British Telecom Secures Patent for a Cybersecurity Method to Protect Blockchain
9 months ago admin2 Comments Off on British Telecom Secures Patent for a Cybersecurity Method to Protect Blockchain
Great Britain’s biggest Internet and telecoms provider British Telecommunications PLC (BT) has secured a patent for its proposed cybersecurity system for Blockchain protection in late October.
The system limits the users who can commit transactions to the system via user-specific profiles.
Based on the patent, one use case involving the patent is the so-called “majority control attacks” or “51 percent attacks,” in which a hostile force with over 50 percent of the total computing power tries to control a Blockchain network.
Part of the patent reads:
“Despite the architecture of Blockchain systems, malicious attacks present a threat to the security and reliability of Blockchains.”
When the system detects an attack, it will automatically stop carrying out transactions, thus, preventing the success of even a majority attack.
Other features of the patented system
Based on the patent documents, the system can also effectively protect a Blockchain against such assaults as distributed denial-of-service (DDoS) attacks, which are aimed at completely overwhelming a miner with a high number of requested transactions.
The patent, however, fails to discuss how the system deals with such attacks.
Under the patent, the system creates user-specific profiles that can be identified by the Blockchain’s underlying code. If the users making transactions do not match the profiles of the pre-described accounts, the Blockchain code will automatically reject the transactions being carried out.
Moreover, British Telecom further claimed that:
“It would be advantageous to provide a mechanism for detecting and mitigating threats to Blockchain environments.”
The company added that while the patent explains the method of verifying transactions using the energy-intensive mining process utilized by the virtual currencies such as Bitcoin, the process is in no way related to the patented system.