Can the Blockchain be hacked?

Can the Blockchain be hacked?

This blog about the introduction of the blockchain, how it works, and answering a few questions about the possibility to hack a Blockchain Network

Blockchain technology is robust and promising technology. A lot of people think that Blockchain is the new technology that stops all penetration, and a new internet infrastructure to solve the problems that centralized systems have. To stop hackers from breaking in and expose personal data or manipulating metadata between users by employing strong cryptography to maintain individual control over the data by its ownership/end-user.

Its really difficult to list everything in one single blog, but answering some questions about Blockchain could be useful for all of us to understand this technology and give real-life and theoretical scenarios

What is the basic definition of Blockchain?

Its where all transactions that take place within the network are recorded in Blockchain, which is a public ledger that can be seen by anyone but change by no one.

This ledger is made up of connected blocks that fit together cryptographically (when sender “A” sends a transaction to receiver “B”, “A”create a message with “B”s new owner public key and sign it with “A”sprivate key, and when the transaction published to the public ledger, everyone will know the new owner “B” of the transferred coins is the owner of the new key and “A”s digital signature on this message/transaction verifies for everyone that the transaction is authentic).

Image source: https://www.cryptocompare.com/wallets/guides/how-do-digital-signatures-in-bitcoin-work/

The complete history of all transactions stored in Blockchain in sequence mode of blocks and is kept by everyone on the Blockchain network and anyone who has a copy of that Blockchain ledger can verify who is the current owner of any coins ( “C” node will know that “A” node transferred for example 1 bitcoin to “B”). So each block of the Blockchain containing a set or group of transactions that have been sent since the previous block.

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