Why it is almost impossible to hack the blockchain?
Huge effort is required to add the block to the chain. If a hacker adds malicious block to the chain it will required to spend a lot of time and eletricity to do that. After the block is created, other miners rejects the block and the hacker is not rewarded as well as spend a lot of efforts. Algorithm runs on whole node to verify the blok so it is almost impossible to add malicious block to the chain.
Also, blockchain runs on the principle of Byzantine Generals problem. It says that a block will be added to the chain if and only if it is verified by 2/3rd of the miners.
Blockchain in Brief
Blockchain is the technology that covers digital currency (like Bitcoin, Litecoin, Ethereum, and others). This technology allows digital information to be distributed and decentralized, but can’t be manipulated. That means each data piece can have only one owner but many holders of the same data. It is a distributed immutable ledger that is completely transparent, decentralized, and immutable.
Blockchain is a block that is a record of new transactions. When a block is completed, it’s added to the chain. So, Blockchain is a way to save data and make it immutable. That sounds great, but the big question, of course, is: how does that work? The work is quite complex, you can check Wikipedia for this.
Table of Content
- What is the Need for Blockchain?
- Uses of Blockchain Technology
- Blockchain mining
- Why it is almost impossible to hack the blockchain?
- Future of Blockchain: