Unveiling a Famous Blockchain Vulnerability: The Smart Contract Vulnerability | Karthikeyan Nagaraj
A Comprehensive Analysis of the Working Principle, Exploitation Methods, Preventions, and Mitigation Strategies
3 min readMay 31, 2023
Introduction:
- Blockchain technology has revolutionized various industries, offering decentralized and secure solutions.
- However, despite its robustness, blockchain systems are not immune to vulnerabilities.
- One such famous vulnerability is the smart contract vulnerability.
- In this article, we will delve into the working principle of smart contracts, explore how this vulnerability can be exploited, discuss prevention measures, and outline strategies for mitigating its impact.
Working Principle of Smart Contracts:
- Smart contracts are self-executing contracts with predefined terms and conditions written in code.
- They operate on a blockchain network and automatically execute when predetermined conditions are met.
- Smart contracts facilitate trustless transactions by eliminating the need for intermediaries.
