Blockchain Security Issues

In this post I will like to talk about two security issues facing blockchain. In my two previous posts I discussed about blockchain and the advantages of blockchain. You can click on Post 1 and Post 2 to read more.

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The creation of Blockchain was motivated in part by the need for a more secure transaction and record-keeping mechanism. Although blockchain technology has been able to provide security fairness, it has not yet been able to totally eliminate the possibility of attacks.

The following are some of the security issues that Blockchain may face, as well as potential solutions:

Endpoint vulnerabilities in Blockchain

Due to their lack of security, the endpoints of transactions or records are the most vulnerable. Because blockchain transactions require at least a third-party, such as payment processors, smart contracts, and a blockchain payment network, hackers simply target the endpoint, perhaps the receiver, in order to obtain access to sensitive information or data. Hackers frequently target these third-parties or endpoints since the security on their apps, mobile phones, PCs, and websites is quite weak.

Regulation

Another issue that Blockchain security faces is regulation. Because most countries have yet to consider the use of Blockchain, there has been little focus on regulating its activities. Anyone can establish their own Blockchain platforms; however, some of these sites are designed to mislead consumers or steal important data.

Other security issue ranges from scalability to testing, attack on private key, routing, selfish mining and so on.

What is the solution to these problems

1. Blockchain platforms should strive to improve their security in order to reduce the chances of hackers gaining access to sensitive data, and individuals should be cautious about disclosing their access information to anyone or any corporate institution, as hackers may pose as a normal company.
2. To lower the rate of fraud and improve people's interest and trust in Blockchain, clear regulatory standards should be established for all Blockchain platforms.

In conclusion blockchain security and the security of user assets on the chain must be consider with topmost priority and therefore blockchain platforms need to constantly work towards making the platform better in term of security.