Why is Blockchain so secure? - Letsdiskuss
LetsDiskuss Logo
Ask Question

Prashant Dubey

Mechanical engineer | Posted 15 Nov, 2018 |

Why is Blockchain so secure?

anju Kumar

Blogger | Posted 27 Nov, 2018

Blockchain is an open distributed ledger that maintains a continuously increasing number of transactions and data records. In fact, it is a technology of decentralized data storage that provides a high-security level and enables data manipulation occurred within the certain rules.

This confidence is ensured by the fact that data array is stored at once for each Blockchain participant, meaning that it won’t be enough to simply replace the entire array in one place.

And each subsequent piece of data, a so-called block, contains a hash of the previous block, providing the following advantages:

It’s impossible to substitute an intermediate block in the finished chain;

A block can’t be changed without changing its hash, therefore it is impossible to make it without breaking the chain integrity.

Representing an immutable and inconvertible record, Blockchain ensures complete transaction security, also providing users with data access and enabling them to monitor transaction completion. A user can be sure that his or her private information won’t be stolen and all transactions will be effectively conducted.

The main Blockchain characteristic is that it’s based on cryptographic algorithms, making data forge impossible. What’s important, they are built for preventing technical information distortion, so they will continue to work even in case of some failures.

Preeti Taneja

Entrepreneur | Posted 16 Nov, 2018

Anything that’s transparent is more secure. Period.

Imagine a traditional ledger. When an entry is made there, you don’t know the nature of that entry. You don’t even know if an entry is made in the first place or not. The person responsible to do this job can easily manipulate the entry or play foul without getting caught by anyone. Because, in the lack of transparency about the ledger, no one knows what he is doing and what he isn’t.

Now imagine a new-age ledger that’s available online for anyone to see and analyze. With this, the person making the entry can easily be held responsible because what she/he is doing is very transparent and out there. Using the internet, anyone can access the ledger and see if the entry is made or not, at what time was it recorded and few other information.

Now doesn’t this new-age ledger look more secure and reliable?

This is how blockchain functions. It is transparent, which improves its security and reliability supremely.

Of course, the blockchain technology can be manipulated and data altered. But it’s very (very) difficult, which cannot be done by a single individual and require a mutual work of the community.

Also Read:-How will you explain Blockchain technology to a 10-year old?

Generally put, a blockchain is an ever-growing list of records. When an entry is made, it gets summarised in a block, which contains a hash (an algorithm). Every block contains the hash of the previous block. So, if you’re looking to change a record in a block, you will have to manipulate all the blocks that contain the original hash of the block that you’re looking to change.

It’s really very difficult—almost impossible!

This framework makes blockchain very safe, secure and reliable.

There are reasons, after all, why even the large corporations and companies are investing big in blockchain technology.