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Can We Trust The Security Of Blockchain Tech?

  • 9 mths ago

Blockchain technology has made a significant position in the world of technology lately and is one of the most remarkable technological advancements. But skepticisms never leave a chance to hover around new and emerging techs. There have been controversial discussions regarding blockchain tech facing constant malicious activities. 

Blockchains are secured through a mass of varied consensus mechanisms, but virtually all share the same underlying security protocol called cryptography. Like Bitcoin works through mining, it is how transactions are confirmed on the network and are critical for the maintenance and development of blockchain ledgers. The process of altering the shared ledger with a newly added transaction in which all the core supporters synchronize the copies is what we call cryptocurrency mining. These core supporters are known as miners. BTC uses an algorithm known as SHA 256. 

But Despite the early record of security, blockchain technology has experienced several hacks and frauds, which raises questions as to whether the technology is reliable and future-proof. For instance, the Poly Network Hack was one of the biggest that witnessed around $600 Million stolen. 

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