Blockchain is a growing list of records known as a block that is linked by cryptography. Each block contains a cryptographic hash of the previous block, a timestamp and Merkle Tree.
Blockchain was invented by a person using the alias Satoshi Nakamoto in 2008. He was the architect for Bitcoin. Blockchain can be used to create a permanent public transport ledger system for compiling data. However Blockchains cant be used to provide security, of course, the concept and the theoretical view of blockchain do elaborate in an unhackable design .but in now wy this can be used for security purposes.
Blockchain can not be utilized to solve or resolve software security issues instead they minimize trust. They allow unidentified access to users just like the dark web where the other user doesn’t know the identity of the user he.she is connected with. Blockchain has lost its meaning and subjectivity .at this level 10 blockchain developments there are 10 risk profiles.
Blockchains are regularly tampered with from hacks to malware. The main reason being that blockchain has 9 different security weaknesses. Blockchain might be secure but the transmission or the bridge between users isn’t. The shared data is accessible to all and is not encrypted.
Blockchain can only be secure if you design them but that is not the case. By designing them and you sharing the design with the person in question it can then easily be hacked without any resistance.
In order to safeguard blockchains, we need to do a set of instructions which include:
Users must be trained in cybersecurity. Hardware must be password protected, have more than a 64bit encryption, a system protect solution. The software should be patched regularly as hardware and have 2-factor authentication. Internet connections sold be secured.
From a software and eCommerce security perspective, all should be considered 3rd part solution and an audit should be deducted every weekly to make sure all security is intact.
To conclude, blockchains are neither security holes or miracle security solution They are like a level out of dark souls. Easy to traverse but scary if you encounter any resistance.