Can blockchain be hacked? Spoiler alert… YES!

From an article by Dr. ir Johannes Drooghaag :

Blockchain, by some seen as the answer to every problem, is promoted by many, including myself, as a possible solution for many cyber security issues. The structure of blockchain, combining distributed ledger, consensus on proof of work and proof of stake, encryption by design and linked blocks, provides a lot of layers of protection. This does however not mean that blockchain can’t be hacked at all, it just means that it would take a lot of effort and resources to do so.

What we have to be very careful with is creating false sense of security, something I keep stressing during my workshop Cybersecurity for Road Warriors (and Couch Potatoes) and publications on this topic, by hyping the security aspects way beyond reality. With the hype around blockchain and all blockchain based crypto-currencies, and “better than anything because we use blockchain” projects, we are setting ourselves up for yet another security myth by believing that blockchain is unhackable. This article is a collection of findings and theories during research on the currently known safety issues related to blockchain. Some attack vectors are already out in the field and have lead to high profile thefts and hacks, others are theoretical and listed for the purpose of demonstrating the concept.

Read more at johannesdrooghaag.com

Image Credit:  Amanda Scott/ Alias Studio Sydney

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2018-07-08T12:02:04+00:00

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