Learn Blockchain | Part 4 | Is Blockchain Secure?
Blockchain technology considers security and trust issues in various ways. For example, new blocks are always stored linearly and chronologically which means that once a block is added it is very difficult to go back and change the contents of the block. That’s because each block has its own code with a mathematical function that converts digital information into a series of numbers and letters. If the information is edited, the code will also change. So it’s important for security. If there is a hacker, they will have to change the entire copy of the block which will require a large amount of money and resources as it is necessary to redo all the blocks with different code.
Transactions using the blockchain network can reduce human involvement in the verification process thereby reducing human error and also recording more accurate information. If a computer on the network makes a mistake, then the error will only occur on one copy of the blockchain because the error that spreads throughout the blockchain must be done by at least 51% of the network computers and this is not possible. Companies also don’t have to pay third parties to verify transactions, which can save a lot of money. Once a transaction is recorded, its authenticity must be verified by the blockchain network. Thousands of computers on the blockchain rushed to confirm that the purchase details were correct. After the computer validates the transaction, it is added to the blockchain block. Each block in the blockchain contains its own unique code, along with the unique code of the previous block. When the information in a block is edited in any way, the code of that block changes — however, the code in the next block does not. This difference makes it very difficult to change information on the blockchain without notification so the transactions being carried out are very secure.