The blockchain technology is undoubtedly one of the most talked about technologies in the world today. While most people consider it as one of the most important inventions, few experts have debated about the security of blockchain. Theoretically, blockchain is virtually impossible to tamper with. It comes with multiple layers of military grade encryption.
Thus, it is completely protected from any third-party interference. But how secure is blockchain in reality? There is a big difference between theoretical assumptions and reality. So, it is time for us to find out the actual reality behind blockchain.
Blockchain was invented for secure storage of data with which no one can tamper with. It uses complex mathematical problems and innovative software that are virtually impossible for attackers to manipulate. Having said so, even the most complex mathematical problems can be solved by brilliant minds. Thus, even the most secured blockchain can be vulnerable to outside attacks.
To understand how blockchain can be vulnerable to outside attacks, let us take the blockchain of Bitcoin into consideration. The blockchain of Bitcoin uses the hashing algorithm to register the transactions that are made. Every time you transact in Bitcoin, a new block is added to the chain. Thus, in general view, the blockchain of Bitcoin is completely impenetrable.
Eclipse Attack:
But there are ways to bypass the security of blockchain. The first thing that can be done to bypass the security of blockchain is eclipse attack. You must already know that every node in blockchain needs to be in constant communication with one another to work perfectly. But if you can take control of one of the notes then you can obviously fool other nodes to accept false data. In other words, you will be able to make false transactions and waste the resources.
Selfish mining:
Another way in which, you can tamper with the blockchain is selfish mining. The selfish mining techniques require half the resources that are required in the normal mining technique. In the selfish mining technique, you can fool the nodes to solve false crypto-puzzles and waste time. Thus, it can also be utilized to make false transactions and tamper with your resources.
Reality:
Now, you know how you can penetrate the supposedly impenetrable security of blockchain. But let me pose another question to you. How feasible are these techniques in reality? Well, honestly, it is too tough to actually implement these techniques to bypass the blockchain security.
Even though it is not impossible, you need to remember that the blockchain is an intelligent technology. You cannot fool it easily. It takes an extremely brilliant mind and highly intelligent tactics to actually fool the blockchain network. That is why even though there are techniques available to bypass the blockchain security, not many people or hackers have attempted to do so in real life.
While few people have tried to implement these tactics they have not had much success in their attempts. Thus, you can be completely assured about the security of your data and your funds in cryptocurrencies that use blockchain since it still remains virtually impossible to tamper with.
