A Survey of Bug Bounty Programs in Strengthening Cybersecurity and Privacy in the Blockchain Industry

Abstract

The increasing reliance on computer networks and blockchain technology has led to a growing concern for cybersecurity and privacy. The emergence of zero-day vulnerabilities and unexpected exploits has highlighted the need for innovative solutions to combat these threats. Bug bounty programs have gained popularity as a cost-effective way to crowdsource the task of identifying vulnerabilities, providing a secure and efficient means of enhancing cybersecurity. This paper provides a comprehensive survey of various free and paid bug bounty programs in the computer networks and blockchain industry, evaluating their effectiveness, impact, and credibility. The study explores the structure, incentives, and nature of vulnerabilities uncovered by these programs, as well as their unique value proposition. A comparative analysis is conducted to identify advantages and disadvantages, highlighting the strengths and weaknesses of each program. The paper also examines the role of ethical hackers in bug bounty programs and their contributions to strengthening cybersecurity and privacy. Finally, the study concludes with recommendations for addressing the challenges faced by bug bounty programs and suggests potential future directions to enhance their impact on computer networks and blockchain security.