The whole truth about Blockchain security

Endy Callahan

Blockchain is a trending topic across all platforms. Its use goes far beyond the boundaries of the IT field. One of the reasons is the high safety of operations. But is it true that blockchain has no weaknesses? Let's figure it out together.

 The principle of blockchain technology

Blockchain bears resemblance to a ledger, duplicated on thousands of computer machines. The record-keeping technology with a block of information strung together ensures reliable transaction verification and a high level of security.

All users have a public and private key. Each one is secure and has received encryption protection. For example, a user wants to send cryptocurrency to another one. He needs to use his public and private keys to make the transaction. The other party must use them to confirm the operation. Only after that, the transaction will be submitted to the public system of one rank.

After that, the blockchain participants verify the transaction data. It helps to make sure that both of you have the same data. If the verification proves that the party initiating the transaction does not have the required amount of cryptocurrency on its account, it will be rejected. When the data is confirmed, the process will be approved and the operation will be recorded in the block.

Why blockchain is secure

The blockchain is based on a digital register of transactions. The "electronic accounting" is often vulnerable: when attackers gain access to it, the system can completely "fall". A hacker can steal the right amount of money or gain access to personal information.

When it comes to blockchain, the situation is different – the system is fully decentralized. In practice, this means that one or more computers will not allow you to gain control of the "electronic accounting". Getting the full access requires a very complex and targeted operation that will simultaneously attack tens of thousands and even millions of computers at the same time.

The transaction chain provides additional security. The register of records is represented by a long list of consecutive blocks. Each of them is a part of the total structure starting from the first operation in the system. To change the details of a transaction, you must change all the records that lead to it. And it needs to be done on a large number of computers. Obviously, this is almost impossible to do.

Cryptographic keys, which are used in exchange processes, play an important role in cybersecurity. They are a complex and long sequence of characters that are extremely difficult to decipher. Two similar keys are used for confirmation, which greatly reduces the chances of hacking.

As you can see, blockchain has a unique security system. With this protection, it preserves information and provides maximum transparency of transactions. It is not surprising that blockchain technology is actively used in cryptographic currencies and other areas. The titan of the cryptocurrencies can be safely called the most secure and secure as of today. On our portal, you can read a lot about blockchain, its features, and prospects.