Although blockchain technology has been a major technological advance, it is not likely that security will be as good. Due to recent malicious attacks, blockchain security is a hot topic within the crypto world. It is necessary to find solutions that will allow encryption technology to improve.
How can blockchains be secured?
Although there are many consensus mechanisms that can secure blockchains, most of them, including Bitcoin, use the same security protocol known as cryptography. Bitcoin uses the SHA256 algorithm. The SHA is a secure hashing algorithms and it’s used for cryptography and other encryption purposes on operating systems like Unix or Linux. Each input to the algorithm generates an output with 256 digits relevant to the input data. The algorithm works by generating the same input every time. The outcome of any data change would result in a completely new output.
A second important aspect is the inability to perform the computation using the wrong side. Simply by having the output at 256 bits, it becomes virtually impossible for the input. Interestingly, SHA-256 hashing is actually no new concept; almost all the world’s safest, high-tech systems are secured similarly.
The security risks of blockchains
Blockchains are vulnerable to hacking and other malicious activity, despite its initial record of being tamperproof. The Poly Network hack, which saw $600M of assets stolen by hackers, is an example of such a serious attack. The hacker did not return any of the stolen assets until a few days later, which highlighted the need to find solutions. As many new technologies have emerged since 2008, security risks should not surprise. Quantum computers, for example, are so powerful that some studies have shown they can hack blockchains in a matter of a decade. This is an incredible amount considering how fast technology has advanced.
Is quantum resistance a realistic goal?
To ensure that blockchain technology is long-lasting and reliable, quantum resistance is essential. There are many solutions that aim to address this problem. Crown Sterling is an encryption and digital asset solutions provider. This company has been a pioneer in the area of data sovereignty and protection. Led by CEO Robert Grant, Crown Sterling is the first to implement quantum-resistant One-Time Pad encryption as an option for a blockchain’s state transition function or the flow of transactions on a network. They also developed the Crown Sovereign token (CSOV) as a quantum-resistant utility token that allows its users to engage with the project’s quantum-resistant encryption and other tools, including the ability to convert their personal data into NFTs, empowering individuals to truly own their data. In order to continue its innovations in the space of data security management, the company is currently developing data compression technologies.
Highlighting their mission, the Crown Sterling team established the ‘Data Bill of Rights’ as the genesis block for their network, declaring that digital assets are the intangible personal property of the original producer, and therefore, protected.
Futureproofing Blockchain
Most people considered blockchain technology highly secure at the time it was launched. Blockchain technology will face many challenges due to the rapid advances in technology including quantum computing. Blockchain technology is now fully capable of withstanding the tests of time thanks to emerging technologies.