Why blockchain still can be hacked?

Blockchain has become the hottest keyword since the beginning of 2018 and industry giants, including IBM and JPMorgan Chase, are exploring the use of blockchain technology.

Some experts predict that blockchain will remodel the network security industry, but hackers may still break blockchain technology encryption and algorithms. Global CTO at Forcepoint, Nico Fischbach said encryption algorithm blockchain technology is used to build intelligent use of encryption and currency contracts, and contracts and encrypted smart money will be hacked and used for testing. Although blockchain technology is very powerful, there are always ways to attack the encryption technologies and libraries used by blockchain technology and even affect how people build new, cryptocurrencies.

As the price of cryptocurrencies continues to rise, attacks will be able to seek “windfall profits” through a series of cyberattacks, which are harder to track than identities that are easier to conceal than “cybercrime,” and even malicious attackers tend to use this Attack mode.

While Fischbach clearly stated the possibility of blockchain security being hacked, he also said blockchain technology will play an important role in the future of cybersecurity, especially for identity protection.

Fischbach said that in addition to cryptocurrencies, blockchain technology will be used in many areas, such as to protect the user’s identity and data. If blockchains are used as a way to protect identities and data, hackers can easily be tracked as soon as they try to modify them, as this approach can actually create a complete modification schedule.

Massive personal data is stored on the Internet, and user data security has never been as precarious as ever. Many large-scale data breaches have exposed a large amount of personal data, and users have not realized the value of such information to service providers. Fischbach thinks it all starts with smartphones and apps. Many users are willing to expose such information on social media sites or get applications for free, and user data is becoming a product.

The amount and availability of data create a huge amount of money-making opportunities for malicious threat attackers, a problem that will escalate as the IoT market grows in size. It is predicted that as IoT devices continue to increase, the Internet of Things market will generate more data and will have significant potential for impact. For the Internet of things, its main security issue is also a data issue. Protecting the data on these devices is the key. Relevant parties will always be alert to the risks of data leakage.

Many businesses in the IoT industry focus on collecting customer data, and so far only a handful of companies are aware that it is in good business practice to collect only the data they really need.

Science and technology industry to promote innovation at the same time also face an unprecedented security threat. Fischbach said 2018 will be a year of privacy, and the Internet will increasingly use encryption, which is good for protecting consumer data from theft.

Reference: cbronline