The blockchain is best known for its use in cryptocurrencies, such as Bitcoin. It is used to keep a decentralized record of cryptographic transactions and blockchains do this securely and without the use of a third party. All information in a blockchain database is stored electronically in a digital format and many different forms of data can be stored on a blockchain, but the most popular use right now is as a ledger for transactions, such as cryptography. Thanks to the secure nature of blockchain, is it the future of online security?
How is Blockchain Secure?
Before we investigate the possibility of blockchain being the future of online security, we need to understand how secure blockchain is today. When blocks are created on the blockchain and completed, new blocks are added in chronological order. New blocks are added to the end of the chain, and this makes it extremely difficult for anyone to go back and modify any of the data in previously completed blocks. There are timestamps on each block, and this acts as an extra layer of security. For any hacker to successfully break into a blockchain and steal someone else’s assets or digit data, he would need to control and change more than 50% of the blockchain, thus owning the majority of the copy. This type of action would require massive resources and a lot of money, making it next to impossible. Even if someone tried to pull it off, changes to the blockchain would not go unnoticed and the other owners would likely take steps to prevent such an attack.
make payments
Many people are still cautious when it comes to making payments online. Entering a credit card number is seen as a risk by those who don’t use the internet regularly, even though there are many security features in place to prevent hackers from stealing credit card details. In the future, online payments with debit and credit cards may be replaced by the use of cryptocurrencies. With transactions taking place on the blockchain, as described above, security is excellent and even if someone were to try to hack the blockchain, it would hardly be worth the value of the average person’s digital assets. Some online brands already accept cryptocurrency as payment, including casinos, and making cryptocurrency payments at a casino is one way that blockchain will act as the future of online security.
Identity
There has been a lot of discussion about personal identity and privacy in recent years. Many industry experts believe that by 2030 or sooner, every individual and their assets will have blockchain identities. There are fears that current identity systems provide poor security and ‘big brother’ is always watching. The blockchain could change that and reduce the risk of security breaches. Efficiency in confirming identity such as tax records will be improved using blockchain and could be used to keep health records, employment records, and government records secure. All of this information could be stored on the blockchain within the next decade, meaning it could easily be the future of online security by 2030.
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Categories: Technology
Source: vtt.edu.vn