Blockchain security. Technology has improved very much in the present time. The important blessing of technology is the new technology called the blockchain. Blockchain is a distributed ledger technology used to keep the records of transactions within the blockchain.
Blockchain has four different types. These are a public, private, consortium, and hybrid blockchains. Anyone can access the public blockchain. Anyone does not mean that any person can access the network. It means that any user can be added to this network. A private blockchain is a restricted blockchain. Users can only add to this network if the owners of this network allow them to. Users cannot add to this blockchain without permission.
A consortium blockchain is also called a federated blockchain. It is a collection of some preselected and privileged blockchains controlled by a single institute. A hybrid blockchain carries both the attributes of a private blockchain and a public blockchain.
What Is Ledger
A ledger refers to a type of record-keeping system. It is used to keep a record of anything depending on the situation. For example, the attendance register is a perfect example of a ledger. It is used to keep a record of the attendance of the students. A ledger also performs the same task.
Why Blockchain Is Secure (Blockchain Security)
Blockchain security is an important topic to discuss. Digital platforms such as cryptocurrencies are using this technology. Blockchain technology is the main thing that is used in cryptocurrencies. All the transactions of cryptocurrency are done through the blockchain. That doesn’t mean each cryptocurrency is using a similar blockchain. It means that all use the same technology.
Talking about how blockchain is secure, many facts prove the security of the blockchain. The most important one for us to know is that it is very difficult to access. It won’t be wrong to say that it is nearly impossible to access. In addition to this, unauthorized access cannot be performed on the blockchain.
Hash (Blockchain Security)
A cryptographic hash is a unique and specified address that is assigned to each block. The hash of the block cannot be changed. It is because the cryptographic hash in a blockchain is fixed. This is the main reason why blockchain is more secure. As we discussed above, blockchain is very difficult to access. Unauthorized access to blockchain is nearly impossible.
The reason for this is that it takes a very huge amount of time to access one block of the chain. If let’s suppose, someone manages to enter the first block successfully. He will not be able to access the rest of the blocks. In addition to this, if the hash of one block is changed, it will not affect the hash of other blocks. Instead, the next block will be much harder than the previous one to access.
Distributed Ledger Technology
As we discussed above that a blockchain is a distributed ledger technology. Ledger technology is used to keep records of all transactions. This also ensures the security of the system. In addition to this, the ledger keeps a record of all the transactions. So, it is nearly difficult to feel insecure in this system.
Not only this but there is a very rare chance of fraud in this technology. It’s because this technology is still new. So, the advanced users of this technology are taking benefits from it. They have more knowledge about it. Hence, they use it to target new users and earn from them. That is why it is a little bit difficult to secure yourself in the beginning.
Even if someone successfully breaks the system, his activity of breaking the system is recorded in the ledgers. So, everyone gets aware of the catchy activities that are happening or about to happen on the blockchain.
