Prevention and Detection Mechanisms for Re-Entrancy Attack and King of Ether Throne Attack for Ethereum Smart Contracts

Abstract

The second revolution in blockchain technology is smart contracts. Smart contracts are used in most of the blockchain applications like cryptocurrency, Health care, banking sectors, supply chain and IOT with different platforms like Fabric, Ethereum, Corda etc. In Ethereum blockchain, due to lack of inefficiency of the knowledge of technical developers and insecure programming languages for smart contracts, the attackers have exploited the smart contracts and the end users have lost millions of dollars like re-entrancy, king of ether throne attack, DoS, forcefully send ethers, multisig wallet, unexpected ether and poly network attack etc. In the year 2016, the attackers have exploited approximately $289 million US dollars with the help of re-entrancy vulnerability. The attackers have also attacked the smart contracts and broke the execution of that particular contracts through king of ether throne attack. In this paper, we propose a novel prevention and detection mechanisms for re-entrancy and king of ether throne attacks using time mechanisms and also implementing the same with proof of concepts for these vulnerabilities.