Blockchains are the most important aspects developed after the internet. Even though there are several debatable facts no one can deny the impact of blockchains on modern technology. But just like other systems related online many malicious attacks happened with the blockchain technology too.
However, blockchain technology developed to become resistant to many malicious attacks over the years. But there are some malicious attacks that blockchain systems cant prevent. Let’s see are the blockchains immune to all malicious attacks.
What are the malicious attacks on the blockchain?
Any online or offline property or resources can be attacked in different ways. Blockchain technology also has common internet-related malicious attacks like online fraud, System hacking, and identity theft. Apart from those, there are a few blockchain special malicious attacks. Some of them are double-spending and 51% attack.
Blockchain technology doesn’t contain any system to detect online frauds. But it has systems developed to prevent all kinds of fraud. But the identity theft in a blockchain system is more damageable than identity theft in physical systems. Everything depends on the safeguard of the private key. But the cryptographic keys can demolish using quantum computing methods.
So the preserved anonymity and privacy are not secure in the blockchain system. After all, all the assets will vanish in a second, and tracking the theft will also be impossible.
Sometimes one user can take more than half of Miner’s verification ability with computational resources. This help that node or user to dominate the verification and approval of the blockchain. This gives him the control power of the system. But the user can manipulate the other users with this. Not only that the person can insert fraudulent transactions, Steal assets from other nodes or induce double-spending. This is a very rare effect and is called a 51% attack in blockchain systems.
Apart from that, it’s hard to prevent some system hacking and illegal activities like money laundering. Also very popular using blockchain systems for drug dealing and other criminal activities.
How is the blockchain immune to malicious attacks?
Luckily double-spending and data hacking can be prevented. Double spending is paying two payments using one fund. This could happen due to the system delay. But because blockchain systems accept only ‘Miner node’ verified transactions this can be prevented. It makes fraud transactions to gain the required amount of verifications and validations. Also, the system only accepted only one from multiple payments with the ‘Miner’ effect.
The blockchain system is called trustless due to the absence of central control unit. But because every transaction is monitored by all the nodes in the system. So it has made it more secure.
Even if the ledgers are hacked they can’t hide. Because the copies of the transactions are immediately sent to all the users its visible and identified fast.Not only that it’s hard to compromise the integrity of the records with this fact.
The risk is many malicious attacks are yet not included in Jurisdictional rules and regulations. So the blockchain system is eliminated from administrative and legal actions of authorities. Hence the users have to take responsibility for everything despite the situation.