A more secure future
If you are just reading a post about blockchain security, you are well behind the curve in learning. But, not to worry, we will get you caught up and pointed in the right direction so that you are capable of understanding your new knowledge.
A Blockchain is a digital ledger that records transactions on a distributed network. For example, software like Bitcoin uses a technology known as blockchain to record transactions between peers. These transactions are typically cryptocurrencies being sent between two parties but can be smart contracts, insurance, information, storage, etc. Each transaction is confirmed by an algorithmic protocol that completes by chaining the most recent block of hashes to previously confirmed blocks. This is a rudimentary explanation, and the technical details are far more complex. If you want to learn more, follow our Medium and other social media for content.
How blockchains work isn’t why you are here, though. The title indeed says security, and security is what we will talk about. How is the blockchain more secure than legacy institutions that use the double-entry method. This method relies on trust between three parties, the business and the consumer, and their intermediaries. The third-party intermediaries are banks, credit services, brokers, governments, and others. Unfortunately, we have grown to distrust our system and are now armed with the capability to force them into more ethical dealings.
We have used ledgers since the beginning of time. At its true core, history is simply a ledger of what happened. The security of these ledgers has been improved over time though it has been evident in recent years that the institutions we rely on have become corrupted. The information they are trusted with is distorted.
With the blockchain, we can remove the need for trust in third parties and alleviate the pressures caused on society by bad actors who would rather hurt than help. Blockchain grows more secure as more people adopt the technology. It uses math, not humans, to verify the legitimacy of transactions and then distributes the confirmed information through a network of computers that store the data as blocks chained together. This makes the data near impossible to hack or change without having full authority of the world’s first MEGA computer capable of hacking thousands of computers at a single moment and changing recorded information without alerting the remaining chained blocks. Basically, it is impossible. Though it would be naive to assume the impossibility of something, we will continue to affirm its near impossibility.
In short, blockchain is a more secure method of record due to its design. Purposely built to remove the need for human interaction, double-entry, third-party verification for a fee, central authority, etc. As a result, blockchain technology will help propel societies towards a more secure future where they are in control of their information and wealth instead of relying on central authorities and governments.
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