Crypto Hack | Crypto Hacker | Why Nobody Can Hack A Blockchain
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Welcome to our Crypto Hack video!
survey conducted by The World Economic Forum in 2017 provided the surprising forward guidance that we can expect up to 10% of global gross domestic products to be held on Blockchain by 2025. For that to happen Blockchain technology would have to replace vast swathes of legacy systems currently being used across finance, government, business and public records in under a decade. Supporting the scale of the overhaul that would involve is the Harvard Business Review’s suggestion that Blockchain “has the potential to create new foundations for our economic and social systems.”
The two qualities of Blockchain that have the technology world in such rapture are linked. The first is the decentralized system’s efficiency. The fact that Blockchain applications remove the need for intermediaries to provide trust means it can make many processes cheaper and more efficient. The most obvious examples are in sending payments and banking. The second is that Blockchain is intrinsically a very secure technology. It’s decentralized nature and cryptographic algorithm make it immune to attack.
Why Blockchain Cannot Be Hacked
Blockchain technology is, in fact, a group of different technologies that can be used together in different ways to create different end results or applications. It’s open code and can be infinitely customized. While the details will vary between Blockchain protocols, the core of the technology is that it is a decentralized digital ledger of transactions. These transactions are verified in whatever way is deemed appropriate for the particular Blockchain application. This is most commonly achieved by either a ‘proof of work’ or ‘proof of stake’ process.
At regular intervals, bunches of verified transactions are grouped together and cryptographically sealed in a data ‘block’. This is done using ‘hashing’. Hashing converts the data into a string of symbols of a defined length. It is almost impossible to reverse engineer this hash back into the original data, making the transactions immutable. New transactions contain the ‘stamp’ of each data block in the prior history of the Blockchain, which is required to verify the current holder of an asset. Assets are transferred by authenticating the transaction history leading up to the present ownership.
In order to change the historical transaction history held by the Blockchain ledger, someone wishing to do so would have to somehow reverse engineer the hash of a sealed block. However, making a change would lead to a different hash output once the block was resealed. This new hash would then be out of sync with the ‘stamps’ running through the rest of the chain, alerting the system, which would reject the resealed block.
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The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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⏰ Time Stamp ⏰
00:00 Intro
00:25 Why Nobody Can Hack a Blockchain
00:42 Decentralized And Open-source Protocols.
01:25 Hashing algorithm
02:28 51% Attacks Are Improbable