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Blockchain is under threat from cyber criminals, study finds

Published

3 years ago

December 12, 2022

Researchers have found cyber threats are bringing blockchain security into doubt on critical infrastructure

Miners who use computations to validate transactions through blockchain technology could be at risk, according to joint-research from Australia and Iran.

A study by Charles Darwin University (CDU) and the University of Tehran found cyber criminals are deceiving miners, who use the blockchain to power cryptocurrencies.

Miners who are given cryptocurrency as payment could be under attack by criminals who want to steal some of their computational power.

Professor Mamoun Alazab said this new attack method on blockchain was concerning because its high rates of success, particularly when the blockchain technology is used in critical infrastructure.

“The misleading attack is orchestrated by someone who redirects some miners computational power to a different chain, so that it (the attacker) can outrun the main chain and thus make its fork the dominant one,” he said.

Miners typically receive compensation for using their computational power to verify transactions on a specific blockchain.

“The chain, that miners are being misdirected to, is engineered to lose in the competition, and so is the main chain. All is for the attacker’s chain to win and become dominant.

“This vulnerability can also boost the success of other types of blockchain attacks,” Professor Alazab explained.

How does this affect cryptocurrencies?

Bitcoin, like other cryptocurrencies are not safe from any attacks, according to Professor Alazab.

“But this new misleading attack, along with some high-profile attacks that have cost millions of dollars, has shown that blockchain technology, particularly Bitcoin, is not as secure as we think, or as it needs to be for use in critical infrastructure.”

The study found Bitcoin’s blockchain technology was vulnerable, but misleading attacks are not possible on Ethereum’s blockchain technology because of its tracking system.

Dr Ghader Ebrahimpour and Dr Mohammad Sayad Haghighi were also involved in the research from the University of Tehran.

“If preventive or compensative measures are not taken, this attack can undermine the trust to a blockchain security and lower its value,” Dr Ebrahimpour said.

Blockchain miners have been warned about the impacts of their work if it is used in financial systems or critical infrastructure.

Professor Alazab said there may be different solutions to the threat.

“One is to change the design and remove the block reward. The miners then have to be rewarded out of transactions commissions.

“The concept of uncle block reward, similar to that of Ethereum, can also help in mitigating the problem,” he said.

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Agricultural Investment: challenges, sustainability and risk management

“Farming: A meaningful lifestyle intertwined with nature, community, sustainability, and the challenges of risk management and market fluctuations.”

Published

2 months ago

April 10, 2025

Nathan Langridge

Farming: A meaningful lifestyle intertwined with nature, community, sustainability, and the challenges of risk management and market fluctuations.

In Short

Farming is a rewarding lifestyle that involves overcoming challenges while fostering community and connection to nature. Emphasising sustainability and risk management, farmers adapt and persevere to thrive in their profession.

Farming is not just an investment; it represents a fulfilling lifestyle closely tied to the land.

Farmers experience the daily realities of seasonal cycles and weather patterns that influence their work.

They face various challenges, including disease outbreaks, fires, predators, and fluctuating market conditions.

Despite these hurdles, there are also significant triumphs that come with managing a farm or ranch.

Farming fosters a sense of community, bringing together people who share traditions and values.

There is a profound connection to nature that many farmers cherish in their daily lives.

Sustainability is becoming increasingly important, prompting farmers to adopt more environmentally friendly practices.

This shift not only benefits the land but also helps create new market opportunities by connecting farmers with consumers.

A key recommendation for those in agriculture is to focus on risk management.

Building external investments and diversifying income sources can provide a safety net against uncertainties.

Overall, the farming lifestyle is one of perseverance and adaptation, driven by a passion for the land and a commitment to community and sustainability.

Dr Steven Enticott is a finance professional, speaker, regular columnist, and author of The Man With A Plan.

For more information www.ciatax.com.au

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Budgeting Strategies for Economic Changes Post-2025

“Adapting Financial Strategies for a Changing Economic Landscape Beyond 2025: Budgeting for Uncertainty and Long-Term Goals.”

Published

2 months ago

April 10, 2025

Nathan Langridge

Adapting Financial Strategies for a Changing Economic Landscape Beyond 2025: Budgeting for Uncertainty and Long-Term Goals.

In Short

The evolving economic landscape requires individuals to adapt budgeting strategies to manage financial challenges effectively. Staying informed and flexible in financial planning is essential for achieving long-term financial goals.

The economic landscape is evolving, necessitating new budgeting strategies for 2025 and beyond.

It is essential to regularly review and adjust your budget based on changing variables like inflation, interest rates, and fluctuations in income or expenses.

Staying informed about economic trends and financial news is crucial for making informed decisions regarding your finances.

Building a solid financial foundation will help individuals manage economic challenges and work towards their long-term financial objectives.

Flexibility in budgeting and an awareness of economic conditions will contribute to successful financial planning.

Achieving financial goals requires proactive measures and adaptations to ongoing changes in the economy.

Investing time in understanding financial trends can empower better decision-making regarding personal finances.

Preparation and adaptability are key in a volatile economic environment.

Establishing stable financial habits will provide resilience against unexpected economic shifts.

Overall, adapting budgeting strategies in response to the changing economic landscape will be vital for financial success in the coming years.

Dr Steven Enticott is a finance professional, speaker, regular columnist, and author of The Man With A Plan.

For more information www.ciatax.com.au

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Micro-investing: the tactic turning spare change into life-changing wealth

Published

2 months ago

April 8, 2025

ticker NEWS

How young Australians are reshaping their financial futures with small, smart moves

Investment Insights is an informative and inspiring interview-style show that dives into the world of money management and wealth creation, making complex financial concepts accessible to all.

Hosted by the Founder of The Investor’s Way, Andrew Woodward.

Micro-investing is becoming a popular financial tool, especially among younger investors. Offering low entry barriers, automation, and the benefits of compounding, micro-investing allows users to start growing wealth with small amounts. It’s an ideal option for those looking to develop positive financial habits early.

With time on their side, young investors can leverage micro-investing to build a solid financial foundation, but they must remain mindful of costs and strategies to make the most of their investments.