The Security of Blockchain
Blockchain is a public database. Data must be submitted after verification to ensure network security.
Introduction
The data in the “block” is distributed to all nodes, i.e. validators, in the network. Nodes are responsible for verifying the newly submitted data using the consensus mechanism in case someone sends false information or data that may endanger network security.
Once the transaction is verified and packaged into a “block”, the data can no longer be modified.
Blockchain security is ensured by the consensus mechanism
Blockchain is considered a secure and flexible technology due to the distributed ledger technology and encryption algorithms. Its security is maintained by a consensus algorithm, ensuring that all participants in the network agree on the state of the ledger.
This consensus algorithm ensures that not a single entity can control the network, which can effectively prevent malicious behaviors, such as tampering with transaction data and stealing funds.
Even though the blockchain is a public ledger, it can ensure user privacy through a specific algorithm. These consensus mechanisms and algorithms further ensure that the data stored on the blockchain is safe and cannot be tampered with.
Although blockchain technology appears to be reliable, blockchain networks are still at risk of being attacked.
Possible attacks
Although blockchain is theoretically safe, it does not mean that it is completely free from hacks. Hackers may use the code loopholes to obtain users’ private keys and steal assets.
Malicious actors can launch a 51% attack if they control more than 50% of the computing power of the blockchain network. As mentioned earlier, the blockchain is jointly maintained by nodes, but if more than half of the nodes are controlled and instructed to initiate wrong or non-existent transactions, these transactions can still be verified by the consensus mechanism.
It sounds scary, right? But no worries! The cost of implementing such an attack is extremely high, making it almost impossible to achieve one. There is no need to worry too much about this matter as the computing power markets of mainstream blockchains are fully developed.
What are the preventive measures?
People who often use on-chain applications will frequently use hot wallets to interact with various contracts, which is actually risky.
If you are a user, it is highly recommended to use a cold wallet, which is more secure; if you are a node operator, you need to upgrade the code regularly, just like the upgrading and daily maintenance of the operating system. Although it will not make substantial changes in a short time, it will eventually bring better user experiences through continuous improvement and iteration.
Key takeaways
The security of the blockchain is ensured by the consensus mechanism, making it free from malicious attacks, tampering of transaction data and theft of assets.
Suggestions on information security: store important assets in cold wallets; change hot wallets regularly; nodes regularly upgrade codes.
Main video
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Bài học 1:What is blockchain
Bài học 2:How does Blockchain Work?
Bài học 3:Blockchain trilemma : scalability, decentralization, security
Bài học 4:Types of Blockchain
Bài học 5:The Security of Blockchain
Bài học 6:Revolutionary applications and innovative scenarios
The Security of Blockchain
Blockchain is a public database. Data must be submitted after verification to ensure network security.
Introduction
The data in the “block” is distributed to all nodes, i.e. validators, in the network. Nodes are responsible for verifying the newly submitted data using the consensus mechanism in case someone sends false information or data that may endanger network security.
Once the transaction is verified and packaged into a “block”, the data can no longer be modified.
Blockchain security is ensured by the consensus mechanism
Blockchain is considered a secure and flexible technology due to the distributed ledger technology and encryption algorithms. Its security is maintained by a consensus algorithm, ensuring that all participants in the network agree on the state of the ledger.
This consensus algorithm ensures that not a single entity can control the network, which can effectively prevent malicious behaviors, such as tampering with transaction data and stealing funds.
Even though the blockchain is a public ledger, it can ensure user privacy through a specific algorithm. These consensus mechanisms and algorithms further ensure that the data stored on the blockchain is safe and cannot be tampered with.
Although blockchain technology appears to be reliable, blockchain networks are still at risk of being attacked.
Possible attacks
Although blockchain is theoretically safe, it does not mean that it is completely free from hacks. Hackers may use the code loopholes to obtain users’ private keys and steal assets.
Malicious actors can launch a 51% attack if they control more than 50% of the computing power of the blockchain network. As mentioned earlier, the blockchain is jointly maintained by nodes, but if more than half of the nodes are controlled and instructed to initiate wrong or non-existent transactions, these transactions can still be verified by the consensus mechanism.
It sounds scary, right? But no worries! The cost of implementing such an attack is extremely high, making it almost impossible to achieve one. There is no need to worry too much about this matter as the computing power markets of mainstream blockchains are fully developed.
What are the preventive measures?
People who often use on-chain applications will frequently use hot wallets to interact with various contracts, which is actually risky.
If you are a user, it is highly recommended to use a cold wallet, which is more secure; if you are a node operator, you need to upgrade the code regularly, just like the upgrading and daily maintenance of the operating system. Although it will not make substantial changes in a short time, it will eventually bring better user experiences through continuous improvement and iteration.
Key takeaways
The security of the blockchain is ensured by the consensus mechanism, making it free from malicious attacks, tampering of transaction data and theft of assets.
Suggestions on information security: store important assets in cold wallets; change hot wallets regularly; nodes regularly upgrade codes.
Main video
Related articles