Home
News
The Fourth Industrial Revolution’s fundamental technology, blockchain, blurs the boundaries between physical and digital places. By enabling decentralized digital change, it undermines established businesses and creates new inventive opportunities.
What is blockchain and its potential?
One of the most significant technical advancements in the last ten years is blockchain. Blockchain is a type of digital ledger technique that makes record-keeping safe, open, and autonomous. In essence, it is a database that is saved all over a computer network as opposed to being kept in one place. Cryptography, which is used to guarantee the confidentiality and integrity of the data kept on the system, is the foundation of blockchain technology. Numerous possible uses for blockchain technology exist, including cryptocurrencies, voting systems, supply chain management, and more. Blockchain is quickly emerging as a key tool in achieving this goal because it offers ways for organizations to share data and exchange value in a secure manner, according to 61% of businesses.
Market strategy behind blockchain:
Due to the unique features of blockchain technology, its use cases are growing. By 2030, the worldwide market for blockchain technology is predicted to be worth US $1.43 trillion, growing at an annual compound growth rate (CAGR) of 85.9%.
One effective use of blockchain is to increase supply chain effectiveness by transparently and promptly tracking goods. Blockchain also makes it possible to develop fresh models and methods that pave the way for Web3 apps.
Major cybersecurity threats to blockchain
Blockchains have complex architectures with many levels, including networks, endpoint clients, smart contracts, and consensus. Cyberattacks frequently target these layers, revealing a variety of vulnerabilities. A few risks associated with blockchain are discussed below:
51% attack – A 51% attack takes place when one organization or group has control over the majority of computing capacity on a blockchain system, giving them the ability to influence the system.
Sybil attack – To take over a blockchain network, an attacker will establish numerous fictitious identities or nodes.
Vulnerabilities in smart contracts – Smart contracts are blockchain-based applications that may have weaknesses that attackers could take advantage of.
Malware and phishing attempts – These methods can be used to obtain passwords or private keys, granting attackers permission to blockchain accounts.
Distributed denial-of-service (DDoS) attacks – Attacks known as distributed denial-of-service (DDoS) can be used to overwhelm blockchain nodes and impair the network’s ability to operate.
Insider attack – Insider attacks happen when a blockchain network’s trustworthy user or employee uses their rights to engage in malicious behavior.
The security of a blockchain depends on the specific implementation and design of the system, as well as how it is used. Some of the potential security advantages of blockchain include:
Decentralization – Decentralization can make it more challenging for one group to influence or dominate the system. Blockchain networks are decentralized.
Cryptography – Blockchain protects the integrity of the data saved on the system using sophisticated cryptographic algorithms.
Immutability – Data stored on a blockchain cannot be removed or changed once it has been added, making it reliable and tamper-proof.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
