Lawrence Ogola

Security Vulnerabilities Undermining The Blockchain Technology. Blockchain is still an emergent technology that continues to elicit global debates about its authenticity. Owing to the fact that Blockchain is still a new technology, many still do not understand its real implications and basis of formation. Generally, the technology boasts affordable tracking, accountability and eliminates middlemen in financial transactions. However, limited global knowledge at a track record of past occurrences poses major blockchain security vulnerabilities. 1.Regulatory Uncertainty So, is the blockchain really regulated? Of course NO! The system really proves difficult to regulate since it involves may parties making regular transactions in the same chain. Many participants store copies of their ledger transactions in a particular file system and changes can only be made through consensus. Due to the public nature of the transactions, hackers are able to manipulate malware into transactions and thus interfere with records. This poses great blockchain security vulnerability to the parties involved in the transactions. 2.Public And Permissioned Blockchains Understanding the difference between public and private blockchains helps inherently understand the security vulnerabilities in the blockchain technology. For instance, bitcoin uses public blockchain, a system that allows anyone to read and record transactions. On the other hand,permissioned or private blockchains only allows certain permitted individuals to record and read transactions on particular blockchains. This has led to a general assumption that private blockchains are always safe, which is not always the case. Attackers can still secretly inject malware into a privately recorded transaction by an authorized member. This could then become permanent and allow the attackers to get information from the transactions recorded in the blockchain. 3.Decentralization And Access Freedom The blockchain can never be run by a single individual but must include a series of transactions from different individuals. A set algorithm must be followed by all users through committing hardware and software to solve a problem in a cryptographic puzzle. The member who reaches the solution first is given a reward and every new solution, together with the prior transactions that verified it, becomes the foundation of the next problem. The major blockchain security vulnerability associated with the decentralization lies in the ability of many associated hackers to combine forces and energy hence compromise the chain. The block is designed to be bias free, but when forces are combined, it delimits the ability of other independent members to effectively record transactions, hence undermining their role. Blockchain's ability and potential can still be leveraged for the better. This requires all industry players to come together and merge a path forward. Entrepreneurs and innovators aspiring to implement or adopt the technology should first understand the rules of the game before diving in. Therefore, in order to do away with the blockchain security vulnerabilities, verification assurance and superb features including strong password protection and keystroke encryption should be employed. The blockchain technology is here to stay, hence its security must be enhanced accordingly.