Is Blockchain Secure?

Blockchain technology addresses security and trust issues in a number of ways. First, new blocks are always saved in letters and chronologically. That is, they are always at the “end” of the blockchain. If you look at the bitcoin blockchain, you can see that each block has a position in the chain called “height”. As of November 2020, the block height was 656,197 blocks.

Once a block is added at the end of a blockchain, it is very difficult to change the contents of that block unless there is a majority of consensus. This is because each block contains its own hash as well as the block hash in front of it, as well as the mentioned time stamp. Hash codes are created by a mathematical function that converts digital information into numbers and letters. If this information is modified in any way, the hash code may change.

That’s why it’s important for safety. We say that a hacker wants to change the blockchain and steal bitcoins from everyone else. If they change their single copy, it will no longer be the same as everyone’s copy. When everyone links their copies to each other, they will see that the copy will stand and this Chinese version of hockey will be declared illegal and rejected.

A successful hack requires the hacker to simultaneously control and edit the copies of the blockchain, so that their new copy becomes the majority copy and thus becomes a permanent chain. Such an attack would also require a lot of money and resources, as they would have to redo all the blocks, as they would now have different time stamps and hash codes.

The cost of such an undertaking would be irreparable due to the size of the bitcoin network and how fast it is growing. It will not only be very expensive but also useless. It will go unnoticed because network participants will see such fundamental changes in the blockchain. Network participants then move on to the new version of the chain that was not affected.

This will drastically reduce the value of the attacking version of the bitcoin, which ultimately makes the attack meaningless because the attacker controls the useless assets. This is what happens if an attacker attacks a new bitcoin fork. It is structured in such a way that participating in the network costs more than attacking it.

About The Author 60 Articles
Hi, I'm Taimoor Moosani, an aspiring blogger with an obsession for all things tech. This blog is dedicated to helping people learn about the word of digitalization and technology.

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