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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.
Some studies disclose that quantum computers are pretty powerful, and they can potentially hack blockchains within a decade, which seems to be a fraction of time given the fact that technology is growing at a rapid rate.
Quantum practicality is essential to make sure the longevity and integrity of the blockchain technology. The solutions focusing on dealing with these challenges have begun to evolve. An encryption and digital assets solutions provider, Crown Sterling, is among the companies pioneering the field of data protection and sovereignty. Crown Sterling is the first to implement quantum-resistant One-Time Pad encryption as an option to secure blockchain technology.
Upon its release, blockchain tech is witnessed by many as highly safe. However, blockchains will constantly counter challenges with constant evolution in technology involving quantum computing.
Fortunately, with surfacing solutions, blockchain technology not just has the opportunity to be entirely quantum-proof but can stand the test of time.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
