What makes a blockchain secure?

How secure is blockchain technology? We will explore the techniques that make blockchain secure in this article.

How does the blockchain work?

In a way, blockchain technology is like the Internet, which is based on a decentralized network instead of a single server.

Blockchain uses a decentralized or distributed ledger that exists on a multitude of independent computers, often called nodes, to monitor, publish, and coordinate synchronized transactions. This is in contrast to traditional business models that are based on a clearing or stock exchange that follows everything on the central ledger.

Each node of the decentralized blockchain is constantly organizing new data into blocks and connecting them in “aggregate only” mode. This complementary structure is an important part of blockchain security. No one on any node can change or delete data from previous blocks; they can only add to the chain. That the chain can only be aggregated is one of the basic security features of a blockchain.

By calling the chain, participants can confirm transactions. Eliminates the need for a central balance body.

What makes a blockchain secure?

Blockchains are provided through a variety of mechanisms including advanced cryptographic techniques and mathematical models of behavior and decision making. Blockchain technology is the basic structure of most cryptocurrency systems and is what prevents this type of digital money from being duplicated or destroyed.

The use of blockchain technology is also being explored in other contexts where data immutability and security are highly valued. Some examples include the act of recording and tracking charitable donations, medical databases, and supply chain management.

However, blockchain security is far from a simple topic. Therefore, it is important to understand the basic concepts and mechanisms that provide strong protection for these innovative systems.

Blockchain security: centralized blocks

As the name suggests, “Blockchain technology” is a centralized digital blockchain that holds money for transactions. Each block in it is connected to other blocks present above and below. Blockchain solutions are specially designed to be tamper resistant and highly secure.

Blockchain defines three basic strategies  :  cryptography, decentralization, and consensus.

All these measures make it difficult to replace blockchain technology with an individual registry. This is because the hacker will need to change the entire block that contains the blockchain entries. Network participants are also assigned their security keys to the final transaction key that acts as a personalized digital signature.

Under any circumstances, if the registry is tampered with, the digital signature becomes invalid and any attack will be detected by the appropriate network immediately.

On a blockchain, early notifications and warnings are important to prevent further damage or attacks. At first glance,  blockchain security  also  provides  several desirable features that help protect transaction data. If you want to know more about how blockchain can change the future, read more about why blockchain is the future. 

Key features of blockchain security

Blockchain technology comes with many built-in features that are attractive for targets like cryptocurrency transactions, land bills, and more. The protection of confidential data is a determining factor for users.

Blockchain is undoubtedly a security measure. It has become a disruptive technology due to its ability to centralize, stimulate, digitize and validate transactions. Records are protected using decentralized cryptography to ensure   imprudent  security of the blockchain  .

Many industries are evaluating blockchain technology to spot strategic differentiations and take advantage of its commercial potential. Blockchain has the potential to simplify business processes and give them access to better performance and security.

Every transaction in this technology that is recorded and stored is not directly labeled as blockchain.

Some of the defining characteristics of blockchain technology are as follows:

1. Distributed

Distributed blockchain technology evenly distributes processing among all trading partners, developing a common infrastructure in the trading system. Participants can confirm the details independently without a centralized authority.

2. Unchangeable

In this, all the blockchain transactions on the blockchain-based technology are immutable. Even code encryption is done for transactions, effectively covering the date, time, and participant information.

3. Based on consensus

Transactions in blockchain technology are executed only when anonymously approved by parties present in the network. You can even choose to change the consensus-based regulations to suit the circumstances.

4. Digital signature

This blockchain technology streamlines the exchange of translation values ​​with unique digital signatures that rely on public keys. In blockchain technology, private key codes are only known by key owners to develop proof of ownership. It is a critical feature that prevents any fraud in blockchain management.

5. Persistent

Invalid permanent blockchain technology transaction detected by a consensus-based system. It is not easy to return transactions once they have been integrated into the blockchain ledger. Cryptographically, blockchain blocks are created and sealed within the chain, making it difficult for hackers to edit or remove already developed blocks and place them on the network.

Security architecture in blockchain technology

Blockchain records are protected by cryptography, where network users have their own secure, private keys. This key maps directly to the transaction keys and acts as a personalized digital signature. Blockchain protects and prevents any malicious attack and secures company data by encrypting it.

