Blockchain Technology is the mastermind behind the smooth functioning of Bitcoin and the subsequent Cryptocurrencies. A decade back, Blockchain was full of loopholes that posed a threat to the workings of Cryptocurrencies. Many scams and acts of fraudulence later, the drawbacks of Blockchain Technology were identified. Blockchain Developers work along the faulty lines to resist hacking and other such illicit activities. Let us look into the Security issues which threaten a Blockchain:
- Blockchain Endpoints: During any transaction, the endpoints of the Blockchain remain vulnerable. Cryptocurrencies reach a wallet, which can easily be hacked. Safety becomes a concern when the money gets transferred to the wallet from the blocks.
- The vast expanse of Blockchain: To run Cryptocurrencies, extensive networks of Blockchain has to be built. These Blockchains mostly remain untested due to their enormous size. Many problems start occurring in them, which stay neglected and cause disturbance eventually.
- Lack of experience: Since this is the first time something like Blockchain Technology has been unearthed to revolutionize the workings of our daily lives, there are no references for the developers. A lot of what they do is from instinct and innovation. They have no forerunner to look up to. They figure things out as they move ahead.
Cryptocurrency emerged only a decade ago. The world had not witnessed something of this magnitude before. Blockchain developers struck gold when they laid their hands on this technology which changed how everything worked. Its application in every field makes work more accessible in manifolds.
- Lack of Testing: The only way to keep security threats at bay is by testing the Blockchains regularly. Blockchain developers have not quite been able to test Blockchains to get rid of the discrepancies with not much for references. As and when the malfunctions came to the surface, developers fixed them accordingly. For these rectifications to happen, a security threat is the first step towards it.
We discussed the various reasons why Blockchain faces continuous threats. Here are some ways to tackle the security threats in Blockchain:
- Audit: Regular auditing of the blocks ensures a safe blockchain. After every transaction, the blocks should be thoroughly checked for vulnerabilities or discrepancies. Auditing includes checking for evidence to back the input data on the blocks. In the case of Bitcoin, visit here it will show how auditing is a significant step towards keeping the Blockchain free of security threats.
- Secure the applications: Blockchain maintains a ledger that is prone to external threats. The log can be kept safe only if the applications connected with the record remain threat-free. It falls upon the Blockchain Developers to check that all applications are secure so that a weak link in the system does not expose the entire system to fallacies.
- Secure testing: This is almost the same as securing the applications. This encompasses all systems. The secure testing is run across the web and any applications that may or may not have been a part of it. To ensure a threat-free, secure Blockchain, developers have to walk the extra mile to make sure all systems connected to the network are protected.
- Perform database security: Performing database security includes arranging the tools to keep the details of transactions confidential and beyond the range of anyone external to the Blockchain network.
- Continuity Planning: Keeping an entire Blockchain secure is not a cakewalk. It requires intense planning, keeping various options open, and having a backup plan. After each operation, developers should brainstorm and develop ways to deter future threats using other methods.
- Train Digital Workforce: It is of enormous responsibility to keep a Blockchain secure at every point in time. Without a line of expert developers making innovations, it is impossible. Training a team of developers to be experts in the field works as a prolonged solution.
So, having discussed the origin and solutions of security threats in a Blockchain, it falls on the beginners to take it from here.