Are Blockchain Networks Hackable?

[Whited35 15285]

 

       Guys are often questioning whether blockchain can be hacked or not. Wondering how? The simple answer is yes but not all blockchain networks can be hacked.  A blockchain network hack is itself a complicated, expensive, and time-consuming complex process. Any technology has some weak points, and blockchain can't be an exception. In this article, I give you some possibilities for a blockchain network hack. 

 

1.51% or Majority Attack

It is the hottest and the most discussed attacks related to blockchain technology. These attacks work on the blockchain with the smaller participating nodes. Some larger blockchain networks like Bitcoin, Ethereum, and EOS already have a huge number of nodes(a cluster of computers) so at least bigger networks are safe from the 51% attack. Let's see step-wise how this attack works. 

• Suppose there is a public blockchain network and it has fewer participating nodes to follow the PoW consensus algorithm.
• Nodes within a blockchain operate to create, verify, and add a block to the chain based on special principles.
• A single node can not control the entire hash rates of all the associated nodes to the blockchain network as block verification requires more than 50% of computing power from all associated nodes so now a set of attackers have managed to have more nodes to control 51 % or more computing power(hash rate) in the blockchain network so they can have higher success rates in mining than other participating nodes.
• After that, attackers double-spend the coins.

For your references, Bitcoin Gold(BTG) and Monacoin had already faced this type of attack and in 2020, this type of attack in Ethereum Classic was seen twice in a week.

2.Cryptographic Vulnerabilities

Blockchain relies on cryptography that is followed and backed by complex mathematics and advanced programming. You know, complex programming may exhibit some bugs  and hackers can use such bugs as the attacking points. Recently in 2020, Bitcoin engineers rediscovered a huge blockchain vulnerability. Fortunately, they have fixed that to prevent hackers to get the wrong benefits. You can check the details here. Another most remarkable incident happened in 2010. A hacker found a bug in the Bitcoin blockchain and created 184.467 billion BTC but 21 million BTC is already defined total supply.

 

3.Sybil attack

In this attack, a malicious person or a party can have so many nodes within a blockchain network to create massive numbers of fake transactions to overlap the real transactions.  Fortunately, so many blockchain networks have prevented this sort of attack by introducing the PoW consensus algorithm that needs a huge computing power to work done by an algorithm. Again, the biggest blockchain networks like Bitcoin and Ethereum are safe from this sort of attack. 

 

4.Direct Denial of Service (DDoS) attack

In this sort of attack, attackers can create a flood of fraudulent transactions to cause a failure of a node. Again, this type of attack does not affect bigger blockchain networks.

 

5.Routing Attack

Internet connection is required for the blockchain network. ISP carries the network traffics and hackers intercept data by creating the partitions of the main network. By using such network partitions, hackers can create so many fraudulent transactions for specific nodes within a blockchain network. Fortunately, this sort of attack is not remarkably noticed on the blockchain, but we can not reject the possibilities. 

 

What are the things to ensure security on the blockchain?

Complex codes and strong encryption(SHA-256 bit) followed by complex mathematical operations ensure the security of the blockchain. You can check more on this topic.

 

How to prevent blockchain network hack? 

Strong blockchain architecture with all the essential security layers is needed to prevent the attackers.

 

Thank You😊!

Edited October 23, 2020 by Whited35
Texts arrangement in proper way

[Whited35 15285]

7 hours ago, abbie said:

thanks a lot for sharing this useful information next time when we face this problems we are getting aware of kind of hackers they say if there is the will then there is a way like that if there is a problem that they will always be a solution

Essentially, it is related with the possible causes to inspire some specific blockchain network hack. It is the informative post and all you need to do is, be aware before choosing the coins from smaller blockchain networks with the limited participating nodes. 

[Frodler 943]

Hacking a blockchain network is not an easy task to achieve, the complex public ledger system is so organized that you if you try to hack a single unit, might have to hack the whole blockchain. And these is practically impossible. 