This technology allows companies to share their responsibilities and roles. It also helps protect sensitive information without compromising access to any privileged user.

Blockchain is licensed on many levels to develop any business application.

These layers include the following elements:

• user access layer
• presentation layer
• Identity and access management layer
• application layer
• network layer
• infrastructure layer

Blockchain technology  is specifically designed to pay off in the long run. Blockchain professionals can help you implement the basic steps to ensure the success of your blockchain solution. Blockchain has highly encrypted and irreversible blocks of data that allow us to combat any fraudulent behavior.

Blockchain technology also protects encryption keys with high-quality security standards.

cryptoeconomics

In addition to cryptography, a relatively new concept known as cryptocurrency also plays a role in keeping blockchain networks secure. It is related to the field of study known as game theory , which mathematically models the decision-making of rational actors in situations with predefined rules and rewards. While traditional game theory can be widely applied in various cases, cryptocurrency specifically models and describes the behavior of nodes in distributed blockchain systems.

In short, cryptoeconomics is the study of the economy within blockchain protocols and the possible results that its design can present based on the behavior of its participants. Cryptocurrency security is based on the idea that blockchain systems provide greater incentives for nodes to act honestly than to accept malicious or mischievous behavior. Once again, the evidence-based consensus algorithm used in  Bitcoin mining provides a good example of this incentive structure. 

When Satoshi Nakamoto created the Bitcoin mining framework , it was deliberately designed to be an expensive and resource-intensive process. Due to its complexity and computational requirements, PoW mining involves a significant investment of money and time, no matter where and where the mining node is located. Therefore, such a structure provides a strong deterrent for malicious activity and significant incentives for honest mining activity. Rogue or inefficient nodes will be quickly removed from the blockchain network, while honest and efficient miners have the potential to receive significant block rewards.

Similarly, this balance of risk and reward also provides protection against potential attacks that could undermine consensus by putting the majority hash rate on the blockchain in the hands of one group or entity. Such attacks, known as 51% attacks, could be extremely damaging if carried out successfully. Due to the competitiveness of test mining and the size of the Bitcoin network, the probability of a malicious actor gaining control of most nodes is extremely low.

Furthermore, the cost of computing power required to gain control of 51 percent of a vast blockchain network would be astronomical, providing an immediate disincentive to making such a large investment for relatively little potential reward. This fact contributes to the blockchain feature known as Byzantine Fault Tolerance (BFT), which is essentially the ability of a distributed system to continue to function normally even if some nodes become compromised or malicious.

As long as the cost of establishing most malicious nodes remains too high, and there are better incentives for honest activity, the system can thrive without significant disruption. However, it is worth noting that small blockchain networks are certainly susceptible to attacks by the majority because the total hash rate assigned to those systems is significantly less than that of Bitcoin.

final thoughts

Through the combined use of game theory and cryptography, blockchains can achieve high levels of security as distributed systems. However, as with almost all systems, it is essential that these two fields of knowledge are applied correctly. A careful balance between decentralization and security is vital to building a secure and efficient cryptocurrency network.

As the use of blockchain continues to evolve, its security systems will also change to meet the needs of different applications. The private blockchains that are now being developed for commercial enterprises, for example, rely much more on security through access control than on the game theory (or cryptoeconomics) mechanisms necessary for the security of most public blockchains.

Even though blockchain is fully security it is very important to smart contract audit because this essential step can protect yourself from security breaches and bad smart contracts. Cyphershield tech is one of the leading smart contract audit company. Contact us for a professional smart contract audit services.

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Everything around us has become smart, like smart infrastructures, smart cities, autonomous vehicles, to name a few. The innovation of smart devices makes it possible to achieve these heights in science and technology. But, data is vulnerable, there is a risk of attack by cybercriminals. To get started, let’s know about IoT devices.

What are IoT devices?

The Internet Of Things(IoT) is a system that interrelates computer devices like sensors, software, and actuators, digital machines, etc. They are linked together with particular objects that work through the internet and transfer data over devices without humans interference.

Famous examples are Amazon Alexa, Apple SIRI, Interconnected baby monitors, video doorbells, and smart thermostats.

