It is already been said that blockchain technology is one of the best ways to secure transactions. This article talks about how blockchain offers more security than traditional processes.
A blockchain as the name suggests is a chain of virtual “blocks” that contain records of the transaction. Each block is connected to other. This makes it difficult to hack with single information as the blocks are linked with each other and the hacker has to decode each unique signature to avoid detection. Additionally, blockchain technology has some built-in properties that provide extra security.
The records on each block are secured through codes known as cryptography. Network participants called as nodes have their own private keys which is the unique digital signature assigned for the transactions they make. If the information is altered, the digital signature becomes invalid and the nodes get a notification that some activity has taken place.
The blockchain is a decentralized ledger and distributed across peer-to-peer networks that are continuously kept in sync. It requires huge computing resources to access every block of a particular blockchain and duplicate or alter them. It is vital to note that, the bigger a blockchain network will be, and the more temper-resistant it will be. However, there are some other requirements to check when you want to utilize the blockchain for business.
Different Blockchains, different security level
The public and private blockchain differ in terms of security too. The public blockchain use computers connected to the public internet to verify transactions and arrange them into blocks to add to the chain. Any user connected to that public internet can join the process. On the other hand, private blockchain only permits known organizations to participate.
Public blockchain might not be right for a company as it is designed around the principle of anonymity, whereas private blockchain use identity to confirm participation. Everyone in the private blockchain gets aware with whom they are dealing.
For a transaction to be recorded to a blockchain, every participant must agree with it. Bitcoin is one of the most popular blockchains and it gets the agreement through mining. In the private blockchain, the known users validate the transaction through selective endorsement.
Before considering any project, you must decide on the best platform to start with.
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