How Secure is Blockchain? Please Vote!

Shimmiry

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Quote from: DreamOfStars on May 07, 2020, 09:28:12 AM

How secure is a Blockchain system?

The blockchain's security doesn't imply on the how it's system works. It differs depending on how would be the developer would code a blockchain that is impenetrable and have no loopholes. Security aspect is another issue when it regards to blockchain or any system at all. Some would hire penetration testers / hackers just to strengthen their system's security.

Therefore the answer is simple, it would always depend on their developers, and on how well they coded it, and what encryption and algorithm they used for a stronger security.

webtricks

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Blockchain System is like 'Political Party'. Alone it doesn't have much power but once it is backed by people, it can gain the control of the country's government.
Blockchain's security depends upon the number of participants that are actively devoting their resources for the greater good of blockchain. Higher the number of participants, more difficult would be to hack the blockchain. And when we say hacking blockchain, it usually refers to the situation where a person can mutate the chain's data and transmit it as valid chain among all the connected nodes.

pooya87

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you are asking the wrong question. blockchain is just the database, asking "how secure is it" is like asking "how secure is this .jpg picture i took of myself". the security comes from the way that database is used. and you should know that using blockchain or even copying another cryptocurrency that uses it (exact copy) doesn't guarantee security. for example both BTG and BCH are exact copies of bitcoin and ETH is also another very similar and mostly copy of bitcoin. all three are insecure since their blocks have been rolled back with 51% attack and similar techniques which means they are no longer immutable and are insecure now. that is while they are using pretty much the same exact block-chain (ie database).

jademaxsuy

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It depends on what system is used on a blockchain and where it is used. For example, the blockchain in cryptocurrency, it depends on security it used. Take a look at the site I will provide which will help explain on how secure is blockchain in cryptocyrrency like bitcoin and what are the security that is used to make it secured. Here is the site https://www.ibm.com/blogs/blockchain/2017/12/blockchain-security-what-keeps-your-transaction-data-safe/

hatshepsut93

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Security is very hard to get right, and blockchain isn't making everything magically more secure, if developers are bad, then their blockchain will be bad too. There has been a lot of hacks of blockchain systems - DAO, attacks on dapps, critical bugs in coins. And if you have some centralized blockchain, it's inherently more vulnerable, because it can often be not immutable and lacks solid consensus mechanisms. And from the point of users, a huge portion of security responsibility is shifted towards them, there's zero safeguards because they would require centralization.

OgNasty

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Your question strikes me as being similar to ‘how secure is a password’ to which my response would be, it depends on the password.

Charles-Tim

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There are many aspect in blockchain, it can be used in cryptocurrencies, fashion, record keeping an in medical. I do not know much about other fields but in cryptocurrencies, the security depends on miners, the more the miners, the more how secure blockchain network will be. The miners makes it not possible for 51% attack to occur as a result of high hashes they are generating. That is why bitcoin is the most secure cryptocurrency because it has the highest hash power. So, a blockchain can be fully secure depending on how many miners are operating on the network. If the miners are not much, the hashes generated will be less and the network can be compromised by hackers.

jackg

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https://bit.ly/387FXHi lightning theory

It depends on the system and type of security.

Some are better for prioritising permenance, reliability or privacy individually... This probanly isn't a question we can answer without some sort of target or use case

DreamOfStars

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How secure is a Blockchain system?

Topic: How Secure is Blockchain? Please Vote! (Read 249 times)