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Dec 14, 21  |  Sharjeel Ashraf

Are Blockchains Immune to All Malicious Attacks?

One question people ask again and again is about blockchain security. They ask: Are blockchain immune to malicious attacks?!

The problem is that people are unable to accept that a technology now exists that can evade security issues for good. 

In this article, we are going to discuss blockchain in depth and see if it can really evade malicious attacks or if that is just a myth to sell more of blockchain technology to the world.

Let’s get started.

TL;DR - Malicious Attacks on Blockchain

Yes, blockchain is a chain of blocks joined together that are completely tamper-proof because the computational power required to make changes to all the blocks at once doesn’t exist. Even if it exists, it would require knowing hashes or fingerprints for accessing all the blocks. Let’s say that the machine in question is able to generate all the hashes of the blocks accurately, then it will have to make changes on all the nodes where the blocks are present. Since these blocks are scattered around the world, blockchain is literally immune to malicious attacks.

How Can Blockchain Malicious Attacks & Hacks Occur?

Most blockchain malicious attacks occur because of insecure security measures. In the past few years, hackers or cybercriminals have only stolen cryptocurrency from exchanges or wallets kept by individuals. This is because of the lack of security measures exchanges and individuals have.

On average, a wallet has a private key and a public key. In the case of Trustwallet or Metamask, the wallet has a single key that the person has to remember. 

If this key gets into the wrong hands, the person can easily access the cryptocurrency available in the wallet and transfer it to their wallet with ease.

In comparison, there are a number of crypto exchanges available. Most of these exchanges are not even secure yet operating because of Fear of missing out (FOMO) among individuals.

Why is Blockchain Immune to Hacks?

Blockchain is not a single piece of software but a chain of software, each independent of the other yet connected. Each block acts as a ledger where information is stored. Consider blockchain like a database but with multiple controls and no option to delete anything permanently. 

Anything on the blockchain is kept in the ledger. So, even if the data available on the block is removed, it will have a trail available that can be used to know the whereabouts of that data.

Since each block is protected by a hash, it requires immense computing power to generate the same hash. And another layer of security is the connectivity of one block with the rest of the blocks. That is why blockchain is considered immune to hacking attempts.

Blockchain Secure Ledger

CBI Insights has explained in detail how the blockchain ledger works. 

See, you are still using blocks but they are available on a single server called your database server. But with blockchain, your data will be scattered on multiple nodes available across the globe. This makes your data immutable.

Blockchain Fingerprints aka Hashes

Similarly, each block in the blockchain has a fingerprint also called a hash. This hash is connected to the previous one and the next one. Each hash is connected in this chain just like a Linked list but a more secure one since it is encrypted.

Complete Blockchain Process

Euromoney has created a simple infographic that explains the complete blockchain process in detail.

As you can see, there are a number of steps involved in the blockchain process.

  1. A transaction is requested 
  2. Block representing that transaction is created
  3. Block is sent to every node that is part of the network
  4. Nodes acknowledge that they have the new block 
  5. Transaction is completed
  6. The network is updated with the new block address
  7. Block becomes part of the blockchain
  8. All nodes receive a fraction of the reward for proof of work 

Is Blockchain Completely Secure?

Yes! Blockchain is the safest option available to the users at this time. It is completely immutable and immune to malicious attacks. 

In fact, companies are now adopting blockchain framework for their projects. Blockchain based projects are not only scalable but completely secure with end-to-end encryption. The best part about these projects is that the projects can be run remotely since they are not stored only on a single platform.

This all makes Blockchain a programming framework for the near-future. 

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