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Cybersecurity Startup Launches Blockchain-Based Malware Detection Marketplace

Reading Time: 2 minutes by on March 8, 2019 Blockchain, Business, News, Platform, Tech
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PolySwarm’s malware detection marketplace creates a platform where antivirus companies and cybersecurity experts compete and receive remuneration do detect threats. Replacing VirusTotal, it provides a better protection model for identifying and sharing information about malware for the benefit of users. This according to a press release on March 7, 2019,

Detecting Malware Incentivized

The cybersecurity startup launched their innovative malware detection marketplace on March 4, 2019; the protocol is based on smart contracts and digital currency payments. The announcement read in part:

“After partnering with over 25 antivirus companies and security experts, PolySwarm today announces that its two-sided marketplace is now open to enterprises and Managed Service Security Providers (MSSPs) who are invited to try the service free.”

The Malware Detection Marketplace aims to completely restructure the way individual and institutions have traditionally detected malware. In this case, security experts will earn money every time they identify a potential threat using their scanning engines while on the other hand, the departments that protect their organizations will receive real-time answers regarding potentially suspicious files.  

Wider Coverage, Enhanced Accuracy

VirusTotal has been the database of choice for malware response teams in the organization who are wary of suspicious or malicious files. However, PolySwarm CEO Steve Bassi says they are now offering a better solution.

He explains the difference is that their solution provides an economic incentive that guarantees the quality and effectiveness associated with threat identification. By rewarding scanning engines for accurately determining threats in their respective fields, enterprises that pay for PolySwarm’s subscription service can take advantage of the broader coverage which means enhanced accuracy.

At the moment, most users rely on a single installed anti-malware engine or the cumulative wisdom of leading anti-malware vendors within VirusTotal to respond to any suspicious files.

According to PolySwarm, this model misses out on the “wisdom and knowledge of diverse independent security experts” with specialist detection engines and those specializing in specific threats.  Speaking to SecurityWeek, last January Bassi said:

“As malware attacks continue to grow and evolve, we need a new way to protect enterprises from threats. The existing AV model of single vendor threat detection is inefficient, there are too many false detections, and it’s designed to focus on known, widespread threats.”

Combined Wisdom of Detection Tools

At a time when crypto jacking malware is becoming a serious threat, PolySwarm’s blockchain-based model is a decentralized protocol that keeps the costs down beside making all transactions transparent and accessible on the blockchain. By being open-source, niche experts can easily join the marketplace while being crowd-sourced ensures it benefits from group intelligence.

The VirusTotal competitor is interoperable and therefore affords users accumulated data from several solutions besides providing instant analysis performed by anti-malware engines. Bassi concludes:

“Security analysts and large companies that need to detect threats and keep them out of their networks benefit from the combined wisdom of detection tools from around the world […] rather than the limited protection provided by a single security vendor,”

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