Architectural Design for Secure Smart Contract Development — Research Review | Posted by ez | Coins | January 2024

By Crypto Gloom On Feb 2, 2024

Through cutting-edge research combining static and dynamic analysis, we uncover the secrets of strong smart contract security and ensure blockchain transactions are safe and reliable.

Pencil sketch of blockchain security analysis process including Oyente cloud, security rating certificate and dynamic analysis symbols. — Security architecture. Image created using DALL-E.

Research Paper “Architecture design for secure smart contract developmentt” by Myles Lewis and Chris Crawford (University of Alabama, 2024) emerges as an important contribution in an era when digital security is paramount. This study takes a closer look at enhancing the security of blockchain technology, with a particular focus on smart contracts, a key component of this rapidly growing field.

This white paper addresses the pressing issue of the increasing need for secure applications as sensitive data is transmitted virtually. The authors argue for strong security standards in sectors such as finance, medicine, and education, which are increasingly relying on blockchain. They highlight past attacks on blockchain infrastructure and highlight the vulnerabilities of smart contracts on networks such as Ethereum.

The authors propose a comprehensive model for smart contract development that ensures higher security standards. The model includes static and dynamic analysis, new security level certificates, and deployment strategies to harden smart contracts against vulnerabilities and attacks.

Static analysis identifies potential vulnerabilities in contract code without execution. This proactive approach aims to find weaknesses before exploits occur. Dynamic analysis, on the other hand, evaluates the behavior of smart contracts during execution to identify vulnerabilities that may not be apparent in static analysis.

Table summarizing the types of analyzes for smart contracts, including definitions for disassembly, syntax, control flow graphs, vulnerability scanning, formal validation, and resource usage. — Figure 1. List shows six types of static analysis related to smart contracts. Source: Architectural Design for Secure Smart Contract Development, page 2.

The biggest feature of this study is the introduction of a security level certificate. This certificate is a badge of trust indicating that the smart contract has met certain security benchmarks. This is a forward-looking approach that can significantly increase trust in blockchain technology.