WHY BLOCKCHAIN IS DEEMED SUPER SECURE?
If you have heard about Bitcoin, you might be knowledgeable about the technology behind it: blockchain. Blockchain seems like a very difficult concept to grasp and why it is so secure.
To make it more digestible, Mickael Mosse helps us segment it into the main factors of this technology and its safety.
- Mosse affirms that blockchain is a system made of nodes that are interconnected and function as a peer-to-peer network where the information shared needs to be verified and then transmitted to another node. Meaning, one node can’t control the network. There’s virtually no hierarchy on this network and no one has more power than others.
- Forging information and distributing false information is almost impossible, since blockchain use a consensus mechanism and it makes the system devoid of corruption from a single source, he continues.
- Each node makes sure to come up with a result of an operation or request of information and then it is corroborated with the results of other nodes. They must need to achieve the same answer to be able to proceed.
“So, each node has the same mission of maintaining, computing and updating each one of the entries of information produced by the blockchain”, says Mickael Mosse.
- This also means that each node operates independently when producing a result for a request. After this, the node participates on the consensus mechanism.
Even though this process implies a great computational capacity and users make sure to enhance its own capabilities, there is an increasing number of requests to compute results and it is not always the more efficient way to manage a network. Mosse states that blockchain can be considered a slow process in comparison with traditional technologies for digital transactions.
- Mickael Mosse concludes that no matter what, in terms of security, a peer-to-peer administered network makes it super secure and almost incorruptible. The protocol used in blockchain is totally anonymous and encrypted by means of special algorithms.
