China’s First Blockchain Security Testing Center Is Established in Changsha
As blockchain is gaining popularity in China, security considerations override all other considerations in the space. Chinese authorities have decided to establish the first-ever blockchain security testing center in Changsha, the capital city of Hunan Province, to monitor blockchain vulnerabilities, local news portal reported on Wednesday.
The National Computer Network Emergency Response Technical Team Coordination Center (CNCERT) has signed an agreement with the economic development zone of Changsha, to open the blockchain security testing center there. Considering that blockchain security exploits exist at at the design and architectural level, at the coding stage, and in the operational phase, the center will focus on monitoring real-time data, code audit verification and risk control.
“ Whether or not the technology is mature and stable, and whether or not smart contracts being developed are safe are all key factors that affect the mass adoption of blockchain,” said Wu Zheng, Secretary-general of National Committee of Experts on the Internet Financial Security Technology.
The two parties will start to recruit blockchain security companies to join the initiative.
Smart contacts are a key component of blockchains which can self-execute code on the network. But now smart contracts are potentially vulnerable to bad actors. Therefore the smart contract security audit is among the major tasks for the newly-established center.
One of the members on the security testing team said that the team has developed a highly automated formal verification platform that can be used to improve the security and functional correctness of smart contracts. They will conduct smart contracts security audits and security verification for enterprises.
According to a representative of the economic development zone of Changsha, the center is expected to bring in the annual output of 500 million yuan within the first five years of operation.
The initiative comes 2 months after the first blockchain industrial park in Central China was established in Changsha.And the capital city hopes to become a blockchain hub in the region.
The National Computer Network Emergency Response Technical Team Coordination Center (CNCERT) , founded in 2012, is a state-backed professional organization specialized in developing technical responses to cybersecurity threats.