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Smart contracts may provide many advantages, yet their complexity often results in unexpected weaknesses that arise unexpectedly. A recent incident called “DAO Hack,” wherein an outside party used smart contract vulnerabilities to siphon assets off from its creator, is an eye-opener of how risky smart contract creation can be. To avoid incidents like these from occurring in future contracts, security procedures like testing, code audits, and formal verification must be in place to keep everyone secure from risks that come from creating smart contracts.
Regulatory Compliance:
With blockchain technology’s rapid advancement comes increased regulatory considerations that should be factored into any strategy for handling sensitive data or conducting financial transactions using this network. Businesses using it must adhere to applicable laws by following appropriate security protocols to meet data protection and financial transaction standards and minimize legal or financial ramifications.
Maintaining Trust:
Blockchain’s transparency and trustworthiness rely heavily on its security system; users and stakeholders could quickly lose faith if security breaches become common, which in turn would inhibit further adoption by users and stakeholders alike. Developers can play an instrumental role in maintaining that vital trust by setting forth stringent security procedures to preserve it — something essential to the success of blockchain applications.
