Blockchain Trilemma....#003

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On earlier lessons I had written about the three facets of a blockchain network which are decentralization, scalability and security.

This 3 are key for the smooth, efficient and integrity of the blockchain network and often in an attempt to improve on one the other suffers.

We also talked about if this trillema really exist in blockchain and ofcourse the answer is yes, indeed it does exist.

The trillema exist as none as successfully implemented all three of this facets or features simultaneously and most times often have to sacrifice one.

Today I will like to discuss what happens when a blockchain is decentralized and scalable but isn't secured.

What happens when a blockchain chooses to sacrifice security for the sake of scalability or decentralization, let's talk about some of the dangers below.

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What Happens When A Blockchain Is Not Secured

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Ofcourse if a security system is not secured or a house doesn't have a door anyone could walk in the house and thieves come come in and steal at ease same with a blockchain, it becomes vulnerable to attacks of not secured, let's look at some of the outcomes of blockchain insecurity below:

1) Unauthorized Access and Control:

When a blockchain is not secured then it gives way to unauthorized access especially those with malicious intent to gain free passage to the blockchain.

A blockchain that isn't secured is a risk when it comes to trust and integrity because if this malicious users who gain access to it they could easily manipulate transactions.

2) Data Tampering and Manipulation:

Data could easily be altered by anyone and infact anyone with malicious intent who knows what they are doing could easily tamper or edit smart contract or informations on the blockchain.

A blockchain that isn't secured means users money are not secured as they will be subject and vulnerable to fraudulent activities with its data's easily manipulated.

3) Double Spending:

This is another bad side of an insecure blockchain, they will be vulnerable to possible attacks of double-spending.

That's the process of a user spending the same digital asset more than once and in such an insecure blockchain any user could easily do that simply by taking advantage of the vulnerable state of the blockchain network.

4) Sybil Attacks:

When a blockchain is insecure it will be prone to or easily subjected to sybil attack.

Sybil attack is when an individual in an attempt to gain more control opens up fake identities to have unfair share of decision making in the network thereby jeopardizing the decentralized nature of the blockchain.

which is saying an insecure blockchain could lead to the consensus of such blockchain to be altered so to speak.

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Conclusion

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Indeed security is very integral for the trust and integrity of a blockchain infact why have a blockchain that isn't secured, it would be a playground for hackers and those with malicious intent and users with nefarious purpose, so security is vital to a blockchain.