DID BLOCKCHAIN REALLY FAILED?

Despite being the most secure technology of the era recent reports confirm that Blockchain technology is hackable. Yes, I was surprised too!!. After uplifting and praising this technology in my previous article on the blockchain, it was a very unpredictable fact to discover.

How’s it hackable

This image depicts that your system has been hacked.

I mentioned double spending in my last article also. Unfortunately, double spending is found to be the real culprit that bolsters the hacking process. It gives birth to one more void called the “51% attack ” which is one of the attacks that are played on by hackers or thieves. The other attacks are like ‘Sybil attack’, ‘routing attack’, ‘51% in the wild’ and many more.

51% or majority attack

As we are aware that security of blockchain is linked to the power of the computer which is busy building the chain. Now, this is where almost every attacker tries to take hold of the hash and henceforth giving himself more control over the network, even more than all the other networks combined. This again brings us to the “double spending” issue which has been discussed earlier too.

Possible solutions

Although we know Blockchain has its drawbacks like other Technologies. Still, if used correctly and efficiently it is a lot difficult and expensive to hack a system with the base as Blockchain comparatively.

Moreover, there goes a statement clearing the root cause of the problem which goes like – “the more complex the formation of the blockchain, the easier is to hack it.” Thus, if we want to reduce hacking threats, we require to make the least number of errors possible, and to do so we must minimize the complexity of Blockchain. Hope, this amount of information on blockchain was useful for you. If yes, then stay updated for latest news related to the same topic.

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Ayush Mittal Author

Hello, I'm Ayush Mittal. I'm a firm believer of " you will only achieve what you can think of ". I am a lover of sports and music because both help in making our mind and body 'sound'. I am preparing myself to make a mark in the corporate world.

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