Security and Privacy in the Blockchain Ecosystem

The Blockchain world keeps evolving and keeps changing every aspect of the world and in fact focusing on the digital transactions most especially is changing a whole lot of things around that we are not used to. Well not really that we are not uses to them before it is just creating a system to make it much more better for us most especially that we are in the digital space.

Take for example the aspect of the data sharing, the Decentralised applications that we always used and many more. All of these are been transformed to be a much more better way than we are uses to. The fact that Blockchain have that transparency and Immutability factor is what is changing and advancing the world around and every sector.

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Talking about the Blockchain security, I will say there are a whole lot of ways that the Blockchain security is been achieved and that is been done when transactions are fully verified. There are a whole couples of features that makes blockchain to be more secure than it's counterparts out there. The first is the Cryptographic Hashing. The second is the Decentralisation. In fact this particular phase is what makes it stand out. The fact that every of the services can be carried out on the Blockchain technology without not depending on any centralised authority makes it quite difficult for hackers to crack into the system.

Talking about the Privacy aspect of the Blockchain ecosystem, I will also like to talk about the Blockchain Privacy. In fact this has been the major topic because a lot of people most especially the public blockchain, such as the bitcoin, Ethereum and many more works on this transparency feature which means every of the transaction data carried out on the Blockchain can be easily seen and accessible. This particular feature is creating a feature of doubt to people of whether the privacy of Blockchain technology is secured or not.

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Well there are a lot of privacy concerns and the first is the traceability feature. What do I really mean by that? The fact that you can be able to trace the transactions and been able to link them together, this is actually affecting the privacy of a lot of users data. Well it is not even only limited to the traceability but also the aspect of the Data Permanence. What do I mean by that? The Blockchain have this Immutability feature which means that once a data is established, it can not be altered again. This also is creating concern for the privacy.

Even though there are might challenges that is threatening the Blockchain technology like the smart contracts vulnerabilities. The second challenges is the sybil attacks in fact which is getting more common now. Sybil attacks works in a way whereby people create multiple fake identities for manipulation of the consensus mechanisms of the Ecosystem. Then we have the human error also. All these are challenges which I believe needs to be looked into before it finally get out of hand but I believe in due time it will be sorted out. Like I always say, the future of the Blockchain technology is definitely bright as we are in the early stage.