ONTOLOGY (ONT) and DVP Partner to Revolutionize Vulnerability Sharing on the Blockchain
Ontology Network has announced a strategic partnership with DVP, the first blockchain vulnerability platform, in a move that is set to unleash unprecedented changes for vulnerability sharing. Ontology's extensive collaboration will focus on building a decentralized vulnerability sharing platform with blockchain as the underlying technology support. DVP will assist in the development of a blockchain security platform plus a developer ecosystem for the vulnerabilities.
On the partnership, Deng Huang, DVP's Project Leader stated:
“In this co-operation, we will use Ontology's leading public chain technology to accelerate the development of decentralized use case scenarios for the DVP platform. At the same time, we do invite more projects to join DVP and release security bounty reward programs, which will bring better security to the enterprises.”
Challenges to be Solved
Transparency and security are significant arguments in favor of blockchain, and it's hardly surprising that vulnerability sharing is seeking to use the technology. According to China-based blockchain network, BSCEC, security issues account for almost USD 3.3 billion in losses for different firms. Such an occurrence is what Ontology and DVP are looking to assess by building blockchain co-operation.
In line with this, the blockchain vulnerability sharing platform will aim to solve challenges affecting security experts and researchers. A good area for blockchain would be to create balance for skills and specialties among security expert. Remember, blockchain presents a global platform regardless of borders.
Additionally, DVP and Ontology would like to implement a security model that leverages traditional safety testing to create sufficiency in security projects. The reliance on specific security personnel for particular projects could also change since blockchain present a global reach for experts, bringing balance to personnel demand and supply.
— Ontology (@OntologyNetwork) November 7, 2018
The fact that blockchain is versatile is without a doubt a significant reason why Ontology and DVP's perspective is promising. While the innovation may not outright reduce security vulnerabilities, it could go a long way in identifying potential weaknesses that could have made blockchain projects fail. In sorts, the innovation ensures security for and by blockchain, ensuring it remains a distributed trust ecosystem.
Chief Strategy Officer of Ontology, Andy Ji emphasis the proposition by adding:
“Blockchain security should not be underestimated. Since we released our bug bounty program, we are interacting more with the technical community and timely-solved security vulnerabilities, which has helped us build a more secure chain network system.”
Ontology is a revolutionary blockchain platform for projects seeking to combine a distributed identity system, data exchange, data collaboration, procedure protocols, attestation, and other industry-specific modules. Onchain, Ontology's parent company, is a blockchain-based tech firm that is committed to building transparent and open-source schemes to help organizations embrace blockchain.
DVP or Decentralized Vulnerability Platform hopes to play a role of coordinating the discovery and disclosure of security vulnerabilities among blockchain projects. The DVP protocol offers the first anonymized, blockchain bug bounty program in the world. Already, DVP has found over 2700 vulnerabilities in 1,038 blockchain companies, making it a useful tool in addressing security issues.