Details about Blockchain Technology Part 3
Asshalamu alaykum, I'm @toufiq777
Dear steemians in my Blockchain Technology part 2 post I discussed about the about types of blockchain network, how blockchain is building trust. Today is the third part of the blockchain series and I’m going to discuss about Blockchain Security and various security aspects of Blockchain Tech. So, without further words lets get started.
To develop an application in the blockchain for companies its necessary to have an extensive security concern. This is for cybersecurity layout, guarantee product and top-notch execution to minimize the risk against any kind of malicious activity. Blockchain tech applications are built with enormous security factors basing on cryptography, distributed in nature and unity characteristics to bring trust in handling transactions. Here data or transactions are formed into blocks, each of the block can preserve a single or many transactions. New blocks are also connected with the older ones so no kind of anomaly is possible.
Yesterday I talked about 4 types of blockchain networks. Security also differs in terms of blockchain types basing on the participants and their means of approach. The name of the blockchain types literally describes their characteristics. Let us know the difference in a few words.
In public type of blockchain this kind of number of participants and means of approach power is delegated to each and everyone. That means anyone can authorize transactions. Whereas in Private type this right is reserved only for a few. In permissioned type there are a criteria which a number of participants are allowed by using their identity verification. But in permissionless type there is no such criteria.
As discussed earlier No kind of anomaly is possible in blockchain transactions. But anyone with any bad motive can try to utilize the available resources to fool people and do fraud activities. Examples of this fraud activities are stealing private keys to access the funds available, cheating and manipulation in coding, hacking participants computer etc.
There are many ways but 4 types of process are mostly done to do such attack. They are:
Phishing - Phishing is a scam aimed to obtain users credentials. Fraudsters send emails to wallet key owners that appear to come from a legitimate source. The emails employ false hyperlinks to request users information. Knowing the login informations of an individual and other sensitive information can lead to losses for both the user and the blockchain network.
Attacks on the routing system - Blockchains rely on enormous data transfers in seconds. Hackers can intercept data while it is being sent to web service providers. Because blockchain participants cannot see the threat in a routing attack, everything appears normal.
Sybil attacks – It involve hackers developing and using a large number of fake network identities in order to flood the network and crash the system. Sybil is a popular novel character who suffer from multiple identification disease.
51% of attacks - Mining necessitates an enormous quantity of computing power, particularly for substantial public blockchains. However if a miner or a group of miners can pool enough resources, they can obtain more than half of a blockchain networks mining power. Having more than half of the power means they have control over the ledger and may change it.
Friends for now I want to conclude today in my next post I will cover Blockchain security tips and standard procedures to avoid any kind of fraud activities. and many more.
Blockchain technology has been a blessing to us, demonstrating its trustworthiness, clarity, and potential. We are the ones who need to be more cautious when using its functions; otherwise, if we are scammed, we have no one to blame but ourselves.
Wishing well to all.
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Thank you
@toufiq777
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Dear @toufiq777 ,
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This is a good topic you have chosen, but I expected to see a tabular difference in security between blockchain types.
Also, your explanation to the type of security the blockchain provides is a bit shallow.
Keep making quality contents!
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Thank You.
I’m working on this