BlockFence Taps Forta Network to Increase Security

Security platform Blockfence has partnered with Forta Network, a cybersecurity company to improve security protection for its users. Based on the agreement, clients of Blockfence can now use Forta Network to look for potentially harmful contracts and hacker activities.

In addition, the Web3 ecosystem, comprising both on-chain and off-chain data, will be carefully analyzed and mapped by FortaNetwork.

Consequently, when users of the Blockfence browser extension try to conclude a transaction in their wallets, they would be warned of potential hazards. Thus, allowing them to make educated decisions and guaranteeing a more secure user experience.

While speaking on the partnership, Omri Lahav, CEO of Blockfence stated that his firm is excited to join forces with Forta to elevate web3 security. He went on to say that their combined experience will create a more secure digital landscape for Web3 users.

Blockfence is an open-source, free community-driven platform developed with machine-learning algorithms and data from partners to protect users against fraud, malicious contracts, and more.

On the other hand, FortaNetwork has a strong presence in the cybersecurity market with product offerings ranging from real-time threat detection and prevention, advanced analytics and reporting, and automated security policy management. 

Furthermore, the company’s products are made to assist companies in defending against a variety of cyberattacks, such as ransomware, phishing, and malware.

The Need for Collaboration to Improve Security in Web3

Collaboration amongst security companies is crucial for enhancing Web3 security. This is because security companies can create efficient solutions to the difficult security issues posed by the decentralized web by pooling their knowledge, resources, and skills. 

For instance, the Forta integration has identified 1009 malicious smart contracts that users have interacted with using the BlockFence Chrome extension since the beginning of March.

Since Web3 has become desirable due to its decentralized nature, digital assets like cryptocurrencies and NFTs have become a common target for theft. Crypto companies such as SafeMoon, and Euler Finance recently lost millions of dollars in cyber attacks.

Ultimately, cooperation amongst security companies can aid in identifying and reducing these dangers before they have a chance to cause harm.