Monash University Makes Crypto Attacks more Difficult, Expensive

ABR
April 4, 2019

Melbourne-based Monash University is stepping up its security against crypto attacks, making the recoding of blockchain data much more difficult and resource intensive.

The Australian university has developed a blockchain system that has the power to safeguard against cyberattacks, especially those attempting to hack Bitcoin information. The institution’s RepuCoin system adds what is called “reputation” to blockchain, which is said to have the ability to make the implementation of blockchain recoding extremely challenging and costly for would-be attackers.

Dr. Jiangshan Yu, an assistant professor at Monash University, remarked, “When RepuCoin has operated for a year, attacking the system with 68 percent of its total mining power would take at least six months and would be at least 5,760 times as expensive as conducting the same attack on Bitcoin.”

A statement issued by the university reads,

RepuCoin is different as it defines a miner’s power by its ‘reputation’, as a function of its work integrated over the time of the entire blockchain, rather than through instantaneous computing power which can be obtained quickly.

When a crypto transaction is made, a miner’s job is to ensure and verify the authenticity of information, as well as update the blockchain with the transaction.

Professor Paulo Esteves-Verissimo of the University of Luxembourg said, “RepuCoin provides an elegant solution to a problem that many thought was insoluble.”

The university’s move was in response to the government’s Digital Transformation Agency’s advice to employ an alternative technology, saying blockchain has yet to fully mature.

Source: https://www.zdnet.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

 

Related Article
Blockchain Enables Verification of COVID-19 Immunity
Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

November 21, 2020

Illicit Cryptocurrency Activity: A Concern
Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

November 20, 2020

IBM Using Blockchain to Help Businesses Reopen during COVID-19
IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

November 20, 2020

Canadian Pacific Railway Collaborates with TradeLens
Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

November 19, 2020

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us