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Enterprise Security Magazine | Friday, November 30, 2018
Blockchain technology might be the future for many industries, and therefore we confidently associate it with the term 'secured,' the fact cannot be denied that blockchain has proven to be one of the safest and reliable technologies in many industries, especially for money transactions. With a relatively young age of technology, we haven't explored the possible threats that linger on with this technology. There are instances of blockchain hacking due to which the US had introduced a bill to punish individuals who manipulate the data.
Herein we consider five reasons as to why the blockchain community needs a better grasp of this technology.
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1. Are decentralized systems secure?
The robust case for blockchain innovation is that with duplicates of blockchain being kept on a broadly circulated arrange. On the off chance that everybody can join the system, how would we ensure the wellbeing isn't in danger?
The arrangement here can be a permission framework, where potential individuals will be checked. This will lead to a more significant number of inquiries than answers. Who is accountable for deciding if the members are secure? Who deserves that power to decide? Regardless of whether it can be actualized, wouldn't it destroy the excellence of free, decentralized frameworks? There is no clarity for it as of now.
2. Prone to Attack
Nice Hash, of the significant bitcoin markets, got hacked in December 2017 resulting in a loss of $60 million. This raised many questions on the safety of blockchain. It was not the blame of the innovation since it was not Bitcoin's helplessness that made the assault conceivable. The shortcoming in the commercial center itself cost a considerable measure to Bitcoin's investors.
3. Smart Contracts
If executed right, smart contracts can answer vast numbers of the current issues in current promoting, sales, venture, improvement. Be that as it may, if the deal has a little bug, it can put the signed parties at risk.
4. 51% Attack
At the point when the blockchain transaction is made, miners who hold no less than half of the processing power need to verify the attack. On the off chance that they did, the exchange can pass. Now if we consider the circumstance in which one individual or a gathering of individuals could pack in their grasp 51% of mining power. This proprietor consequently turns into the distinct advantage, gaining potential outcomes to pass exchanges with that same coin twice, or the same number of times as required. This defies every one of the norms.
5. The complexity of the network
Be it smaller or bigger network each has its set of complications. Smaller systems are prone to a 51% attack as miners need fewer resources to execute it. Although bigger networks are safe in this regard but are likely inclined to other threats.
The best and the worst part f blockchain is its 'constant Growth.' No technology is ever entirely safe; we have new attacks and new ways to stop them. But yes, blockchain is indeed a more secure form of technology in comparison to the other present in the market.
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