Secure Execution of Smart Contracts

Introduction

Smart contracts are computer programs that autonomously execute on the blockchain. They have the potential to revolutionize many applications from finance, insurance, energy, healthcare, and production industries.

Security Concerns

However, smart contracts have become an appealing attack target. Since smart contracts are always online and easy to hack once a vulnerability is discovered, recent attacks have resulted in large losses of cryptocurrency, thereby questioning the benefits of this revolutionary technology.

Project Overview

CONSEC is the first holistic framework that will enable secure execution of smart contracts on the blockchain. It takes a holistic approach by developing security mechanisms covering various stages of the blockchain ecosystem, including:

1. Smart contract development and maintenance
2. Smart contract execution
3. Forensic analysis

Key Features

A key aspect of this project is the development of the first secure smart contract compiler, which detects and automatically patches smart contract bugs in the development phase.

An innovative update process complements the secure compiler to mitigate new and unknown attack vectors, supporting developers who deployed vulnerable contracts.

Further, CONSEC will develop a secure execution monitor to audit smart contracts while they execute on the blockchain, allowing instant reaction to run-time attacks.

Forensic Analysis

To tackle the current lack of comprehensive approaches to validate the security of already deployed contracts, CONSEC will develop new forensic dynamic analysis approaches.

Conclusion

CONSEC establishes trust in smart contract technology, enabling secure deployment and execution of smart contracts on the blockchain.