Blockchain can't be hacked?

 

Content

One of the biggest myth around blockchain is it can't be hacked but don't get us wrong the design of blockchain makes it very difficult than any current systems to hack in and tamper with anything stored on the blockchain.

Let's take a closer look at how's that possible

Most blockchains, such as the bitcoin blockchain, are protected by the cryptographic hash algorithm SHA-256.

51% Attack

A 51% attack refers to an attack on a blockchain—most commonly bitcoins, for which such an attack is still hypothetical—by a group of miners controlling more than 50% of the network's mining hash rate or computing power.

The attackers would be able to prevent new transactions from gaining confirmations, allowing them to halt payments between some or all users. They would also be able to reverse transactions that were completed while they were in control of the network, meaning they could double-spend coins.

Do give this interesting article to read more on this topic.

https://tii.ai/D6uT1y8


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