Redefining Blockchain Security
There has always been conflicting about any new coming technology and its pros and cons. So it goes for the Blockchain technology. Proponents of the distributed ledger technology known as Blockchain consider it to be one of the best ways to secure and authenticate transactions. Not keeping a general perspective, but hearing that anything is the “best” immediately makes us go sceptical about it. How exactly does Blockchain Technology provide more security than traditional transaction processes or traditional record keeping structures? Let’s take a look.
Security of Blockchain Database
The records on a Blockchain database or network are secured through cryptography. Network participants and nodes have their own private keys that are assigned to the transactions they make and act as their authentic personal digital signature. If a record of any transaction is altered, the signature will become completely invalid and the peer network will know right away that some unauthentic update or tempering has happened.
Unfortunately for those ambitious unethical technical, Blockchains are decentralized and distributed across peer-to-peer networks just like a distributed database that is continually updated and kept in sync. Because they aren’t confined to a central location, Blockchain doesn’t have a single point of failure and cannot be tampered from a single computer. It would require massive amounts of computing power to access and mould every instance (or at least a 51 per cent majority) of a certain Blockchain transaction and alter them all at the same time.
All this can ensure proper levels of security. As a matter of fact, the bigger your network, more tamper-resistant your Blockchain will be.
Private and Public Blockchain
It is quite obvious from the nodes comprising either the Public or Private network that which will have a better security feature and which will be more prone to be tampered or hacked. A public network, considering how it is made up, may not be the right choice for an enterprise. Whereas for an open library, it may be the best-suited option. Considering an organization, the better option would be always a private network with access credentials to every individual so as they know exactly who are they dealing with.
How Secure is Blockchain?
In the above explanation about types of Blockchain network, one can easily decide which category of the Blockchain network will satisfy his needs and requirement in the most efficient way. But the question that arises is if there is a distributed system holding all the records, how to remove any jeopardy? In case of any conflicting record, how to decide which is the most reliable data? Past has seen many such examples where apart from all the security being implemented and all major steps taken. There have been cases of highly secure Blockchain networks being hacked and data being compromised resulting in huge loses.
Considering the above examples and all that Blockchain can offer, we can easily say that Blockchain is the new coming technology and will surely see success. But it is a great power and in wrong hands could easily result in catastrophic results. Consider the situation where a group of people have more than 50% control on the miner of Blockchain network. This will make them the game changer and they can direct things the way they want.
So it becomes of utmost importance to develop, implement and maintain a highly secure and glitch free network for proper functionality. Considering this, we can easily conclude that we need to properly define the security of Blockchain to enjoy the power it possesses.
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