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Report: More than 70% of smart contracts show vulnerabilities to hacking attacks

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The introduction of blockchain technology into banks can be a threat to their security since more than 70% of smart contracts are vulnerable to hacker attacks. This is reported by “Izvestia”, citing a report specializing in cybersecurity company Positive Technologies.

According to analysts, vulnerabilities may arise from the relative novelty of technology for programmers, which leads to errors in the system itself. 

It is noted that today blockchain is being introduced by many Russian banks. For example, Sberbankuses technology to conclude OTC repos, VTB is preparing to launch trade finance and settlement projects, and Raiffeisenbank has developed a blockchain platform to automate settlements with suppliers and customers.

Nevertheless, the threats warned by the researchers may be slightly exaggerated – most of the projects of banks related to the introduction of the blockchain are still at the stage of closed testing.

Recall, according to the report of the consulting firm McKinsey & Company, a huge number of financial institutions are extremely cautious about the blockchain. One of the main obstacles to the implementation of distributed registry technology in various processes is legal uncertainty.

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