In 2018, several notable cryptocurrencies such as ZenCash, Verge, and Ethereum Classic fell victim to 51% attacks. With the majority hashrate, they can reverse transactions to perform double-spends and prevent other miners from confirming blocks. In a 51% attack, one, or several, malicious entities gain majority control of a blockchain’s hashrate. In due part to HBO’s Silicon Valley, 51% attacks are one of the most recognized blockchain security issues. Here are the top five blockchain security issues to look out for in 2019. In fact, blockchains have exposure to their own specific set of security issues that, if not accounted for, can be detrimental to your business. However, these fundamental safety features don’t mean that blockchain security issues are non-existent. Additionally, cryptographic proofs and game theory consensus mechanisms make a blockchain near impossible to hack. By distributing data, or a ledger in most cases, across several computers, blockchains remove any single point of failure. Top Five Blockchain Security Issues in 2019īlockchain technology is inherently secure.
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