Security plays a major role in everyone’s life and no matter what field it is, security is always needed, whether it is an individual, a company, an organization, or the government.
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Imagine, one day you get a text message saying that your debit card has used to fetch money from an ATM, but that wasn’t you. This will give anybody a heart attack. This is the reason, why every industry area is filled with every possible security feature so that it becomes very hard for someone to jump over the secured area and attack.
The modern technology makes it more difficult to build the wall, which can prevent anything in that area to be hacked or attacked. This also makes people to be aware and not to trust anyone or every technology, which claims to be 101% secured.
One of the most recent technologies, which are emerging very rapidly, is the Blockchain technology. You might already know what Blockchain is, but the question is how safe it is to use this technology in our industry or application.
Let’s first take a quick look how Blockchain works:
Blockchain isn’t a system or network, which resides or controlled by any single entity. And, even it isn’t completely a distributed network too because of its working. Blockchain is a Decentralized Distributed network, which provides decentralization to its users.
Unlike distributed network where every node (connected computer) is dependent on other nodes, Decentralized Distributed Network makes every node independent and no entity depends on other entity.
Blockchain uses shared ledger to store and distribute the details, which are called a block, which gives it the name Blockchain.
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Whenever a block of information is added to the blockchain, it is actually being distributed to every node in the network. This makes the blockchain network transparent because every node in that network can see the part of the information, but they cannot modify or remove the block because it doesn’t belong to them.
You now have an idea about how this technology works. But, we are here to discuss about its security and the protection it gives to us. So, let’s focus on it.
Blockchain uses really complicated mathematical algorithms and rules that make it difficult for the attackers to manipulate it.
Whenever someone does a Bitcoin transaction, the detail of the transaction is spread to the network of nodes.
The nodes, which keep the blocks of information, are owned by the people called Miners. The blocks are added to the ledger using computing power and energy. Miners are rewarded as Bitcoins for this task. This part is secured because massive computer energy is consumed to produce blocks.
Actually, the energy is taken by the hash, which proves that the miner has added the block and he is rewarded.
These hashes also secure the blocks, because unique hashes are calculated for every block so that every block can be chained.
These features of the blockchain make it more protective and hard to be attacked.
The applications that uses blockchain like Bitcoin are kept secured at every aspect, for example, Bitcoin and Ethereum use wallets like Bitcoin wallet, Erc20 token wallet and more to keep the protection of the transaction at the highest edge.
No doubt, people are smart, but so as the technologies also, these days. The competition between the attackers and technology protectors will never come to an end.
Beware and then proceed with comprehensive knowledge about Blockchain!