When Blockchain was launched, everyone spent a humongous amount of time on learning its benefits. And once they got the hang of this technology, they started implementing it in their core systems and processes in their respective fields.
But little did they know that Blockchain comes with a particular set of drawbacks to that very few people are aware of. Yes, and to deal with these drawbacks, they need to adopt some proven techniques as soon as possible and keep their data completely safe.
But the question comes, is it necessary to hire Blockchain developers to sort out various issues associated with Blockchain?
The answer is yes. Only when you employ them, it will be a breeze to fix your Blockchain-centric issues as they have a firm hand over this technology and they know how to make the most of it without putting anything at stake.
Today we are going to discuss some major problems related to Blockchain implementation and how they can be addressed using different methods. But before we throw light on that, it is essential to pay heed to:
What are some paramount statistics that can encourage you to hire Blockchain developers?
- The Blockchain market worldwide is expected to grow between 2019 to 2025 at a CAGR rate of more than 69%.
- Most famous investors in Blockchain technology hail from the financial department with a market share of 46%.
- For a multitude of Blockchain users, mobile wallets are the most preferred form of Blockchain wallet.
- There are more than 83 million genuine and registered Blockchain wallets in the market.
- In January 2022, the transaction rate was 2.87 transactions per second.
So, if these numbers draw your interest to Blockchain investment for reducing fraudulent transactions in your banking system, it is in your best interest to hire Blockchain developers without thinking too much.
What is public vs private Blockchain security to know before you hire Blockchain developers?
Not every person perceives the major difference between public and private Blockchain security. So, we insist on learning the same through this text stack. Just so you know, Blockchain networks can have multiple effects as far as participation and data access abilities are concerned. Resultantly, there are two types of labeling for Blockchain networks, including:
- Public networks
- Private networks
But what are they? You might ask. So, let’s understand them right away:
- Public Blockchain networks – They are often open and might let any user join while making sure of participant anonymity.
- Private Blockchain networks – In such networks, the identity of the participant is utilized to validate their membership and access certain privileges. What else? They only acknowledge well-known organizations to engage.
This is the main dissimilarity between public and private Blockchain networks that every business owner must imbibe before they decide to hire Blockchain developers to work on their next project.
What are some evident Blockchain security issues and their fixes?
As discussed above, a lot of people firmly believe that Blockchain is secure, and they are not wrong at all. But what they do not know is that this technology has some serious cons due to specific security issues.
Below are a few popular Blockchain security issues and their solutions:
1. Sybil attacks
In this sort of attack, some malicious actors produce many fake network nodes. Using these nodes, the hacker can get majority agreement and interrupt the transactions of the chain. Resultantly, a massive-scale Sybil attack is very much similar to a 51% attack.
To prevent these attacks, you can hire Blockchain developers and make them do two important things:
- Use suitable consensus algorithms
- Check on other nodes’ behavior and pay attention to the nodes that are only transferring blocks from one user
Now you must be informed that although these algorithms may not stop the aforementioned attack, they make them infeasible to carry out by malicious actors.
2. Endpoint vulnerabilities
The next plight observed with Blockchain technology is the vulnerability of its endpoints, which is a sizeable security concern in the Blockchain domain. For your kind information, the Blockchain network’s end is the place where users act with the Blockchain.
A case in point here are electronic devices, like personal computers and smartphones. Hackers will get down to their desired user’s behavior and observe their devices to get their hands on their key. Thus, this is one of the most harmful yet visible Blockchain security predicaments.
To get rid of end vulnerabilities, you need to hire Blockchain developers and ask them to do the following things:
- Avoid saving Blockchain keys on their laptop or smartphone as text files.
- Check the system often to be aware of the time, location, and device access.
- Transfer and download anti-virus software packages for your electronic machines.
3. Phishing attacks
Do you know what is the main objective of hackers in a phishing assault? No? Then we must inform you that they want to steal the credentials of targeted users. First, they will send some authentic-looking emails to the wallet key owners. Then, the user is expected to type in login details with the help of an attached fake hyperlink.
Hence, when the concerned fraudster gets access to the key credentials of desired users as well as other confidential information, all this could result in severe damage to both users and the Blockchain network.
To stop such attacks, you can take the plunge to hire mobile app developers specializing in Blockchain development to:
- Enhance browser security by installing a trusted extension to alert them about unreliable websites.
- Boost their device security by deploying the tried and tested malicious link detection software similar to antivirus software.
- Steer clear of clicking on any link unless and until they have checked it thoroughly. In fact, it is better to put the address into the private tab of their web browser.
- Reconfirm with the concerned partner if they get an email requesting some sensitive details, like login details regarding the difficulty.
- Confirm that their system and application are updated.
- 51% attack
We must make you aware that this kind of attack takes place when a person or entity with malicious intent acquires 1/2 the hash rate and gets a firm hand over the entire system. And this is something that could lead to disastrous results.
Please bear in mind that hackers can change the whole order of transactions and restrict them from being confirmed. Not only that! If they want, they can reverse previously completed transactions, translating into double-spending.
To make sure such attacks do not occur, you can hire mobile app developers having expertise in Blockchain to:
- Improve mining pool monitoring
- Ensure that the hash rate remains greater
On a closing note!
So, if this content seems to be immensely knowledgeable, and you want to take maximum advantage of it, we would advise you to hire Blockchain developers now to develop a robust solution for recording and maintaining all the genuine financial transactions of your firm.