Is Blockchain Technology Truly Secure? How Secure Is It?

Over the internet, it’s only natural for people to not want to trust each other. This is because, the phrase, “the world isn’t a nice place”, applies even more online, where people have every reason to be skeptical of one another.

For that very reason, using a secure blockchain platform is becoming more and more popular.

Using highly sophisticated and innovative software, blockchains make it difficult for even the most ingenious of attackers to manipulate and extract data for their own malicious purposes.

How and Why is Blockchain Secure?

Information security companies in Singapore and Singapore blockchain solution vendors recommend blockchain technology because it uses a combination of both public and private keys made up of a random combination of numbers and letters in place of traditionally weak passwords to keep online assets secure and difficult to steal.

The reason why blockchain technology is more secure is because of decentralization.

The typical security practice is to use a centralized system. This works, to some extent, in making things convenient, because data is much more easily shared between multiple users when a system is centralized. But, the problem with this is that, it only takes a single instance of vulnerability, whether it be failure to keep systems updated, patched, or secured, or negligence in the part of the IT security company, to put the entire network at tremendous risk of penetration.

That’s where blockchain technology comes in.

Blockchain technology uses the exact opposite principle used in centralization. Instead of having a single point of failure, blockchain acts as an information ledger that is then distributed across an entire network.

What this means is that, there’s no single point of vulnerability — hackers will need to attack the entire network at once, otherwise, they’ll only be able to collect a minuscule amount of data, if any at all.

Decentralization also comes with other benefits.

For example, even if there is a point of failure, blockchain technology keeps sensitive data secure somewhere else.

This concept is essentially what makes using a secure blockchain platform such a good idea.

Is Blockchain Technology Impossible to Hack?

Yes, and no.

The concept of blockchain technology means that it should be impossible to hack. However, it still has areas of vulnerability that can be exploited. Like, for starters, despite being built on the premise of decentralization, certain aspects of blockchain technology are still centralized.

Cryptocurrency exchanges, for example, pose as a significant area of vulnerability, with hackers already having used this single point of entry to gain access to an entire network.

This is also why there have been calls to decentralize exchanges to help make the distribution of assets and information more secure and less prone to hacks.

With that said, there’s no doubt about how effective blockchain technology is as a secure and hard-to-break technology that’s only going to keep on improving as the need for increased security against cyber threat goes.

To know more about blockchain technology and how it can help your business, make sure to contact your local IT security companies.

Your business’ assets are more prone than you might think.

Investing in an added layer of cyber security not only protects your business from the immediate effects of a cyber threat, but also from the long-term effects of a security breach on your brand and your company’s relationship with its customers.

Users should also make use of identity management products to keep their blockchain keys safe. For Singaporean users, you can choose to utilize singpass 2fa setup Singapore, to further protect your personal data.