Blockchain Security : Is Blockchain Secure Enough Really

Blockchain Security:

Blockchain security one of the Best security to our database because blockchain is a distributed database that provides a secure, yet transparent way to make, record and verify any type of transaction and can be used to protect our data from cyber-attacks and improve cybersecurity.Even though hackers are getting better at hacking day by day and the ways to stop them are also improving very fast. We already working on an impenetrable technology which is known as Blockchain.

Blockchains Security can improve the online security of any business:

In Blockchains every user can add information to the blockchain and all data stored in the blockchain is secured through cryptography. Every member of the network is responsible for verifying that the data which is getting added to the blockchain is real. The data is encrypted by the use of three keys (private, public, and the receiver’s key). These keys allow members to check the veracity of the data while also confirming where the data is coming.

Blockchain gets formed by a verified piece of data and it forms a block which then has to be added to the chain. Blockchain users use their respective keys and powerful computing systems to run algorithms that can easily solve complex mathematical problems. When an algorithm is solved, the block is added to the chain and the data contains in it exists on the network forever, meaning the data cannot be altered or removed.

To make updates to a particular piece of data, the owner of that data has to add a new block on top of the previous block, and by this, it will create a very specific chain of code. If anything gets altered from how it appears in a previous block, the entire chain across the network also changes according to the alteration. This means that every alteration to any piece of data is tracked. No data is lost or deleted because users can look at previous versions of a block and check if it is different in the latest version. Using this form of record-keeping makes it easily detect blocks that have incorrect or false data by the system and it will help in preventing loss, damage, and corruption.

Security and Features offered by Blockchain:

  • Benefits of Blockchain:

Blockchain has been eliminating the need for centralized control and additional costs. The trust between blockchain members is improved day by day and it is distributed between blockchain members. Transactions performed with the help of blockchain are digitally signed using an owner public/private key pair. Once the data is recorded in the blockchain then data in a block cannot be altered retroactively. Blockchain records transactions between two parties efficiently and in a permanent way.

A blockchain is a chain of digital blocks that contain records of each transaction. Each block is connected to all the blocks before and after it and because of this, it makes it difficult to tamper with a single record. A hacker need to change the block which is containing that record as well as those blocks which are linked to it to avoid detection. Blockchain has some other inherent characteristics that provide additional security.

The records on a blockchain are secured through cryptography and the network participants who have their own private keys and assigned to the transactions they act as a personal digital signature. If any record is altered, the signature gets invalid and the peer network gets informed that something has happened. Blockchains are decentralized across peer-to-peer networks that are continually updated. Blockchains don’t have a single point of failure and cannot be changed from a single computer because they aren’t contained in a central location. It would require massive amounts of computing power to access every instance and alter them all at the same time.

There was some debate about smaller blockchain networks that could be vulnerable to attack but a decision hasn’t been reached. Blockchains have some desirable features that would help to secure your transaction data but there are other conditions and requirements to consider if you want to use blockchain for your business.

  • Blockchain Hacking:

Blockchain technology provides best tools to protect data from hackers, blockchain helps in preventing potential fraud and it also decreases the chance of data being stolen or compromised.

To destroy or corrupt a blockchain a hacker needs to destroy the data stored on every user’s computer in the global network. This could end in destroying the data on millions of computers. Unless the hacker simultaneously brings down an entire network which is practically near to impossible for him, Computers, also known as nodes. These nodes are continually running to verify and keep a record of all the data on the network. The whole chain and amount of users on a network get an increase with the impossibility of a task like taking down decreases. The bigger blockchain networks isthe more users have an infinitely lower risk of getting attacked by hackers because of the complexity which is required to penetrate such a network.

This complex structure provides the ability to be the most secure form of storing and sharing information online. That’s why many businesses have begun applying the technology in different sectors to prevent fraud and increase protection of their crucial data.

  • Preventing DDoS attacks:

The principle of DDoS attack is simple but shocking. Hackers can use several techniques to perform an attack, they can send junk requests to a website, increase the traffic until the site no longer keep up their requests. The attack continues until the site gets full with requests and crashes. The DDoS attack also effected the bigger companies like Twitter, Spotify, SoundCloud, and more.

The difficulty in preventing DDoS attacks arise from the existing Domain Name System (DNS). DNS is a partially decentralized one-to-one mapping of IP addresses to domain names for the Internet. This system is responsible for converting human-readable domain names into machine-readable IP addresses.

But it is only partially decentralized means that means that it is still vulnerable to hackers because they are able to target the centralized part of DNS and continue crashing one website after another.

Implementing blockchain technology helps in fully decentralize the DNS. blockchain technology helps in distributing the contents to a large number of nodes and that makes it nearly impossible for hackers to attack it. Domain editing rights are not for everyone it would only be granted to those who need them like domain owners. No other user could make changes on the domains, significantly it is reducing the risk of data being accessed or altered by unauthorized parties. By using blockchains data protection a system can ensure that it’s invulnerable to attacks untill every single node is simultaneously wiped clean.

Some companies are already started implementing blockchain in this area to prevent themselves from the DDoS attacks from occurring. Blockstack provides a fully decentralized option for domain name system. The concept behind the company is to make the entire worldwide web decentralized by eliminating all third parties from managing web servers, ID systems, and databases.

If the current Domain Name System would operate on blockchain then users would still be able to register domain names but only authorized owners would be able to perform changes to their domains. Because the data is getting stored in many different nodes and every other user on the network has a copy of the entire data on the blockchain so it would be virtually impossible to hack that data or destroy it completely.

If more people gets to join the world wide web and technology will continue to develop. More data gets produced and more hackers will perform several attempts to hack or corrupt that data. The blockchain technology is versatile and incredibly useful for the future of the Internet. The blockchain technology is allowing users to better secure their data.

Innovative blockchain technology users are already becoming a part of other fields beyond cryptocurrencies and blockchain technology users can be especially useful to boost cybersecurity. Any business can ensure that their information will remain safely intact and out of the reach of hackers by implementing encryption and data distribution protocols on a network.