Crypto exchanges and blockchain firms have jointly launched the Blockchain Security Standards Council (BSSC), an initiative aimed at initiating discussions on security provisions related to blockchain technology. Among the founding members are Kraken, Coinbase, Ribbit Capital, and Sentinel Global. As blockchain technology expands into cryptocurrencies, metaverse ecosystems, DeFi, DAOs, and NFTs, ensuring the security of blockchain-based systems has become a top priority for developers.
The BSSC, operating as a non-profit council, seeks to establish and enforce security standards within the blockchain industry at a self-regulatory level. Its primary objective is to address critical security challenges that currently hinder the technology’s expansion, including protocol exploitation and fraud. According to the BSSC website, the council plans to introduce standards and audit schemes to establish a baseline level of trust and confidence across various aspects of the blockchain ecosystem.
“In response to over one hundred security exploits in the crypto industry in 2024 alone, the BSSC was formed to address these challenges,” the council highlighted in its press release. The initial focus will be on creating audit frameworks and setting eligibility criteria for third-party auditors entering the global Web3 ecosystem. Education and awareness about blockchain technology are also key goals of the council.
Currently, crypto firms like Anchorage Digital, Bastion, Figment, and Fireblocks, along with technical audit firms Halborn and OpenZeppelin, have committed to supporting the BSSC. The council plans to expand its membership in the coming months to include more participants from the global crypto ecosystem.
By the end of 2024, the BSSC aims to release its first set of recommendations and guidelines focused on enhancing blockchain security standards.
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