I want to start by asking you this very question? When you think of BlockChain what’s the first thing that come to your mind? (Comment Below)
Survey is most likely to say Bitcoin and Crypto Currency. Why? That’s what we know it as. Recent trends I read, speak and discuss with others is BlockChain is also the safest technology out there. Its already safer than the technology out there today and it can’t be hacked.
Let’s analyze this very statement. BlockChain is secure and can’t be hacked.
Yes, BlockChain is secure how it’s not impossible to hack.
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What is BlockChain? Here is the basic explanation of what BlockChain is a digital ledger in which transactions are made and recorded chronologically and publicly.
So, this means that all transactions are public record and spread out across hundreds if not thousands of different devices and all participants have to approve the change.
In theory this would make you go James this is safe. Well, I said in Theory. A few things to consider here is in concept BlockChain is safer but it can be hacked and let me explain how.
Hackers understand that in order to be successful you have to start at the very beginning of the process. We see this happening now within a lot of projects where as they develop the BlockChain malware and other cyber threats are being planted early on which would allow the hacker to control the chain at a later date.
The second reason BlockChain isn’t as secure as it seems is simply due to the fact that as the technology develops more opportunities will occur that will allow hackers to take over. In the Crypto currency space there is a term for it, called Crypto Jacking. Yep – someone will take over your wallet and steal your crypto currency. How is this happening you ask? Well, most new users to this technology are uneducated when it comes to wallet and key security which allows hackers easy access to their wallets through basic phishing techniques.
What can I do then?
I strongly believe BlockChain is more secure then the technologies out there today, I also believe that Cybersecurity has to be indoctrinated within the initial stages of setting up a new BlockChain and it’s something that can’t be overlooked.
For BlockChain to become a main technology driver and receive more adaptation within mainstream companies, businesses, governments and others… the cybersecurity framework has to become a standard in all projects to ensure the rapid growth BlockChain is experiencing as a new technology.
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By James Azar on 4/5/18
Article first reported at CyberHub Summit