Although blockchain is often touted as unhackable, there have been several high-profile hacks of cryptocurrency exchanges and wallets in recent years. In many cases, these hacks have been made possible due to vulnerabilities in the underlying code or systems rather than the blockchain itself.
The general consensus is that blockchain is an incredibly secure platform that cannot be hacked. However, nothing is 100% secure, and there are certainly ways that a determined hacker could potentially break into a blockchain system. Here are four ways that it could be done:
- Hacking the nodes: One way to hack a blockchain system potentially is to target the nodes that are used to validate and record transactions. If a hacker can gain control of enough nodes, they could theoretically alter the transaction data that is recorded on the blockchain.
- Hacking the wallets: Another way to hack a blockchain system is to target the wallets that are used to store cryptocurrency. If a hacker can gain access to a wallet, they could theoretically steal the funds held in it.
- Hacking the exchanges: Another potential way to hack a blockchain system is to target the exchanges that are used for trading cryptocurrency. If hackers can gain access to an exchange, they could potentially manipulate cryptocurrency prices.
- Hacking the miners: One final way to hack a blockchain system is to target the miners that are used to validate and record transactions. If a hacker can gain control of enough miners, they could theoretically alter the transaction data that is recorded on the blockchain.
How to detect blockchain hacking?
There are a few ways to detect if a blockchain has been hacked. One way is to look for sudden changes in the transaction data that is recorded on the blockchain. If there are a lot of unusual or unexpected transactions, it could be an indication that someone has gained access to the system and tampered with the data.
Another way to detect if a blockchain has been hacked is to look for sudden changes in cryptocurrency prices. If the prices of cryptocurrency start to fluctuate wildly, it could be an indication that someone has gained access to an exchange and is manipulating the prices.
Finally, another way to detect if a blockchain has been hacked is to look for sudden changes in the mining activity. If there is a sudden surge in mining activity, it could be an indication that someone is trying to take control of the system.
If you suspect that a blockchain has been hacked, it is important to report it to the relevant authorities so that they can investigate and take appropriate action.
Of course, these are four potential ways a blockchain system could be hacked. It is important to note that blockchain is still a relatively new technology, and it is constantly evolving. As such, there may be other ways to hack a blockchain system that has not been discovered yet.
iTrust provides a cyber security risk assessment for Private, Consortium, Hybrid, and other blockchain networks.
iTrust uses comprehensive and detailed risk assessment techniques that can be used to evaluate the security of blockchain networks. Our solution focuses on providing the highest level of infrastructure vulnerabilities detection, increasing a separate node’s security.
Contact us to know more about iTrust solutions.