An Ethereum blockchain-powered platform Buglab[1] aims to strengthen information security by transforming the process of finding vulnerabilities into challenges — or “contests” — for certified cybersecurity testers. By setting time limits for these experts to find vulnerabilities, they will then be rewarded for their cumulative discoveries. Buglab also plans to secure cryptocurrency exchanges, by hosting the testings with a reward pool of $2 million.
The company says that their methods can help overcome the current problems of traditional security testing: cost inefficiency, lack of resources and irrelevance in reporting. Clients would benefit as several cybersecurity researchers are assigned to the task in a competitive manner. Additionally, these testers could add in-depth analysis of any issues discovered.
In addition to the contests, Buglab has a program called Vigilante Protocol where ‘whitehat’ hackers can share what they have discovered as system vulnerabilities. Buglab would then work with computer emergency response teams (CERTs) worldwide to ensure that the vulnerabilities are not repeated in other instances.
Baglab says they aim to help companies for free, and whitehat hackers will be rewarded by the Vigilante Protocol reserve, which will be funded by 20 percent of the tokens created by the platform.
Addressing cybersecurity gaps
In the current arms race between cybersecurity and online hackers, it appears that the security side is losing[2]. As cyber professionals adopt new methods to block hackers, the criminals, in turn, are able to evolve their methods in new and more imaginative ways. This is not helped by the lack of manpower on the security side. In 2017, data[3] from a Global Information Security Workforce Study projects that by 2022, there will be a shortfall of 1.8 million information security workers.
With Gartner[4] predicting the need for $93 billion spent on
