Blockchain is secured
What is BlockChain?
Blockchain names imply “block” which means it is a chain of digital blocks that contains a record of transactions. Each block is connected to another block which is before or after it.
Why are people pursuing BlockChain? Because it is very first time that we can trust a network which is making our transactions more secure.
Cryptography is securing your records in BlockChain; every participant of this chain has private keys and personal digital signature. Your signature becomes invalid if the changes occurred in a record and the suspicious attack is identified. Notification popup prevents further damages in your record.
Hackers’ perspective of BlockChain
The hacking attempt chances are lower here, a hacker cannot attempt an attack on a node to change the records because it is connected to all other nodes and detection is not possible here. Fortunately, hackers can’t damage the security and network, due to the decentralized and distributed peer-to-peer network that is continually updated and kept in sync.
Normally a perception is that if the centrally managed server can be hacked then the decentralized environment without the server will be more vulnerable to hackers’ attacks. The reality is actually the opposite, and the reason is the decentralization itself. Because the hackers’ manage to reach the central server computer first and then try to make changes in it to hack it, in the conventional environment. On the other hand, the decentralized control spreads the transactions over all the nodes and therefore for reaching the transaction the hacker is required to break into all the computers at one time and trace the transaction. This makes the security of BlockChain invincible.
Decentralization of BlockChain
The massive amount of computing power requires accessing every instance. Blockchain is not a central server system, each node is connected to every other node, so whenever you send premiums in InsCoin to a company it is not private between client and InsCoin but whole network nodes are aware of this agreement made between client and company that’s why blockchain don’t have a single failure point and cannot be changed from a single computer. A discussion comes to a topic whether a small blockchain or a big blockchain varies from each other or not, whether a vulnerable attack can be made by a hacker to small blockchain or not. The answer is simply No, Blockchain is securing your network in the best way with consensus algorithms and cryptocurrencies but we aware of choosing technology and check either it is secure or not.
Types of BlockChains & their security level
There are two types of Blockchain these days, public and private which differ in a way of keys that can affect the level of security they provide. Firstly we need to know the difference between the private BlockChain and the public BlockChain.
A private BlockChain is one which generates and maintains the smart ledgers on a selective number of nodes and is therefore limited although pretty faster in operation because of less synchronization.
A public BlockChain, on the other hand, can be joined and arbitrated by any node and the network ledgers are shared between millions of nodes and therefore the transaction becomes publicized.
Security level in terms of cyber threat is pretty high for both of them but there is only difference of transparency & privacy in their sense as the private Block Chains have restricted access and are therefore relatively confidential as against the other.
It is concluded that the security of BlockChain is many fold more viable than the conventional IT Infrastructures based upon the central servers and therefore BlockChain is the future of business environment.
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