How could your IoT devices be vulnerable?

When technologies grow and evolve, risks are also on the high stakes. Ransomware attacks are on the continuous increase; securing data has become the top priority.

When you think your smart home won’t fudge a thing against cybercriminals, you should also know that they are vulnerable. When cybercriminals access our smart voice speakers like Amazon Alexa or Apple Siri, it becomes easy for them to steal your data.

Cybersecurity report 2020 says popular hacking forums expose 770 million email addresses and 21 million unique passwords, 620 million accounts have been compromised from 16 hacked websites.

The attacks are likely to increase every year. To help you secure your data of IoT devices, here are some best tips you can implement.

Tips to secure your IoT devices

1. Change Default Router Name

Your router has the default name of make and model. When we stick with the manufacturer name, attackers can quickly identify our make and model. So give the router name different from your addresses, without giving away personal information.

2. Know your connected network and connected devices

If your devices are connected to the internet, these connections are vulnerable to cyber attacks when your devices don’t have the proper security. Almost every web interface is equipped with multiple devices, so it’s hard to track the device. But, it’s crucial to stay aware of them.

3. Change default usernames and passwords

When we use the default usernames and passwords, it is attackable. Because the cybercriminals possibly know the default passwords come with IoT devices. So use strong passwords to access our IoT devices.

4. Manage strong, Unique passwords for your IoT devices and accounts

Use strong or unique passwords that are easily assumed, such as ‘123456’ or ‘password1234’ to protect your accounts. Give strong and complex passwords formed by combinations of alphabets, numeric, and not easily bypassed symbols.

Also, change passwords for multiple accounts and change them regularly to avoid attacks. We can also set several attempts to wrong passwords to set locking the account to safeguard from the hackers.

5. Do not use Public WI-FI Networks

Are you try to keep an eye on your IoT devices through your mobile devices in different locations. I recommend you not to use the public WI-FI network to access them. Because they are easily accessible through for everyone, you are still in a hurry to access, use VPN that gives them protection against cyber-attacks, giving them privacy and security features, for example, using Express VPN.

6. Establish firewalls to discover the vulnerabilities

There are software and firewalls like intrusion detection system/intrusion prevention system in the market. This will be useful to screen and analyze the wire traffic of a network. You can identify the security weakness by the firewall scanners within the network structure. Use these firewalls to get rid of unwanted security issues and vulnerabilities.

7. Reconfigure your device settings

Every smart device comes with the insecure default settings, and sometimes we are not able to change these default settings configurations. These conditions need to be assessed and need to reconfigure the default settings.

8. Authenticate the IoT applications

Nowadays, every smart app offers authentication to secure the accounts. There are many types of authentication methods like single-factor authentication, two-step authentication, and multi-factor authentication. Use any one of these to send a one time password (OTP) to verify the user who logs in the smart device to keep our accounts from falling into the wrong hands.

9. Update the device software up to date

Every smart device manufacturer releases updates to fix bugs in their software. These security patches help us to improve our protection of the device. Also, update the software on the smartphone, which we are used to monitoring the IoT devices to avoid vulnerabilities.

10. Track the smartphones and keep them safe

When we connect the smart home to the smartphone and control them via smartphone, you need to keep them safe. If you miss the phone almost, every personal information is at risk to the cybercriminals. But sometimes it happens by accident, makes sure that you can clear all the data remotely.

However, securing smart devices is essential in the world of data. There are still cybercriminals bypassing the securities. So make sure to do the safety measures to avoid our accounts falling out into the wrong hands. I hope these steps will help you all to secure your IoT devices.

If you have any, feel free to share them in the comments! I’d love to know them.

Are you looking for more? Subscribe to weekly newsletters that can help your stay updated IoT application developments.

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Blockchain Certification | Blockchain Training Course | Blockchain Council

In all the market sectors, Blockchain technology has contributed to the redesign. The improvements that were once impossible have been pushed forward. Blockchain is one of the leading innovations with the ability to influence the various sectors of the industry. It also has the ability to be one of the career-influencing innovations at the same time. We have seen an increasing inclination towards the certification of the Blockchain in recent years, and there are obvious reasons behind it. Blockchain has everything to offer, from good packages to its universal application and futuristic development. Let’s address the reasons why one should go for Blockchain certification.

