Blockchain companies are still around, despite meeting some hurdles along the way. One part of their ongoing success is how the bug bounty programs are paying off.
The usability of blockchain technology has never been in question, despite a lack of real-world use cases at this time.
Blockchain bug Bounty Programs are Crucial
Building a safe and secure environment, however, is something else entirely.
By default, a distributed ledger ecosystem is not secure unless the proper precautions have been taken by the developers.
As such, it is crucial for blockchain companies to reward users who find bugs or potential exploits.
These bug bounty programs have proven incredibly effective, albeit somewhat costly.
Nearly $1 million in rewards were paid out to hackers and coders throughout 2019.
This is a small increase compared to 2018, indicating that DLT security is far from where it should be.
It is good to see more companies focus their attention on the aspects that really matter.
Security of any ecosystem is crucial, yet it can often be difficult to attain.
With the help of white-hat hackers and coders around the world, the industry is allowed to thrive in many different ways.
Especially now that major countries are going all-in on DLT, the need to build secure ecosystems has never been greater.