In the rapidly evolving world of blockchain technology, a new study led by Talgar Bayan from the Department of Computer Science at Nazarbayev University in Astana, Kazakhstan, sheds light on the growing privacy concerns and security vulnerabilities within permissionless blockchain ecosystems. Published in *Future Internet* (translated from Kazakh as “Будущее Интернета”), this research offers a comprehensive review of recent trends, emerging threats, and potential solutions that could reshape the future of blockchain applications, including those in the energy sector.
Permissionless blockchains, which allow anyone to participate without requiring permission from a central authority, have become the backbone of Web3 applications, decentralized finance (DeFi), and digital asset ownership. However, their rapid expansion has also intensified privacy vulnerabilities, making them a hotbed for security breaches and exploits. According to Bayan’s study, blockchain exploits reached a staggering $2.36 billion in 2024 and $2.47 billion in the first half of 2025 alone, with over 80% of these incidents attributed to compromised private keys and signature vulnerabilities.
The research identifies six key developments that are reshaping the blockchain landscape: the proliferation of meme coins on high-throughput networks, the tokenization of real-world assets linking on-chain activity to regulated identities, the rise of perpetual derivatives exposing trading strategies, the concentration of institutional holdings under regulatory oversight, the creation of permanent records of beliefs through prediction markets, and the integration of blockchain with artificial intelligence (AI) enabling both privacy-preserving analytics and advanced deanonymization.
“These developments present both opportunities and challenges,” says Bayan. “While they drive innovation and adoption, they also expose users to new forms of privacy threats and security risks.”
The study highlights seven critical privacy threats grounded in verifiable 2024–2025 transaction data: dust attacks, private key management failures, transaction linking, remote procedure call exposure, maximal extractable value extraction, signature hijacking, and smart contract vulnerabilities. These threats not only undermine user privacy but also pose significant commercial risks, particularly in sectors like energy, where blockchain technology is increasingly being used for secure and transparent transactions.
To mitigate these risks, the research evaluates privacy-enhancing technologies such as zero-knowledge proofs, ring signatures, and stealth addresses. However, it also identifies a significant gap between academic proposals and production deployment, emphasizing the need for practical, actionable solutions.
Bayan and his team propose a Secure Development Lifecycle (SDL) framework that incorporates measurable security controls validated against incident data. This framework aims to bridge the disconnect between privacy research and industrial practice, providing developers with the tools they need to build secure blockchain applications.
“The goal is to create a more secure and privacy-presistant blockchain ecosystem,” says Bayan. “By addressing these challenges head-on, we can ensure that the benefits of blockchain technology are realized without compromising user privacy and security.”
As the energy sector continues to explore blockchain applications for supply chain management, renewable energy trading, and carbon credit tracking, the insights from this research could prove invaluable. By understanding and mitigating the privacy and security risks associated with permissionless blockchains, energy companies can leverage this technology to enhance transparency, efficiency, and trust in their operations.
In conclusion, Bayan’s research not only highlights the current challenges facing the blockchain industry but also offers a roadmap for future developments. By integrating privacy-enhancing technologies and adopting a secure development lifecycle, the blockchain ecosystem can evolve to meet the demands of a rapidly changing digital landscape. As published in *Future Internet*, this study serves as a crucial resource for researchers, developers, and industry professionals seeking to navigate the complexities of blockchain privacy and security.