Decentralized applications (dapps) tend to be susceptible to Nate Holiday, CEO of Space and Time, said, “It’s largely built on top of centralized databases and services.” The CEO also shared a list of data tampering risks he said were inherent in data warehouses.
Companies that rely on centralized databases and services
According to Nate Holiday, CEO of distributed data warehouse Space and Time, recent defi (decentralized financial ) About the depletion of funds from loans The Ronin network attack on the platform Lodestar Finance, and its predecessor Axie Infinity, is an important event that reminds users that decentralized apps (dapps) are prone to data tampering. While acknowledging that many dapps are powered by blockchain, Holiday argued that many of these applications “are largely built on top of centralized databases and services.” increase.
Recently, as Bitcoin.com News reported, the hacker who siphoned $6.9 million from Lodestar Finance tampered with the “exchange rate of the plvGLP contract.” The hacker then tracked this down by providing his plvGLP collateral to Lodestar and borrowing all available liquidity.
Regarding recent data tampering incidents, Holiday said dapps, like centralized business organizations, can have single points of failure that make them vulnerable to hacking. rice field. This makes it less attractive to users, Holiday argued.
“Data tampering can have devastating effects on dapp users. For social media platforms, data tampering can lead to harmful spoofing and the spread of false or misleading information,” Holiday explained to Bitcoin.com News.
Single Points of Failure
Meanwhile, his CEO ofSpace and Time also shared a list of data tampering risks inherent in his warehouse . Database he breaks into the system and gets unauthorized access. Using SQL injection techniques to manipulate data and tampering with database structures or schemas are other risks.
When asked to explain why he favors a decentralized, blockchain-anchored data solution, Holliday said:
Immutable. This architecture provides an ideal solution for decentralized applications that require trustless interactions such as those employed in financial services and supply chain management.
While he doesn’t anticipate a sudden switch to distributed data services, Holiday said, “Companies are increasingly realizing the need to integrate blockchain data into their business models.” ‘ claimed. To help such companies, the CEO said his company is helping companies “onboard data from centralized databases that power their businesses.”
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