Can Blockchain be Hacked?

Can Blockchain be Hacked?

Blockchain
October 17, 2019 Editor's Desk
402
The blockchain itself won’t be hacked. There is a misunderstanding when there are hacks taking place on cryptocurrency exchange; those are considered as blockchain hacking issues, which they should be not. The vulnerability that results in hacks taking place is because of the core idea of centralization. It is a well-known fact that Blockchain is
Hacked Blockchain

The blockchain itself won’t be hacked. There is a misunderstanding when there are hacks taking place on cryptocurrency exchange; those are considered as blockchain hacking issues, which they should be not. The vulnerability that results in hacks taking place is because of the core idea of centralization.

It is a well-known fact that Blockchain is decentralized.  Even though Blockchain is decentralized there are some aspects to it that centralized. This helps hackers get that single point that gets them access. These hacks have led to the rise of decentralized exchange and before we know it there might actually be a time when major mainstream platforms allow trade of cryptocurrencies. 

This emphasizes on the fact that it is indeed very important for every aspect of Blockchain to be decentralized in order to prevent any possibility of fraud. 

The base of Blockchain’s security lies in cryptography but it is because of the decentralized approach that Blockchain been so secure. This has led to many companies and organizations being more and more intrigued and excited to explore the potential of Blockchain.  

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