Kraken, Coinbase and Blockchain Firms Aim to Tackle Emerging Threats With Blockchain Security Standards Council

Crypto exchanges and blockchain firms have launched a special initiative called the Blockchain Security Standards Council (BSSC) in order to open discussions around the security provisions related to blockchain technology. Kraken, Coinbase, Ribbit Capital, and Sentinel Global are some of the crypto firms that have formed the BSSC. The security of blockchain-based systems has taken centre stage among tech developers, as the technology continues to expand through cryptocurrencies, metaverse ecosystems, DeFi, DAOs, and NFTs.

The primary aim of the non-profit BSSC council is to set and enforce security standards for the blockchain industry on a self-regulatory level. It will focus on resolving crucial security-related roadblocks that are hindering the expansion of the technology. These include protocol exploitation and fraud, according to the BSSC website.

“Our Council plans to establish standards and companion audit schemes that will help establish a baseline level of trust and confidence across the different aspects of the blockchain ecosystem,” the states on its website.

As blockchain expands in its use cases, members of the BSSC will be keeping in contact with international financial authorities and law-makers to inform, and discuss with them, the ways that can protect blockchain-related technologies against malicious actors and risky reputation.

“In 2024 alone, more than one hundred security exploits to the crypto industry emphasise the need for BSSC's formation. The council's initial work of establishing standards and companion audit schemes will help create a baseline level of trust and confidence across the various aspects of the blockchain ecosystem at an important time for the industry's maturation,” the council noted in its press release.

The creation of audit frameworks and preparing eligibility criteria for third party auditors to join the global Web3 ecosystem is also part of the agenda of the BSSC.

The proliferation of awareness and education around blockchain technology is also among one of the primary goals of this newly formed body.

For now crypto firms Anchorage Digital, Bastion, Figment, Fireblocks have pledged allegiance to the BSSC alongside technical audit firms Halborn and OpenZeppelin. In the coming months, the organisation plans to onboard more members from the global crypto ecosystem to be part of the council.

The BSSC says that it plans to release the first set of suggestions and guidelines focussed on the security of blockchain by the end of 2024.