[Abuzar hashmi 544]

It can be hacked but it takes some times for hacking. Every comapny wanst to high the security walls of their websites so that hackers can't reach it out .But some professional hackers have a strong system and they hack but not easily.Blockchain network can't be hacked so.easily so don't worry about that.

[tienda 8776]

This is good information Dear friend@Whited35 Really anything can happen we know that the technology every day develop more and more, but also from the other side hackers every day develop their tricks with a new technology. So I think there is an infinity war between hackers and website exchange like Blockchain and others.

🤍

👇

[Whited35 15285]

4 hours ago, tienda said:

This is good information Dear friend@Whited35 Really anything can happen we know that the technology every day develop more and more, but also from the other side hackers every day develop their tricks with a new technology. So I think there is an infinity war between hackers and website exchange like Blockchain and others.

Thanks a lot for your feedback @tienda. Hackers will be always seeking loopholes to exploit.Unfortunately, blockchain technology can not be the exception. Anyway, so many blockchain expertise required to make architecture so strong and powerful.  

[Whited35 15285]

10 hours ago, ZeeRooN said:

These are things that everyone should know and pay attention to. It was informative. Thank you. Good luck with

Thanks. I hope this topic has attempted to give the detail explanation regarding the Cryptocurrency blockchain network hack. Paraphs, so many cryptocurrency enthusiasts may not have cared for it yet. I tried my best in this topic. 

[Froshk 1828]

blockchain networks are definitely not hackable because  it's follows a very complex pattern that before you hack a single unit you have to hack the other ones also. 

[Relium 424]

well it is not impossible and it is done before on big and small crypto currencies like ethereum classic before. nothing is unhackable on the world. even bitcoin is middle of a hacking process if ghash.io didnt shut down.

[Whited35 15285]

12 hours ago, Froshk said:

blockchain networks are definitely not hackable because  it's follows a very complex pattern that before you hack a single unit you have to hack the other ones also. 

Have you checked the topic carefully, friend ? If blockchain network are unhackable, what about ETC blockchain network ? Smaller blockchain network with the limited and known participating nodes are more likely to be hacked. 

12 hours ago, Relium said:

well it is not impossible and it is done before on big and small crypto currencies like ethereum classic before. nothing is unhackable on the world. even bitcoin is middle of a hacking process if ghash.io didnt shut down.

Bitcoin is at least safest till now because it follows the biggest blockchain network to share the huge amount of computing powers from a cluster of computers. 

[Froshk 1828]

@Whited35I am not disputing the fact that some smaller Blockchains can not be checked or hacked, infact I am just generalizing the possibilities of checking a larger Blockchain Networks. 

Also, 

Blockchains are constantly evolving. One of the most recent developments Is the addition of a digital computer program stored inside a blockchain that can  

directly control the transfer of cryptocurrencies or other digital currencies (smart contract) 

[nykas 2812]

As far as I know for now it`s impossible to hack any blockchain made in the right way. There are some projects which declare that they are blockchain based, but they are fake, really blockchain based project is very difficult to hack or deceive in some way 

[Frodler 943]

Offcourse @Whited35blockchain networks that have weak security operatives surrounding them can be hacked, because it would be easy for hackers to detect their flaws and take advantage of that without even being noticed. 

[Flying11Horse 45]

5 hours ago, luis2020lemus said:

The blockchains are so well structured that they are almost impossible to hack, especially the largest ones like bitcoin whose network is wide and large that makes it very secure

You are right @luis2020lemus this is the most incredible feature of Cryptocurrency ,they are almost impossible to hack into .While it's easy for a hacker to hack and steal someone's fiat currency .Seeing it's security many people are turning towards cryptocurrency instead of fiat ,and this is the main reason why many countries have started accepting cryptocurrency.

[Maaz sultan 265]

As we knows that there are so many hackers attacks happens in a day on these crypto currencies network and we know that we learn from by the time when ever any hacking attack happens and as there are so many week points the low crypto coins network have which get the all project in  risk so the developers need to think like an hacker or pay and get an hacker on the job to cheek all the weak points with this we scan entire crypto network for weak points .

