Can Blockchain be hacked?And who will use it?

Can Blockchain be hacked?And who will use it?

 

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The Blockchain is an undeniably ingenious invention,Now, most of the people in the financial world know the Blockchain, but you may be concerned about, “can Blockchain be hacked” or “who will use the Blockchain”, This article will briefly explain the above content from this perspective.

 

Can Blockchain be hacked?

The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Blockchain is an indestructible economic transaction digital ledger. Programmable records are more than just financial transactions, and they record almost all value.

Its “not tamperable” and “safe” often lead people to think, why are there so many hackers and  ICO scams? So can Blockchain be hacked?

Usually, hacking is not related to Blockchain technology, but it is related to software shortcomings. For example, Exchanges&Vulnerabilities in smart contract codes, and wallet providers. When you consider its dispersion, The Blockchain is very safe.

Even hackers or people with ulterior motives can’t easily enter the system. It won’t cause disasters like Equifax data leaks. Attacking a Blockchain as big as Bitcoin requires resources, power, and coordination, but these resources add up to more than the GDP of many small countries.

However, the Blockchain may be hacked. In the so-called 51% attack, hackers need to control most of the network mining hash capabilities.

For smaller, licensed Blockchain systems, hacking is easier. It is almost impossible to use a network like Bitcoin.

The Bitcoin Blockchain is currently the most resistant to such attacks.

On more complex networks such as the Ethereum network, the attack surface may be larger.

Ethereum actually experienced a hacking attack in 2016, called DAO hacking, which was not caused by 51% of attacks, but by vulnerabilities in smart contracts.

Ethereum has thus been forked into two chains. Those who think of “code is law” and those who want to reduce the damage caused by launching hard forks are protecting Ethereum’s future.

This led directly to the birth of the Ethereum Classic (ETH), a separate Cryptocurrency derived from code coverage.

 

Who will use the Blockchain?

As web infrastructure, you don’t need to know about the Blockchain for it to be useful in your life. Currently, finance offers the strongest use cases for the technology. International remittances, for instance. The World Bank estimates that over $430 billion US in money transfers were sent in 2015. And at the moment there is a high demand for Blockchain developers. The Blockchain potentially cuts out the middleman for these types of transactions.

Personal computing became accessible to the general public with the invention of the Graphical User Interface (GUI), which took the form of a “desktop”. Similarly, the most common GUI devised for the Blockchain are the so-called “wallet” applications, which people use to buy things with Bitcoin, and store it along with other cryptocurrencies.

Transactions online are closely connected to the processes of identity verification. It is easy to imagine that wallet apps will transform in the coming years to include other types of identity management.

 

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