Barclays to Speed Up Transactions Using ETH Blockchain

Crowdz blockchain start-up will help Barclays to implement Ethereum's blockchain
28 August 2018   1835

The British financial conglomerate Barclays announced a partnership with the block-start-up Crowdz with the aim of integrating support for the Ethereum blockchain into Barclaycard. With the help of distributed registry technology, it is planned to speed up transactions for users of plastic cards, BitcoinExchangeGuide reports.

It is reported that payments using Barclaycard will be conducted through the Crowdz blockchain platform. First, a small number of users will be transferred to the new platform for testing and debugging the process. The pilot project will take half a year, during which users will be able to leave their feedback and offer options for improving the service.

Crowdz will be able to work with real users of Barclaycard, including corporate clients. If the pilot project succeeds, the start-up will gain access to the retail banking sector.

It is worth noting that the Barclays already cooperated with Crowdz in the framework of the program for the development of financial companies. Now the bank decided to test the blockchain of Crowdz in the real sector of the economy.

Earlier, Barclays Bank announced the study of the possibility of launching a platform for cryptocurrency trading. For this purpose, a special team was created from the top managers of the organization.

Potentional Vulnerabilities Found in ETH 2.0

Least Authority have found potentional security issues in the network P2P interaction and block proposal system
26 March 2020   964

Technology security firm Least Authority, at the request of the Ethereum Foundation, conducted an audit of the Ethereum 2.0 specifications and identified several potential vulnerabilities at once.

Least Authority said that developers need to solve problems with vulnerabilities in the network layer of peer-to-peer (P2P) interaction, as well as in the block proposal system. At the same time, the auditor noted that the specifications are "very well thought out and competent."

However, at the moment there is no large ecosystem based on PoS and using sharding in the world, so it is impossible to accurately assess the prospects for system stability.
Also, information security experts emphasized that the specifications did not pay enough attention to the description of the P2P network level and the system of records about Ethereum nodes. Vulnerability risks are also observed in the block proposal system and the messaging system between nodes.

Experts said that in the blockchains running on PoS, the choice of a new block is simple and no one can predict who will get the new block. In PoS systems, it is the block proposal system that decides whose block will fall into the blockchain, and this leads to the risk of data leakage. To solve the problem, auditors suggested using the mechanism of "Single Secret Leader Election" (SSLE).

As for the peer-to-peer exchange system, there is a danger of spam. There is no centralized node in the system that would evaluate the actions of other nodes, so a “malicious" node can spam the entire network with various messages without any special punishment. The solution to this problem may be to use special protocols for exchanging messages between nodes.