Blockchain Security

Blockchain security is the mitigation of risks related to the blockchain network, both through technical methods and privacy practices to mitigate threats and attacks.

A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The timestamp proves that the transaction data existed when the block was published in order to get into its hash. Once a block is full, it’s linked and locked to the rest of the full blocks in the database, creating a chain. Then, an empty block is added to the end of the chain to record new information. It is also an online database that’s popularly used for cryptocurrency transactions like Bitcoin.

Blockchains can be public or private. Private blockchains are more secure but less private, while public blockchains are less secure but allow for anonymity.

Although blockchains are decentralized, meaning that it is more difficult for criminals to access the data through a one single entry point, One problem of the blockchain is that in most cases, all blockchain user activity is transparent and traceable. Each transaction can be tracked back to the user, that is, there is an associated key signature in the blockchain that allows you to verify the parts involved.

Blockchain is also susceptible to cyber threats such as: Phishing attacks, Code exploitation, Routing attacks, Stolen keys, Sybyl attacks, 51% attacks, Computer hacking, among others.