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A comprehensive guide for Web3 security: from technology, economic and legal aspects
Budorin D., Huang K., Tan L., Ma W., Zhang Z., Springer International Publishing, Cham, Switzerland, 2023. 259 pp. Type: Book (9783031392870)
Date Reviewed: Oct 2 2024

The rapidly emerging technologies for Web3 applications and digital assets pose challenges for the creators, legislators and end users of complicated financial ecosystems. Today, security threats continue to be the potent enemies of technologies and platforms that support digital assets and global financial systems [1,2]. In this fascinating book, Huang et al. offer an in-depth look at the multifarious security inquiries associated with Web3 and digital assets.

The book aims to provide three things:

  • A guide to understanding the risk assessments and complexities of Web3;
  • The knowledge and means to maneuver redistributed finance systems; and
  • Ways to contribute to a secure, springy, and well-heeled Web3 system.

Consequently, the authors integrate knowledge from subject areas such as cryptography, software engineering, risk administration, and regulatory compliance to provide extensive references for software developers, investors, legislators, and end users of Web3 and digital asset spaces.

Part 1, “Foundational Components of Web3 Security,” is focused on the security fundamentals of technologies in blockchain, smart contracts, and wallets, as well as the indispensable role of localized identification required to comprehend the safety situations of a secure Web3 system. Without a doubt, stakeholders of secure Web3 systems ought to provide steadiness and resiliency in redistributed platforms. This part details the security risks of decentralized finance (DeFi) applications and the regulation of on-chain applications.

Part 2, “Security Concerns for Enterprise Web3 Application Development,” covers tools and strategies for developing and overcoming a variety of safety issues in secure enterprise Web3 applications. The authors present current and emerging tools and techniques like DevSecOps and on-chain security analytics mechanisms in blockchains. Indeed, all current and future cybersecurity and information technology (IT) professionals need these insights and tools for constructing and maintaining secure Web3 applications.

Part 3, “Financial Integrity and National Security,” scrutinizes the intricacies between nationwide security interests and the recent debacles of cryptocurrency and financial integrity. The authors clearly and compellingly present and critique significant global cases and legal studies in the areas of finance, war, and ecoterrorism crimes; they advocate for research and studies in “collaboration, innovation, and vigilance in fostering a secure, trustworthy, and vibrant digital asset ecosystem.”

Without a doubt, this book presents an extraordinary examination of the technological, economic, and legal aspects related to the development of applications and monitoring for global Web3 security. The forewords and recommendations by business and financial experts exhibit the remarkable impacts and contributions of this book.

After reading the guidelines on the current and future security of business and finance in this book, what are the unique lessons that readers in data science, IT, and cybersecurity can learn and adopt? Part 1 echoes the “CIA triad” (confidentiality, integrity and availability) in light of Web3 applications, technologies, chain security, wallet security, smart contract security, and token economics. Part 2 introduces DevSecOps and sophisticated data analysis tools that enterprises ought to adopt for coping with security loopholes of blockchains in secure Web3 application development and administration. Part 3 presents some landmark global financial security breaches, advocating legislation’s vital role of providing collaborative worldwide Web3 security initiatives.

The book presents outstanding cases and in-depth analyses of geopolitics and terrorism in cryptocurrency, and advocates for more effective AI techniques and legislation. Although there are no concrete algorithms like those in the literature [3,4,5] for implementing and validating the numerous Web3 security issues outlined in this book, IT practitioners and legislators should take advantage of the extensive security resources and legal issues discussed.

Reviewer:  Amos Olagunju Review #: CR147823
1) Weston, G. Web3 security stack – a developer’s guide. 101 Blockchains (2023). https://101blockchains.com/web3-security-stack/.
2) Ray, P. P. Web3: a comprehensive review on background, technologies, applications, zero-trust architectures, challenges and future directions. Internet of Things and Cyber-Physical Systems 3, (2023), 213–248.https://doi.org/10.1016/j.iotcps.2023.05.003.
3) Jovanovic, N.; Kruegel, C.; Kirda, E. Static analysis for detecting taint-style vulnerabilities in Web applications. Journal of Computer Security 18, (2010), 861–907.
4) Liu, X.; Akram, S.; Bouguettaya, A. Change management for semantic Web services. Springer, New York, NY, 2011.
5) Stallings, W.; Brown, L. Computer security: principles and practice (4th ed.). Pearson, New York, NY, 2018.
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