Is Blockchain secure to use?

Blockchain technology provides and ensures decentralized security and trust in various ways.

  • New blocks are continuously recorded in a linear and chronological order for beginnings. They are continually being added to the “end” of the blockchain.
  • Changing the contents of a block/transaction after it has been appended to the end of the blockchain is extremely difficult unless most of the network agrees to do so.
  • Each block has its hash and its hash before it and the mentioned time stamp. If digital data is altered, a mathematical procedure turns it into a string of numbers and letters, resulting in hash codes.

Assume a hacker who also maintains a blockchain node wants to alter a blockchain and steal cryptocurrency from everyone else. Their single copy of the chain would no longer match the composition of everyone else if they changed it.

This one will stand out when everyone compares their blockchain copies, and the hacker’s version of the chain will be thrown/marked out as illegitimate.

Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes.

Every transaction in this ledger is authorized by the digital signature of the owner, which authenticates the transaction and safeguards it from tampering. Hence, the information the digital ledger contains is highly secure.

There are six key principles that can ensure proper safety and allow organizations to create appropriate transactional records. And all of these ensure proper safety to all of the data.

  • Auditing
  • Securing applications
  • Database security
  • Digital workforce training
  • Proper testing methods
  • Continuity planning.

With these key principles we do believe that the blockchain is highly secure.