Security Risk Analysis of the Blockchain Application Ecosystem

The adoption of blockchain technology in noncryptocurrency applications is steadily growing due to its inherent guarantees of decentralization and integrity, provided that the majority are not malicious. To further strengthen these, developers continuously integrate techniques that enhance security, safeguard user privacy, and improve overall performance. However, integrating blockchain into applications involves more than just deploying blockchain platforms such as Ethereum or Hyperledger, and writing decentralized application logic such as smart contracts or chain codes; it also extends to user-facing components, including standalone, web, and mobile applications, as well as browser add-ons. Consequently, securing only the underlying blockchain layer and the decentralized application logic is insufficient to ensure the security of blockchain-based applications. This paper, therefore, considers the entire ecosystem of blockchain-based applications and highlights the associated security risks, emphasizing the necessity of comprehensive security measures across all layers. As a test case, we examine a blockchain-based eHealth record management system and identify and categorize the associated security risks. The analysis demonstrates that effective security controls must be implemented throughout the ecosystem to mitigate these risks.