Smart Contracts: Are You Following the Right Security Measures

Smart Contracts: Are You Following the Right Security Measures

Smart contracts are considered to be an improved version of the legal ledger; however, the truth is far from what it looks. People get confused about the fact that it has a contract at the end of the name.

Smart contracts are just encoded actions that are stored in the blockchain. As these contracts are program code, it executes perfectly. And if we are talking about the Ethereum smart contracts, they can execute themselves perfectly, as they are encoded with solidity. Solidity is a programming language that is used for encoding Ethereum blockchain.

A smart contract is like a boon for the traders, but there is only one drawback of the smart contracts that make it impossible to implement then in every deal. Smart contracts come with limited memory and computing power. The whole process of the smart contracts is pretty slow and the coding is done only at the time of transactions.

In this article, we will discuss the security measures that you can take while coding the transactions.

1. Everything on the Ethereum blockchain is public

Every information is on the Ethereum blockchain. Staring from the codes, transactional data, and users’ identity. However, not everyone can access the same piece of data. Only the owner of the data can have the access to the data with the private key. The other members of the blockchain can only view the information.

People get easily confused with the public ledger. Even if they are part of the blockchain, they are not allowed to make any changes in the information. They forget that they have private keys that can only get you access to smart contracts. That means, we must first need to encode all the information before storing it in the smart contracts.

2. Proper access management is very important

To main the credibility of the smart contracts, you need to have proper access management. Without proper access management, you will not be able to get the access to any contracts. Hence, you must always make sure to encode your smart contracts. There are two keys that you can use to make smart contracts.

While encoding smart contracts, you can use the public and private keys. With the private key, you can only access the contracts. And with the public key, everybody can access the contracts. You can even use the keys encrypt parts of the contract that you want to be accessed by the public.

3. Needs constant power supply

The power supply is very important while writing smart contracts. You would not like to have a cut in the supply of power supply. This may lead to DoS (Denial of services) attract on your system. The longer the encryption of the information, the smarter contracts will be prone to DoS attacks. Hence, you should always try to use the least number of loops while encoding the contracts.

4. There are no random factors on blockchain

Everything on the Ethereum is measurable and it can be encoded to recreate time to time having the same results. These features of the Ethereum make it difficult for the user to get any random numbers of code as there are no random factors in the Ethereum codes.

If we are talking about a random factor in the blockchain then there is the only one called block hash, but that too is dealt with by the miners in the times of transactions.

Final Tip

All tips that we have mentioned above can really help you to avoid any mistakes you make while doing a transaction. However, even if you have implemented every tip perfectly, there are times that you make mistakes.

With that being said, you must be very careful while writing smart contracts and always make sure that you are using the right keys for the right piece of information in the contracts. You can even take help from online platform and ask them to write contracts for you. To know more you can visit the bitcoin fortress Login page.