Blockchain : Security, Money Transfer, Data sharing, Digital Voting, Network Mining and Future

Updated: Sep 17, 2020

Created date : 16-09-2020

Created by : Annamalai

Blockchain utilizes innovative consensus protocols across a network of nodes

Has Blockchain been hacked?

It's decentralized nature and cryptographic algorithm make it immune to attack. In fact, hacking a Blockchain is close to impossible. In a world where cyber security has become a key issue for personal, corporate, and national security, Blockchain is a potentially revolutionary technology.

What happens when Blockchain gets too big?

When blockchain becomes too large, nodes which are running full client will have to extend their hardisk space. If you mean, impact of large blockchain on network then, network synchronization takes lot of time for new node as they have to download whole blockchain locally.

How does a block chain work?

If a transaction is approved by a majority of the nodes then it is written into a block. Each block refers to the previous block and together make the Blockchain. A Blockchain is effective as it is spread over many computers, each of which have a copy of the Blockchain. These computers are called nodes.

What is a 51% attack?

A 51% attack refers to an attack on a blockchain—most commonly bitcoins, for which such an attack is still hypothetical—by a group of miners controlling more than 50% of the network's mining hash rate or computing power.

Blockchain security:

Security by the blocks

A blockchain, as the name implies, is a chain of digital “blocks” that contain records of transactions. Each block is connected to all the blocks before and after it. ... The records on a blockchain are secured through cryptography.

Is the Blockchain secure?

Blockchain transactions are also secured by cryptography. Each transaction is signed with a private key and then can be further verified with a public key. If transaction data changes, the signature becomes invalid. As a result, the block is ignored and won't make it to the chain.

How Blockchain can be used in security?

A lack of a single authority makes the system fairer and considerably more secure. Instead of depending on a central authority to securely transact with other users, blockchain utilizes innovative consensus protocols across a network of nodes, to validate transactions and record data in a manner that is incorruptible.

Is Blockchain the future?

Cryptocurrencies of all types make use of distributed ledger technology known as blockchain. It is possible that blockchain technology will ultimately be seen as the most important innovation to come out of the cryptocurrency boom.

Where can Blockchain be used?

Here are 20 potential uses for blockchain technology.

  • Payment processing and money transfers

  • Monitor supply chains

  • Retail loyalty rewards programs

  • Digital IDs

  • Data sharing

  • Copyright and royalty protection

  • Digital voting

  • Real estate, land, and auto title transfers

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