Thanks to the increased interest in bitcoin and other cryptocurrencies, blockchain technology is becoming more popular and well known. Let’s take a look at some things related to web application security testing service and blockchain security.
How blockchain technology works
Basically, blockchain is a kind of a digital ledger that is duplicated on thousands of computers and distributes information among them. Each user has a public and a private key – both keys are secure and protected by encryption, and you can read about blockchain security at the following link: https://hacken.io/services/blockchain-security/blockchain-protocol-security/, and understand more about its work. They allow for a specific set of actions in the system. Suppose two users want to make an exchange via currency. One user uses his public and private keys to start the transaction, and the other user, also using his keys, confirms the action. The nodes check the transactions, confirming or rejecting them. And if the transaction is confirmed as having the funds, then it will be approved and become a new “block” in the chain.
Key Security Principles
Let’s take a look at the main features that make the system considered secure.
The basis of blockchain technology is an electronic registry of all financial transactions. In blockchain, the registry of records is decentralized – meaning that a single computer or system cannot gain control over the entire registry.
Another principle that provides exceptional security is the transaction chain itself. The main registry of records is a long chain of consecutive blocks. Each block included in this chain is only a part of the overall structure, which originates from the very first transaction made in this system.
This means that anyone who decides to change the information about one transaction will have to change all the records leading to that transaction very carefully and precisely before doing so. This makes the supposed intervention seem like an extremely complex process.
