What Makes Blockchain An Impenetrable Technology?
Blockchain is a series of connected blocks that each carries some form of data and is encrypted and linked by other blocks in the chain. Additionally, you may add as many Blocks as you like to the chain. The mining process involves adding blocks to the chain that already exists. There exists no supreme authority therefore every node in the network has a specialized purpose in the dispersed peer-to-peer networks that make up the blockchain. Let’s now talk about a Block’s internal structure.
A Block’s Primary Characteristics Are:
Timestamp: This information indicates the precise moment the Block was introduced to the chain.
Data: Could be anything, although transactions, bonds, agreements, etc. are the most common types. The network’s capacity for blocks of data is similarly constrained. (Bitcoin’s network supports blocks with a size of 1 Megabyte.)
HASH: A collection of Hexadecimal letters (ranging from 0 to 9, A–F) is produced when the Hashing algorithm is applied to a set of data. Hashes are also irreversible, meaning we cannot retrieve the data from a Hash.
Preceding Hash: This is the previous block’s hash. It also gives a reference to the block that existed prior to it.
Although a Block has other properties, the ones listed above serve as its primary parameters.
The research paper named “How to Time-stamp a Digital Document” was published by Stuart Haber as well as W. Scott Stornetta that introduced the basic idea behind Blockchain. The word “Blockchain” was originally coined in 2008, after which it was invented by a group of people operating under the moniker Satoshi Nakamoto.
Now, if you are familiar with a data structure called a linked list, you may compare blockchain to it for the sake of learning. However, as both are distinct concepts, you should only do so for educational purposes.
Why Is A Blockchain Necessary?
Imagine a situation when you are conducting a transaction or sending money to a friend without the involvement of a third party like a bank. Wouldn’t it be fantastic if only the sender and recipient were engaged? This will help you appreciate how helpful this technology is. So it is one of the key motivations behind the founding of Blockchain. The question of who will safeguard my transaction information and payments arises now that there is no bank involved. This is where Blockchain excels, demonstrating its impregnable security.
There Are Several Attacks To Which Some Networks Are Vulnerable
Although, blockchain technology is far from any outside evil penetration. Yet, an evil attacker tries their luck with different techniques to forge the blockchain and defraud people. Nonetheless, the process is not that easy, despite the fact that some attacks are very prominent in blockchain technology.
51 percent Attack: In this kind of attack, the attacker has control over almost 51 per cent of the network’s nodes.
Eclipse Attack: In this attack, a node is isolated from the entire blockchain network so that the attacker may control it whatever he wants.
DDoS (Direct Denial of Service) Attack: This attack merely overwhelms the system with unnecessary data, making it occupied handling it and holding up the processing of the valid data. Its goal is to delay the services provided by the network.
Sybil Attack: Attacks of this kind, known as Sybil Attacks, allow the attacker to pose as someone else on the majority of nodes and take advantage.
This Blockchain technology is indeed impenetrable, as was previously explained. But wait, everything has a weakness, even this technology. I hope you understood his article.