5 advantages of certification by Blockchain:

1. Lucrative packages- Everyone who completes their education or upskills themselves wants to end up with a good bundle, not only is one assured of a good learning experience with Blockchain, but the packages are drool-worthy at the same time. A Blockchain developer’s average salary varies between $150,000 and $175,000 per annum. Comparatively, a software developer gets a $137,000 per year salary. For a Blockchain developer, the San Francisco Bay area provides the highest bundle, amounting to $162,288 per annum. There’s no point arguing that learning about Blockchain is a smart decision with such lucrative packages.

2. Growing industry- When you select any qualification course, it becomes important that you choose a growing segment or industry that promises potential in the future. You should anticipate all of these with Blockchain. The size of the blockchain market is expected to rise from USD 3.0 billion in 2020 to USD 39.7 billion by 2025. This will see an incredible 67.3 percent CAGR between 2020-2025. To help business processes, several businesses are outsourcing Blockchain technologies. This clearly demonstrates that there will be higher demand in the future for Blockchain developers and certified Blockchain professionals.

3. Universal application- One of the major reasons for the success of Blockchain is that it has a global application. It is not sector-specific. Blockchain usage cases are discovered by almost all market segments. In addition, other innovations such as AI, big data, data science and much more are also supported by Blockchain. It becomes easier to get into a suitable industry once you know about Blockchain.

**4. Work protection-**Surely you would like to invest in an ability that ensures job security. You had the same chance for Blockchain. Since this is the technology of the future, understanding that Blockchain can keep up with futuristic developments will help in a successful and safe job.

**5.**After a certain point of your professional life, you are expected to learn about new abilities that can help enhance your skills. Upskilling is paramount. Upskilling oneself has become the need for the hour, and choosing a path that holds a lot of potential for the future is the best way to do this. For all computer geeks and others who want to gain awareness of emerging technology, Blockchain is a good option.

Concluding thoughts- opting for Blockchain certification is a successful career move with all these advantages. You will be able to find yourself in a safe and secured work profile once you have all the knowledge and information. Link for Blockchain certification programme with the Blockchain Council.

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What Makes a Blockchain Secure?

Blockchain technology is the underlying structure of most cryptocurrency systems and is what prevents this kind of digital money from being duplicated or destroyed.
The use of blockchain technology is also being explored in other contexts where data immutability and security are highly valuable. A few examples include the act of recording and tracking charity donations, medical databases, and supply chain management.

However, blockchain security is far from being a simple subject. Therefore, it is important to understand the basic concepts and mechanisms that grant robust protection to these innovative systems.

To get in depth knowledge on Blockchain , enrich your skills on Blockchain online training professionals.

The concepts of immutability and consensus
Although many features play into the security associated with blockchain, two of the most important are the concepts of consensus and immutability. Consensus refers to the ability of the nodes within a distributed blockchain network to agree on the true state of the network and on the validity of transactions. Typically, the process of achieving consensus is dependent on the so-called consensus algorithms.

Immutability, on the other hand, refers to the ability of blockchains to prevent alteration of transactions that have already been confirmed. Although these transactions are often relating to the transfer of cryptocurrencies, they may also refer to the record of other non-monetary forms of digital data.

Combined, consensus and immutability provide the framework for data security in blockchain networks. While consensus algorithms ensure that the rules of the system are being followed and that all parties involved agree on the current state of the network - immutability guarantees the integrity of data and transaction records after each new block of data is confirmed to be valid.

The role of cryptography in blockchain security
Blockchains rely heavily on cryptography to achieve their data security. In this context, the so-called cryptographic hashing functions are of fundamental importance. Hashing is a process whereby an algorithm (hash function) receives an input of data of any size and returns an output (hash) that contains a predictable and fixed size (or length).

Regardless of the input size, the output will always present the same length. But if the input changes, the output will be completely different. However, if the input doesn’t change, the resulting hash will always be the same - no matter how many times you run the hash function.
Within blockchains, these output values, known as hashes, are used as unique identifiers for data blocks. The hash of each block is generated in relation to the hash of the previous block, and that is what creates a chain of linked blocks. The block hash is dependent on the data contained within that block, meaning that any change made to the data would require a change to the block hash.
Therefore, the hash of each block is generated based on both the data contained within that block and the hash of the previous block. These hash identifiers play a major role in ensuring blockchain security and immutability.

