Crypto exchanges and blockchain companies have launched a special initiative called the Blockchain Security Standards Council (BSSC) to open discussions on security regulations regarding blockchain technology. Kraken, Coinbase, Ribbit Capital and Sentinel Global are some of the crypto companies that have formed the BSSC. The security of blockchain-based systems is a top priority for tech developers as the technology continues to expand through cryptocurrencies, metaverse ecosystems, DeFi, DAOs and NFTs.
The primary goal of the non-profit BSSC council is to establish and enforce security standards for the blockchain industry at a self-regulatory level. It will focus on resolving critical security-related obstacles that are hindering the expansion of the technology. These include protocol exploitation and fraud, according to the BSSC website.
“Our board intends to establish standards and associated audit programs that will help create a baseline level of trust and assurance across various aspects of the blockchain ecosystem,” the states on her website.
As blockchain adoption increases, BSSC members will continue to engage with international financial authorities and regulators to inform and engage with them on ways to protect blockchain-related technologies from malicious actors and risky reputations.
“In 2024 alone, more than a hundred security exploits in the crypto industry highlight the need for the establishment of BSSC. The council’s initial work to establish standards and associated audit schemes will help establish a baseline level of trust and assurance in the various aspects of the blockchain ecosystem at an important time for the industry’s maturation,” the council noted in its press release.
Creating audit frameworks and preparing eligibility criteria for external auditors to join the global Web3 ecosystem are also part of the BSSC’s agenda.
Increasing awareness and education around blockchain technology is also one of the main goals of this newly founded organization.
For now, crypto firms Anchorage Digital, Bastion, Figment, and Fireblocks have pledged their allegiance to the BSSC, along with technical auditing firms Halborn and OpenZeppelin. In the coming months, the organization plans to onboard more members from across the global crypto ecosystem to serve on the council.
The BSSC says it plans to publish the first set of suggestions and guidelines focused on blockchain security by the end of 2024.
