In the beginning, when blockchain technology was introduced in public, it was considered as “unhackable” on many points. There are already copious benefits of blockchain which are commendable, but people haven’t seen the best potential of it. The one thing which is guaranteed that it is not unhackable. The light on this thing has been thrown with clarity on the tune of around $2 billion in cryptocurrency stolen by hackers since 2017.
Latest attacks drive focus from public networks, such as the Bitcoin and Ethereum blockchains, to private networks that are built for the use of large corporations. As per theory, the private network is kind of difficult target for a hacker because of its nature as small ecosystems where everyone is familiar to each other and impostors have hard time hiding it. Since many private enterprise blockchain networks have come online, cybercriminals are quite focused on showing that this technology is hackable.
Check out what they have been doing and how to keep them from getting into yours:
Before going in deep into the particulars of latest attacks on private blockchain networks, it is must to assure that the terminology is straight. A blockchain means a decentralized cryptographic database that exists on linked computers called nodes. Each node has updated copy of the entire database and all nodes have to verify and get approve a transaction before it added to the database.
Companies are engaged in many activities such as cross-border transactions, digital record storage, and tracking goods and information have their eye on blockchain for a while now. Blockchain application- building is of a high priority project for some truly massive operations, such as Fidelity Investments and the New York Stock Exchange to name a couple. Call on Blockchain helpline number which is always approachable and the team is ready to assist you at every time.
Easing into the real world
It is evident that it is difficult to remember a single private blockchain network hack that resulted in a real loss, there are a few reasons for this, and are in the pathway of changing. At first, enterprise-level blockchain apps have been under excited development the past few years, and only few have started to be introduced for public use.
In a few cases, blockchain has allowed developers to come up with a new twist on an old idea. The Ethereum-backed security app called Orchid is in term of taking the traditional idea of a virtual private network, putting it on top of a blockchain and presto, which is the next generation of privacy technology. Call on Blockchain contact number which is active to take queries and provide instant solution.
The biggest danger on the private blockchain networks is that they don’t have its own dedicated community of members across the world that work days and nights testing, and improving the network. There is no, midway process for hard testing due to its nature of being small and private. It is quite difficult for a single company to generate the same enthusiasm and support as a massive cryptocurrency such as Bitcoin.