Double Spending In Blockchain | Ways To Avoid This Problem

Asslamo-alikum to all of my friends of Steem Alliance Community.Is everything is ok? my friends.I am very fine and hoping mine friends are fine.Today's I'm here again for posting about blockchain and in today's post i will explore a new topic which is about Double Spending Problem In Blockchain & How To Avoid It!.

Overview:- In Blockchain ,Double spending is a problem in which when a transaction is taking place between two people on the blockchain, Assets sent twice, which is called double spending problem.Double spending means the transfer of same units of cryptocurrency sent twice.It's the major issue in the blockchain, that destroy the trust of blockchain during transactions.

In blockchain, when all the miner are mining in blockchain, there is proof-of-work that validates and verifies the transaction, but the problem is the double spending, it happens, when two people did a transaction between each other, the same units set twice and they cannot be returned, which can cause loss to one person and this is a major issue.

Explanation:- Public blockchains are never under the control of any third party.The authority of a public blockchain rests with all the people working on it. It is order trust so when two people transact between them they don't know each other physically they transact between each other on the trust of just blockchain.

But the issue they have is double pending. In doubles pending, what happens when a transaction is taking place, when one person send assets to another person, the gets double send, and the transact persons face loose, it's mostly happened in Bitcoin transaction.

There are many reasons of double spending in blockchain, and the main reason is that , it can only happens in digital currency and digital currency can online me mine and can't produce or make.Another major reason is that the person send the same assets to two different person and both gets verification.

Also the main reason is that the user manipulate the id of transaction before confirmation.Process error on the exchange also caused the double spending problem.When the user's wallet is vulnerable it can also become the reason of double spending.

Double spending problem, break the trust of users for doing transactions.It also cause the legal issue on the blockchain.It disturb the reputation of any exchange in which double spending problem occur.It also gave damage to the smart contract on blockchain.Blockchain network also face instability due to double spending problem.

Ways To Avoid:- First way to avoid double spending in blockchain is that, the blockchain has to implement the hashing algorithm, before doing any transaction on blockchain, both persons has to the verify the details of transaction and then transfer the assets.Major ways to avoid is to implement the mechanism that avoid the blockchain forks , which is most important to avoid double spending.

Another major way to avoid double spending in Blockchain to use the secure and trusted wallets that secure the keys of wallet to avoid it.Always prefer smart contract before doing any transaction to avoid double spending.Always update the whole softwares of the blockchain to avoid errors to avoid the double spending.

Conclusion:- So friends, that's all about double spending in Blockchain, it's basically the problem in which the same units of assets send twice while doing transaction on blockchain.It can causes many disadvantages to users, but their are some ways to avoid it , that i have explained.I hope mine all friends will understand about double spending in Blockchain after reading the post.Good Bye!