Paper ID: 2311.01956

Architecture of Smart Certificates for Web3 Applications Against Cyberthreats in Financial Industry

Stefan Kambiz Behfar, Jon Crowcroft

This study addresses the security challenges associated with the current internet transformations, specifically focusing on emerging technologies such as blockchain and decentralized storage. It also investigates the role of Web3 applications in shaping the future of the internet. The primary objective is to propose a novel design for 'smart certificates,' which are digital certificates that can be programmatically enforced. Utilizing such certificates, an enterprise can better protect itself from cyberattacks and ensure the security of its data and systems. Web3 recent security solutions by companies and projects like Certik, Forta, Slither, and Securify are the equivalent of code scanning tool that were originally developed for Web1 and Web2 applications, and definitely not like certificates to help enterprises feel safe against cyberthreats. We aim to improve the resilience of enterprises' digital infrastructure by building on top of Web3 application and put methodologies in place for vulnerability analysis and attack correlation, focusing on architecture of different layers, Wallet/Client, Application and Smart Contract, where specific components are provided to identify and predict threats and risks. Furthermore, Certificate Transparency is used for enhancing the security, trustworthiness and decentralized management of the certificates, and detecting misuses, compromises, and malfeasances.

Submitted: Nov 3, 2023