A Threat Modeling Approach for Blockchain Security Assessment

This paper proposes a new approach for blockchain applications security, leveraging threat modeling methodology and industrial cybersecurity frameworks and tools. After outlining the basic concepts of blockchain technology and its associated security risks, the paper conducts a thorough evaluation of existing works to fortify DeFi security. After that, the various stages of the proposed approach are detailed, accompanied by recommendations and insights. The proposed methodology is applied to a decentralized exchange (DEX) ecosystems use case, successfully identifying, categorizing, assessing, and proposing mitigations for 20 potential attack vectors on DEX. This work aims to offer both technical depth and intuitive perspectives, addressing key concepts, requirements, and tools. Ultimately, it serves as a valuable resource for security professionals and system architects seeking to adopt threat modeling practices for developing secure-by-design DEX applications.