Blockchain Trilemma....#004

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Good day everyone, really delighted to be writing here as it is and writing on this important topic as it regards the trillema facing blockchain.

Blockchain network is a sophisticated technology which is a wonderful innovation in our time and has really helped to make things easier for us nevertheless it also faces it own issues.

As we have highlighted in the previous post what this trillema is, that a blockchain hasn't been able to have all three of decentralization, scalability and security functionality all at once and often in an attempt to have one sacrifice another.

Last post I talked about some of the things that happens when a blockchain chooses to sacrifice security or isn't secured enough and today I will like to continue on that because security importance to a blockchain is crucial.

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What happens when a blockchain is not secured

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1) 51% Attacks: When a blockchain ia not secured it faces the risk or rather becomes vulnerable to the 51% attack.

The 51% attack is the form of an attack the blockchain experience when someone has more than 51% of the computational power especially in proof-of-work consensus blockchain which makes the person able to manipulate transactions in the blockchain thereby undermining blockchain integrity and trust.

2) Smart Contract Vulnerabilities: When a blockchain security is loose then it could lead to smart contract on the blockchain malfunctioning.

When a blockchain security is undermined then the blockchain could experience unauthorized function calls and overflow of integer as well as reentry attack.

3) Privacy Breach: The blockchain will experience breach in the users privacy as those with malicious intent could gain unauthorized access to the blockchain tempering with users classified information.

The sensitive information of the blockchain users are been revealed as well as transaction details they would rather keep secret, this is is direct violation of the privacy regulation a blockchain is suppose to provide.

4) Denial of Service (DoS) Attacks: When a blockchain isn't properly secured there is a high risk of denial of service attacks which often results in transactions being delayed and could eventually lead to a major disruptions in the way the blockchain was designed to function

When a blockchain faces this attack there is usually network congestion which does lead to encourage adoption of the blockchain as everyone would love for their transactions to be processed in a matter of seconds.

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Conclusion

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Indeed security of a blockchain is a serious matter one that should be taken the upmost importance to avoid all the risks highlighted, so to ensure that a blockchain integrity and trust is maintained then it must be fully secured so the users can have guarantee in the safety of their assets on the chain.