Hashing is also leveraged in the consensus algorithms used to validate transactions. On the Bitcoin blockchain, for example, the Proof of Work (PoW) algorithm utilizes a hash function called SHA-256. As the name implies, SHA-256 takes data input and returns a hash that is 256 bits or 64 characters long.Learn more from blockchain online course

In addition to providing protection for transaction records on ledgers, cryptography also plays a role in ensuring the security of the wallets used to store units of cryptocurrency. The paired public and private keys that respectively allow users to receive and send payments are created through the use of asymmetric or public-key cryptography. Private keys are used to generate digital signatures for transactions, making it possible to authenticate ownership of the coins that are being sent.
Though the specifics are beyond the scope of this article, the nature of asymmetric cryptography prevents anyone but the private key holder from accessing funds stored in a cryptocurrency wallet, thus keeping those funds safe until the owner decides to spend them (as long as the private key is not shared or compromised).

Cryptoeconomics
In addition to cryptography, a relatively new concept known as cryptoeconomics also plays a role in maintaining the security of blockchain networks. It is related to a field of study known as game theory, which mathematically models decision-making by rational actors in situations with predefined rules and rewards. While traditional game theory can be broadly applied to a range of cases, cryptoeconomics specifically models and describes the behavior of nodes on distributed blockchain systems.

In short, cryptoeconomics is the study of the economics within blockchain protocols and the possible outcomes that their design may present based on its participants’ behavior. Security through cryptoeconomics is based on the notion that blockchain systems provide greater incentives for nodes to act honestly than to adopt malicious or faulty behaviors. Once again, the Proof of Work consensus algorithm used in Bitcoin mining offers a good example of this incentive structure.
When Satoshi Nakamoto created the framework for Bitcoin mining, it was intentionally designed to be a costly and resource-intensive process. Owing to its complexity and computational demands, PoW mining involves a considerable investment of money and time - regardless of where and who the mining node is. Therefore, such a structure provides a strong disincentive for malicious activity and significant incentives for honest mining activity. Dishonest or inefficient nodes will be quickly expelled from the blockchain network, while the honest and efficient miners have the potential of getting substantial block rewards.

Similarly, this balance of risks and rewards also grants protection against potential attacks that could undermine consensus by placing the majority hash rate of a blockchain network into the hands of a single group or entity. Such attacks, known as 51 percent attacks, could be extremely damaging if successfully executed. Due to the competitiveness of Proof of Work mining and the magnitude of the Bitcoin network, the likelihood of a malicious actor gaining control of a majority of nodes is extremely minimal.

Furthermore, the cost in computing power needed to attain 51 percent control of a huge blockchain network would be astronomical, providing an immediate disincentive to make such a large investment for a relatively small potential reward. This fact contributes to a characteristic of blockchains known as Byzantine Fault Tolerance (BFT), which is essentially the ability of a distributed system to continue to work normally even if some nodes become compromised or act maliciously.
As long as the cost of establishing a majority of malicious nodes remains prohibitive and better incentives exist for honest activity, the system will be able to thrive without significant disruption. It is worth noting, however, that small blockchain networks are certainly susceptible to majority attack because the total hash rate devoted to those systems is considerably lower than the one of Bitcoin.
To start a career with Blockchain, Please go through the link Blockchain online training Hyderabad

Closing thoughts
Through the combined use of game theory and cryptography, blockchains are able to attain high levels of security as distributed systems. As with nearly all systems, however, it is critical that these two fields of knowledge are properly applied. A careful balance between decentralization and security is vital to building a reliable and effective cryptocurrency network.

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5 Blockchain Applications That Have Transformed the World of Technology

The blockchain is the decentralized database of the blocks of information, which gets recorded in the chain format and linked in a secured crypto graphical manner. This technology ensures proper safety of the data due to its secure nature, and it totally changes how people carry out transactions. It also brings about a faster and secure process of validating information needed to establish reliability.

Though blockchain technology came into the market to carry out only digital transactions, it is now used in various industries like supply chain, finance, health care, and many more.

