Blockchain News

In 2018, Blockchain firms rewarded hackers better than traditional firms, report

In a report detailing how much ethical or white hat hackers made in 2018, blockchain firms have topped the list as the highest spenders in bounty programs than traditional firms.

The report disclosed that in 2018, blockchain firms have spent close to 900K U.S dollars paying hackers. These hackers, unlike those who penetrate systems for malicious or personal gains, penetrate a system, find weaknesses that can be used by black hat hackers and, instead of using the same for malicious gains, reports the vulnerabilities to the software developers so that the weaknesses can be fixed.

In the report, Block.one and Coinbase took the top spots as the blockchain firms that have spent more money on white hat hackers.

Block.one, which is responsible for the EOS blockchain, spent more than 500K U.S dollars on these bounty programs. This accounted for more than 50 percent of what blockchain firms spent on bounty programs. Coinbase, a cryptocurrency exchange, spent close to 300K U.S dollars.

TheNextWeb, a technology website, noted that “blockchain firms remunerate hackers slightly better than other industries.”

Citing a spokesman from HackerOne, a breach disclosure platform, TheNextWeb continued to note that:

The average bounty for all blockchain firms in 2018 was $1490, which is higher than the Q4 platform average of around $900. One of the top paid crypto hackers earned 7X the median software engineer salary in their country respectively.

The report also indicated that more than 3,000 weaknesses have been identified by bounty hunters this year. However, these vulnerabilities were from 64 blockchain firms on the breach disclosure platform. The platform is confident that the number of weaknesses is much higher given that blockchain firms are in excess of 2K.

Although blockchain is touted as the most secure, the report indicates that it has its own fair share of shortcomings.

As we cross over to 2019, do you think blockchain companies will increase their bounty rewards as they seek to make their platforms secure?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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