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The blockchain is secure due to its highly restrictive mathematical and software rules that prevent it from being easily hacked or tampered with. The fundamental reason why the blockchain is safe can be summarized in two main points, second Review of MIT technology:
1. The use of a cryptographic fingerprint
According to industry experts, this fingerprint takes a long time to cultivate, thus ensuring that the person (or, in the case of Bitcoin, the miner) actually takes the necessary work to verify the information. Also known as hashes, the fingerprint effectively closes the block. To change it, you need to generate another cryptographic fingerprint. This step is not only necessary for a block; it must also be completed for each block that follows it.
To see: How can Blockchain revolutionize the storage of personal data?
Overall, this means that the chain is only safe because of the power, time and energy needed to change the blockchain. An important note is that this change of hash must also be completed faster than others can create additional blocks to the chain. When viewed from this angle, it is very difficult to change information once sealed inside the block.
2. Network agreement dependent on a consent protocol
This is a verification process that guarantees that the hash matches the block to which it is connected correctly. Once this is achieved, the blockchain is updated to contain the new block and the hash.
Blockchain & # 39; s Security Challenges
Like any technology, there will always be people trying to maliciously alter the blockchain for a variety of potentially nefarious purposes. The security tools described above seem great in theory, but there are problems if the security strategy is not followed accurately. Here are some potential pitfalls:
1. Human error
Not surprisingly, humans make mistakes. Even if a block is assembled incorrectly, it can weaken the entire chain.
2. Miners who cheat
One way to trick the system is when a less powerful miner cheats others to keep trying to solve the problem – when the crypto-puzzle has already been completed. This gives the fraud miner an unfair advantage as they work to complete multiple blocks to make them vulnerable to attack. Another way to try to control the system is to check the communication data to allow a block to contain false data that confuses the entire system and / or wastes the miners' time.
3. Third-party connections
Some of the most important blockchain hacks occurred because of the system connected with a third party, as a software company. People who try to steal money or access data are able to test and access the weaknesses of the blockchain to determine where to attack.
Blockgeeks highlights the failures that have led to some of the most infamous and expensive hack blockchains, including the hack Mt.Gox, the DAO hack, the Bitfinex hack and the NiceHash hack. In 2018, there were several high-profile reports of cryptocurrency fraud and token theft, Coinrail, BitGrail, Coincheck to name just a few.
Blockchain security solutions
The critical choice between public and private blockchains will have significant security implications for a business. Bitcoin, for example, is a public blockchain, which has a system as a consensus mechanism whereby anyone can write transaction blocks in the register without requiring permission from a higher authority. With a public blockchain, anyone can have read and write access. In a private or authorized blockchain, access is limited.
To improve security and privacy (essential for medical records, financial data, etc.), A blockchain can be scheduled to be unavailable and inaccessible to unknown or untrusted entities. This is an "authorized blockchain" that allows the privileges of trusted entities to update the chain with greater responsibility than what is possible within a public blockchain.
"The scalability of private blockchain is larger than orders of magnitude, as they have fewer users and a trusted environment without the burdensome computing power required to establish consent before committing transactions," noted a research paper of the 2018 entitled Blockchain and suitability for government applications.
However, private blockchains are not exempt from security risks. Trail of Bits, Chain Security, Sigma Primeand to other companies specializing in security blockchain and computer security are asked to verify the code, identify vulnerabilities and solve problems that can be exploited by criminals and criminals for private and public blockchain initiatives.
"The risk and consequences of bankruptcy when using this [blockchain] the technology is high ", explained the managing director of Trail of Bits Dan Guido in a recent interview"Blockchain technology is very ruthless, transactions are irreversible and participants are pseudo-anonymous, which makes it easy for hackers to steal cryptocurrency with impunity."
Based in Hong Kong MATRIX AI Network is using artificial intelligence to improve the security and security of blockchain transactions. According to IA head investigator Steve Deng, "to improve transactional security, MATRIX Virtual Virtual Machine is able to detect transaction attacks by providing a vulnerability detection that is supported by artificial intelligence with fault protocols. In other words, the MATRIX team introduced formal verification technology during transactions to detect security vulnerabilities. "
The MATRIX AI Network security engine can identify bugs and vulnerabilities in smart contracts, leveraging the power of AI to maintain the security of digital assets under malicious attacks. Because it is adaptable, artificial intelligence can self-optimize over time and improve the search for additional flaws that could put transactions and funds at risk. The MATRIX AI Network security framework consists of four main components:
(1) a semantic and syntactic analysis engine based on rules for smart contracts; (2) a formal verification toolkit to demonstrate the security properties of smart contracts; (3) an artificial intelligence detection engine for the identification of the transaction model and security control; and (4) a platform based on in-depth learning for verification and dynamic improvement of security.
A secure and safe blockchain is essential for building trust and security and expanding the adoption of nascent technology. A strategic and tactical plan must be adopted by any company that seeks to use generalized accounting technology to avoid or reduce the risk of potential future security problems, which is why IT security consultancies and IT-based solutions. artificial intelligence are gaining ground. For any company that considers blockchain technology, improving security and security will require time, energy and resources.
