Blockchain Vulnerabilities And How To Solve them
Blockchain technology is regarded as a Safe and secure technology, but as we all know, it is quite impossible to attain 100% security. Blockchain also have security issues. Below are some of the security issues of blockchain.
Sybil attack
In a Sybil attack, hackers generate various fake network nodes. using those nodes, the hacker will acquire majority consensus and disrupt the chain’s transactions. As a result, a large-scale Sybil assault is nothing quite a 51% attack.
To prevent Sybil attacks:
• Use acceptable consensus algorithms.
• Monitor alternative nodes’ behavior and check for the nodes that square measure solely forwarding blocks from one user.
While these algorithms might not fully prevent these attacks, they create a lot of hurdles & it's almost impossible for hackers to carry out attacks.
Endpoint vulnerabilities
The vulnerability of blockchain endpoints is another vital security concern in blockchain security.
The blockchain network’s end is wherever users act with the blockchain: on electronic devices like computers and mobile phones. Hackers will observe user behavior and target devices to steal the user’s key. This might be one of the foremost visible blockchain security problems.
To prevent end vulnerabilities:
• Do not save blockchain keys on your laptop or mobile as text files.
• Transfer and install antivirus software packages for your electronic devices.
• Review the system often, keeping track of the time, location, and device access.
51% attack
A 51% attack occurs when one individual or organization (malicious hackers) collects quite 1/2 the hash rate and seizes control of the whole system, which might be disastrous. Hackers can modify the order of transactions and forestall them from being confirmed. they'll even reverse previously completed transactions, leading to double spending.
To prevent 51% attacks:
• Ensure that the hash rate is higher.
• Improve your mining pool monitoring.Phishing attacks
The hacker’s goal in a very phishing attack is to steal the user’s credentials. they'll send legitimate-looking emails to the owner of the wallet key. The user is required to enter login details via an attached fake hyperlink. Having access to a user’s credentials and other sensitive information might lead to damages for both the user and therefore the blockchain network. they're also liable to follow-up attacks.
To prevent phishing attacks:
• Improve browser security by installing a verified add-on or extension to notify you about unsafe websites.
• Improve device security by putting in malicious link detection software similarly as dependable antivirus software.
• Reconfirm with the support or partner if you receive an email requesting login details regarding the problem.
• Don’t click on the links until you've thoroughly reviewed it. Rather than clicking on the links, enter the address into your browser’s private tab.
• Avoid open or public cafe’s Wi-Fi networks.
• Confirm your system and software is up to date.
Private keys Attack
Private Key or seed phrase is the main key to your funds. If your private key is weak, it can be easy for a hacker to guess. This means that they could gain access to your funds.
Private keys should be kept secret and strong enough that they can’t be easily guessed.