How Secure Is Blockchain?


Blockchain is considered as another form of the Internet. Blockchain can be used comprehensively in any account unit, inventory or transactions, including any fields of finance, economic, tangible assets (houses, cars,..), intangible assets (vote, idea, health, information). Moreover, blockchain has the ability to rebuild all the aspects of the world.

Yet, when information-technology era arises, people start to concern about issues relating to security. Blockchain, in constrast, is a promising innovation with perfect conditions. Let’s break down some features of blockchain security that we can address:

- Blockchain technology has the inspiration from a distributed legder to keep track all financial transactions. The “original” ledger is usually the subject of vulnerability. If the ledger is compromised, the entire system would be hacked and shut down. In blockchain system, the ledger is decentralized in different computers, which means if you have intention of stealing information, it would take an sophiticated attack with thousands advices.

- The ledger said above is actually a long chain of sequential blocks. Anyone who trying to confirm any transactions has to receive all the agreements from the parties. This makes counterfeiting process more complicated, and increases the security of the technology.

- The technology requires more than two parties in a transaction for a serie of verification. There are thousands of nodes which are equivalent to buyers, sellers or intermediaries. Each node has a copy of the transaction. When any node disagrees to confirm, the transaction is canceled.

- There are public key and private key to secure the information in blockchain. The keys are a long, complex numbers that cannot be decipher, unless the users share them with others.

Any system has some vulnerability, and the blockchain is no exception. However, the point is, blockchain is transparent and tamper-proof, and it has the “security” that any potential technology can acquire. Believing in such technology means your personal information is impossible to be “accidentally” in the hand of someone else.

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