The blockchain technology has made its position in mobile app development as well. Blockchain applications are transparent and accountable. From getting easy access to medical records and buying insurance, you can see blockchain applications everywhere.

Here are some of the areas where you can see the use of blockchain applications and how they have changed various industries.

1. Ripple

Ripple is useful for increasing banking transactions. The implementation of blockchain technology in the financial sector is much more profound than any other sector. Ripple proves this. It is one of the greatest tools to record and complete financial transactions.

It develops a large network despite strict physical boundaries. As there is no such third-party involvement present, the cost of these transactions is lower than usual. At the same time, the network also remains transparent and quite secured.

It is normally seen that financial transactions that happen globally are

error-prone and take a lot of time. In addition to this, when the transaction

fees and exchange rates get added up, the total cost usually gets high.

However, Ripple offers real-time international transactions without spending too much money. It has the network of about 200+ institutions making the process affordable, secure, and fast for all sorts of international transactions.

2. Etherisc

This blockchain application helps in automating flight insurance. Insurance is another area where blockchain is gaining popularity. Through this application, insurers can make smart contracts rather than getting involved in the traditional contracts that are usually complex. Etherisc is the blockchain application that helps customers buy flight insurance. If the flight gets canceled or delayed, they do not have to wait for months to get the payment back. This application ensures an on-time payout.

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Securing media content using Blockchain Technology

The unrivaled reach of the internet and the advancement of technological trends have driven digital innovation virtually at every corner of the media industry.Every aspect of media distribution has become more streamlined to a manner in which we purchase and store our coveted content. Movies, books, and music are now replaced with on-demand digital copies.

Protection of the digital content is of utmost priority as most of the digital media industries today are losing their revenue due to content piracy and unauthorized file sharing. Lack of awareness about advanced technologies is only fast-tracking it. Hackers are using more advanced methods to access online content, including web content tampering, deep linking, cache stealing, link sharing and much more.
To get in depth knowledge on Blockchain , enrich your skills on Blockchain online training professionals.

The ongoing flurry around the Blockchain technology and the huge strides it has made across industries such as finance, energy, and agriculture has made many to echo it as a disruptive technology. The blockchain is one technology that could bring fundamental changes to the industries it is applied.

What is Blockchain and how it can secure media content?
The blockchain is a distributed ledger which can enable seamless transactions, using data coexisting between different parties. The use of blockchain enables multiple parties involved to have controlled access to a single shared source of the data. It is a database which is shared, reproduced and operated consensually between the nodes of a decentralized network.

The beauty of the blockchain technology is that it facilitates a digital marketplace which is both tamper-resistant and decentralized. All the transactions taking place in a decentralized network are recorded chronologically in a distributed ledger that is transparent to everyone involved. It is completely encrypted and no parties can tamper with it by any manipulation. Any agreed business contract terms, rules and logic programmed to automate transaction is known as “smart contracts” – buzzword media industry is currently raving about.

Advantages of securing media content by blockchain
Media and OTT industry sees a huge potential on the applicability of blockchain technology for media content distribution. It has the potential to change the way content is consumed and distributed.Learn more from Blockchain online course

Security and Resilience
Using a decentralized system, content owners can enhance the security of information or assets transferred across the network. The ability of distributed ledger technology to form a centralized platform helps in delivering better protection against any kind of failure.

Transparency and Accuracy
Blockchain helps artists to take an unprecedented control over the way they consume and distribute the content. This also helps to attract more video creators into video sharing platforms. A better communicating ecosystem between fans and artists minus any barrier also gives rise to a direct customer relationship.

Digital Timestamping
Blockchain can be used to avoid unauthorized utilization of creative work and content theft by using the digital timestamping method. Digital time stamping supports traditional notary service and reduces the use of any third-party involvement. Using blockchain not only makes the entire process smooth but also helps the participating parties to track each transaction at any point of time.

Instant Payouts
Using a blockchain based content distribution, real-time royalty payment to artists will be a reality. Nowadays, people are willing to pay for a transparent digital media sharing platform that fairly compensates them according to the consumer demand of their work. And no technology can provide it better than blockchain.
To start a career with Blockchain, Please go through the link Blockchain online training Hyderabad

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