Blockchain is a revolutionary technology. We live in an era where cybersecurity has become a crucial challenge for personal, corporate, and national security. Two of the most vital qualities of blockchain technology are: The applications that use blockchain technology eliminate the mediators thereby providing cheaper and more efficient processes. For instance, consider the digital payments and banking apps, where the operations take place directly between the sender and receiver. Blockchain technology is a very safe and secure technology in itself. The decentralized format of this technology and the cryptographic algorithms make it immune to attack. This ensures that Blockchain technology cannot be hacked easily. Why can Blockchain Technology not be hacked? There are various reasons which make blockchain technology immune to hackers. Let’s have a look at some of them below: Blockchain technology is an integrated network of different techniques combined to deliver applications and results. It is an open code technology that can be customized in distinct formats. The core of blockchain technology is a decentralized digital ledger of transactions, however its details keep on varying. These transactions are further verified in the best possible way for a particular blockchain application. “Hashing” technique is used at regular intervals. In this technique a multiple of verified transactions are cryptographically sealed together in a data ‘block.’ The hashing technique converts the data into a string of symbols of a defined length, which cannot be reversed back into the original data. This process makes the transactions immutable. New transactions are verified to find out the current holder of an asset. They are identified by the ‘stamp’ of each data block, which is required to verify the current holder of an asset in the prior history of the Blockchain. Assets are forwarded by authenticating the transaction history leading up to the present ownership. Transaction History: If the user wants to change the transaction history, they need to apply the reverse mechanism of the sealed block. In the blockchain ledger, once a block is released, you would be lead to a different hash output. This new hash would later be out of sync with the ‘stamps’ running through the remaining chain, warning the system, which would decline the resealed block. Verification Process: Blockchain transaction ledgers are also distributed on several ‘nodes,’ which are basically computers participating in a particular Blockchain application. There can be millions of nodes in the case of public Blockchains such as cryptocurrencies. If you want to make changes to a blockchain, at least 51% of the nodes that are participating should verify that change. This means that 51% of the new transactions should meet the verification criteria. After the verification is successful, it identifies the actual owners and enables them to edit it. Bitcoin: For Bitcoin, the sender must provide: Private Key: Signifies their ownership Public Key: Signifies the ‘address’ of the digital wallet the Bitcoin is held in. Conclusion: Is Blockchain Safe? Making changes to a blockchain is next to impossible once a transaction has been sealed into a block and added to the Blockchain. You would need to reverse engineer the hashed block and modify the transaction data over at least 51% of the copies of the ledger held on various nodes. This makes it practically impossible to ‘hack’ a Blockchain.
Blockchain is a revolutionary technology. We live in an era where cybersecurity has become a crucial challenge for personal, corporate, and national security. Two of the most vital qualities of blockchain technology are: The applications that use blockchain technology eliminate the mediators thereby providing cheaper and more efficient processes. For instance, consider the digital payments and banking apps, where the operations take place directly between the sender and receiver. Blockchain technology is a very safe and secure technology in itself. The decentralized format of this technology and the cryptographic algorithms make it immune to attack. This ensures that Blockchain technology cannot be hacked easily. Why can Blockchain Technology not be hacked? There are various reasons which make blockchain technology immune to hackers. Let’s have a look at some of them below: Blockchain technology is an integrated network of different techniques combined to deliver applications and results. It is an open code technology that can be customized in distinct formats. The core of blockchain technology is a decentralized digital ledger of transactions, however its details keep on varying. These transactions are further verified in the best possible way for a particular blockchain application. “Hashing” technique is used at regular intervals. In this technique a multiple of verified transactions are cryptographically sealed together in a data ‘block.’ The hashing technique converts the data into a string of symbols of a defined length, which cannot be reversed back into the original data. This process makes the transactions immutable. New transactions are verified to find out the current holder of an asset. They are identified by the ‘stamp’ of each data block, which is required to verify the current holder of an asset in the prior history of the Blockchain. Assets are forwarded by authenticating the transaction history leading up to the present ownership. Transaction History: If the user wants to change the transaction history, they need to apply the reverse mechanism of the sealed block. In the blockchain ledger, once a block is released, you would be lead to a different hash output. This new hash would later be out of sync with the ‘stamps’ running through the remaining chain, warning the system, which would decline the resealed block. Verification Process: Blockchain transaction ledgers are also distributed on several ‘nodes,’ which are basically computers participating in a particular Blockchain application. There can be millions of nodes in the case of public Blockchains such as cryptocurrencies. If you want to make changes to a blockchain, at least 51% of the nodes that are participating should verify that change. This means that 51% of the new transactions should meet the verification criteria. After the verification is successful, it identifies the actual owners and enables them to edit it. Bitcoin: For Bitcoin, the sender must provide: Private Key: Signifies their ownership Public Key: Signifies the ‘address’ of the digital wallet the Bitcoin is held in. Conclusion: Is Blockchain Safe? Making changes to a blockchain is next to impossible once a transaction has been sealed into a block and added to the Blockchain. You would need to reverse engineer the hashed block and modify the transaction data over at least 51% of the copies of the ledger held on various nodes. This makes it practically impossible to ‘hack’ a Blockchain.
Blockchain is a revolutionary technology. We live in an era where cybersecurity has become a crucial challenge for personal, corporate, and national security.
Two of the most vital qualities of blockchain technology are:
- The applications that use blockchain technology eliminate the mediators thereby providing cheaper and more efficient processes. For instance, consider the digital payments and banking apps, where the operations take place directly between the sender and receiver.
- Blockchain technology is a very safe and secure technology in itself. The decentralized format of this technology and the cryptographic algorithms make it immune to attack. This ensures that Blockchain technology cannot be hacked easily.
Why can Blockchain Technology not be hacked?
There are various reasons which make blockchain technology immune to hackers. Let’s have a look at some of them below:
Blockchain technology is an integrated network of different techniques combined to deliver applications and results. It is an open code technology that can be customized in distinct formats. The core of blockchain technology is a decentralized digital ledger of transactions, however its details keep on varying. These transactions are further verified in the best possible way for a particular blockchain application.
- “Hashing” technique is used at regular intervals. In this technique a multiple of verified transactions are cryptographically sealed together in a data ‘block.’
- The hashing technique converts the data into a string of symbols of a defined length, which cannot be reversed back into the original data. This process makes the transactions immutable.
- New transactions are verified to find out the current holder of an asset. They are identified by the ‘stamp’ of each data block, which is required to verify the current holder of an asset in the prior history of the Blockchain.
- Assets are forwarded by authenticating the transaction history leading up to the present ownership.
- Transaction History: If the user wants to change the transaction history, they need to apply the reverse mechanism of the sealed block. In the blockchain ledger, once a block is released, you would be lead to a different hash output. This new hash would later be out of sync with the ‘stamps’ running through the remaining chain, warning the system, which would decline the resealed block.
- Verification Process: Blockchain transaction ledgers are also distributed on several ‘nodes,’ which are basically computers participating in a particular Blockchain application. There can be millions of nodes in the case of public Blockchains such as cryptocurrencies. If you want to make changes to a blockchain, at least 51% of the nodes that are participating should verify that change. This means that 51% of the new transactions should meet the verification criteria. After the verification is successful, it identifies the actual owners and enables them to edit it.
- Bitcoin: For Bitcoin, the sender must provide:
- Private Key: Signifies their ownership
- Public Key: Signifies the ‘address’ of the digital wallet the Bitcoin is held in.
Conclusion: Is Blockchain Safe?
Making changes to a blockchain is next to impossible once a transaction has been sealed into a block and added to the Blockchain.
You would need to reverse engineer the hashed block and modify the transaction data over at least 51% of the copies of the ledger held on various nodes. This makes it practically impossible to ‘hack’ a Blockchain.
