Coinbase, Kraken, and others unite to establish BSSC, aiming to enhance security and foster innovation in the blockchain industry.
The blockchain industry is taking a significant step towards enhancing security and fostering innovation with the formation of the Blockchain Security Standards Council (BSSC). This new initiative, spearheaded by major crypto exchanges and blockchain firms, aims to establish and enforce security standards across the industry.
Leading crypto exchanges Coinbase and Kraken, along with other prominent blockchain firms, have come together to form the BSSC. The council includes companies such as Fireblocks, Anchorage Digital, and OpenZeppelin, as well as technical audit firms Halborn and OpenZeppelin. The primary goal of the BSSC is to address emerging threats in the blockchain space, such as contract exploitation, and to establish uniform security benchmarks.
The need for the BSSC arises from the increasing number of security exploits within the blockchain industry. In 2024 alone, there have been over a hundred security breaches, highlighting the urgent need for standardized security measures. By developing industry security benchmarks and a robust audit process, the BSSC aims to create a baseline of trust and confidence across the blockchain ecosystem.
One of the key components of the BSSC's mission is to engage with regulators and policymakers. The council plans to work closely with these entities to ensure consumer protection while fostering innovation. This collaboration is crucial for creating a secure and trustworthy environment for blockchain technology to thrive.
The BSSC has set an ambitious timeline for its initiatives. By the end of 2024, the council aims to publish its initial security standards and launch an audit scheme. These steps are expected to significantly reduce the number of attacks and enhance overall trust in the blockchain industry.
For blockchain companies and developers, the formation of the BSSC represents a significant move towards a more secure and standardized industry. Companies can look forward to clear security benchmarks and a robust audit process that will help protect against emerging threats. Additionally, the collaboration with regulators will ensure that consumer protection remains a top priority while fostering innovation within the blockchain ecosystem.