[Whited35 15285]

19 hours ago, Frodler said:

Offcourse @Whited35blockchain networks that have weak security operatives surrounding them can be hacked, because it would be easy for hackers to detect their flaws and take advantage of that without even being noticed. 

@Frodler Only small blockchain network with the few numbers of nodes can be hackable by the hackers but in case of bigger public blockchain network, it is very harder for them to crack down the entire blockchain network. 

[online123 992]

Blockchain can be hacked but this security system is much stronger than other wallets You have said a lot about attacks which I accept but it will take a long time to hack this blockchain which only experts can do.

[Whited35 15285]

13 hours ago, Muhammad said:

This topic is very useful, it gives us feedback about blockchain. It is not easy to hack blockchain, but you still need to be careful because hackers have a very strong system.

Yes smaller network can be hacked by hackers if there are detectable bugs.

1 hour ago, online123 said:

Blockchain can be hacked but this security system is much stronger than other wallets You have said a lot about attacks which I accept but it will take a long time to hack this blockchain which only experts can do.

What is your direction of talking ? I am not talking about the wallet "Blockchain" ! Here is the matter of blockchain technology. Please kindly read my original post once again where I have put my full efforts to make the things clear. 

[rekter 8129]

In most cases building your own blokchain is a bad choice and all solutions should done with second layer of another establshed blockchain if possible.

 

There can be some cutting edge new blockchain solutions that prevent different attack methods. But problem with these new solutions are that they are so cutting edge that it's yet impossible to foresee all ways the these networks can be attacked. So there's a change they are going to be hackedin the future.

 

To be fair, also btc and eth had this problem when they started.

 

But this is why any new blockchain needs to have a very good reason to exist, because you can't compete with the trust when it comes to Bitcoin. With Bitcoin and Ethereum, we have a literal legder history as a proof that gives us a lot of trust for the network, and currently breaking Bitcoin blockchain blokchain is practically impossible even for huge superpowers.

 

Once again i am referring to this quote from Andreas Antonopoulos

 

 

Edited December 11, 2020 by rekter

[Ab.Waheed 978]

Its very imformative  for everyone . I don't know about this before this . I like your all post you put a very helpful post . By this i learn who one can hack blockchain and how you prevent from this .

[Whited35 15285]

6 hours ago, Ab.Waheed said:

Its very imformative  for everyone . I don't know about this before this . I like your all post you put a very helpful post . By this i learn who one can hack blockchain and how you prevent from this .

@Ab.Waheed Cool. Keep visiting my other topics too. I put my best efforts to share information to users like you on forum. This topic was essential because most of the members had misconceptions regarding the blockchain network hack. 

[Edwinvicky 819]

No... I don't think it can be hacked, its too complex to do and will take years and also it will require higher computer.  If you say wallet then i can say yes. The building architecture of blockchain is very much complex.

[Dorjoy12 8962]

 As far as i know, blockchain is  secure 95% from any kind of hack..  Because you know all the blockchain activity     connected with thousands computer and the connectivity like a chain..  So to hack a blockchain usually hacker get 10 minute or less and in this time the hacker wont able to hack thousands computer..  In this case, i think hacker Won't able to hack @Whited35 brother..               

[zagzag 320]

Blockchain technology has always been supported as a reliable and decentralized system that can be the answer to all security errors in existing internet systems. Blockchain technology is a new technology, new developments in security are constantly being made, it will be right to expect the system to become much more perfect in the future.

[Whited35 15285]

2 hours ago, Dorjoy12 said:

 As far as i know, blockchain is  secure 95% from any kind of hack..  Because you know all the blockchain activity     connected with thousands computer and the connectivity like a chain..  So to hack a blockchain usually hacker get 10 minute or less and in this time the hacker wont able to hack thousands computer..  In this case, i think hacker Won't able to hack @Whited35 brother..               

Yes, bigger blockchain networks are  unable to hack because there are a cluster of computers to share a huge computing power and algorithm keeps doing work which can be almost impossible to get reversed before 10 billions years 😁. If you read topic once again, there is a case of smaller blockchain network.