normally protected; however, most blockchain-related code involves storing some confidential data such as a user’s personal information, passwords, cryptocurrency, and wallets. Blockchain-related code has characteristics that make it a magnet for hackers.

These characteristics are;

— The code is usually an open-source for transparency and to
promote contributors.

— Much of the code out there is not mature enough to be
considered release grade.

— In cryptocurrency-related blockchains, losing data can
mean more than just a mere privacy breach. Once funds
are transferred, it’s not easy to track them, and the transfer
is likely to be irreversible.

These concerns have been magnified as blockchain technology has
become more popular and more people are invested in blockchain. In fact,
there have been increasing reports regarding blockchain-related losses,
and new attacks are being published on news outlets almost daily.

For instance, in 2019, $40 million was stolen from the Binance exchange. Additionally, in the past 12 months, an estimated $23 million was stolen in double-spending…