One of the major highlights of the blockchain technology is the SECURITY. A large chunk of people claims that blockchain is ‘unhackable’ – but is it so?
At TechTree India, we don’t like taking things at face value. We prefer to look into the information and pan out if a certain piece of news holds relevance or not. This is why we got a take into what Ty Miller, the Managing Director at Threat Intelligence, has to say on the subject of blockchain security protocol.
FYI, Miller is associated with the ethical hacking industry for more than 15 years and he is a keynote speaker at the most popular Black Hat conferences. The latter is a very technical and information-enriched security event series, which is conducted on a global platform.
The beginning of anything matters the most, and it’s the same in case of analyzing security protocol. Miller points, though blockchain is riding high on success, it is a fairly young technology that might face the same fate of every other technology that has been invented till now. In his opinion, as the blockchain becomes more mainstream, it will attract the attention of malicious threat actors and its security might be compromised.
The Risk and Defenses
The transparency in blockchain is incredible, Miller notes. It assures trust and validation but also poses a major fundamental risk. As blockchain uses cryptocurrencies, our transactions are no more kept private; all of our transactions and wallets are monitored publicly resulting in a grave data privacy breach.
So, what defenses are to be taken and how secure and strong they will be?
Encryptions are necessary to keep data private. Yet, whenever a flaw appears in the encrypted algorithm or when the computing power grows stronger, the security of the encrypted data may be compromised revealing all the private details. This is the very reason why so many cyber attacks happen and volumes of data are stolen.
What the Future Holds
Miller asserts that the more computing power becomes scalable the possibility of attackers taking control over the blockchain increases manifold. “The more realistic scenario, rather than using scalable cloud-computing power that the attacker needs to pay for, is that the threat actors will utilize botnets to gain access to millions of hacked machines to drive the computing power that they require to pull off a 51% attack,” he adds.
In a situation like this, ethical hacking is the only way to deal with vile hackers and identify theft. With quantum computing lying just around the corner, it would be fun to see how ethical hackers take up on malicious threats and try to put an end to cyber crimes.
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