Main Challenges in Keeping Data Secure on Public Blockchains

Blockchain technology is known for its high level of data security and immutability, making it a popular choice for many applications. However, maintaining these features on public blockchains comes with its own set of challenges. To ensure these advantages remain effective, it is crucial to understand and address the various issues that can arise. This article highlights key challenges in simpler terms, offering insights into securing public blockchains.

Potential Weaknesses in Blockchain Coding

Even though blockchain technology is designed to be very secure, the code that makes it up can still have weaknesses or bugs. Smaller or newer blockchains are more likely to have these issues. Flaws in the blockchain’s code can create openings for bad actors to attack the system and mess with the data. To prevent this, the code needs to be carefully checked for any problems.

51% Attacks

A big threat to public blockchains is the possibility of a 51% attack. In this type of attack, if one person or group controls more than half of the network’s computing power, they can undo transactions or stop new ones from going through. This destroys the trust and security of the blockchain. While the biggest blockchains like Bitcoin and Ethereum have become harder to attack this way, smaller blockchains are still vulnerable.

Scalability Problems

As public blockchains get bigger and process more transactions, they face challenges with scalability. The network needs a lot of computing power and storage space to handle all the transactions. If it can’t keep up, the transactions will get slower and the data’s integrity could be affected. New ways to scale blockchains are being developed, but they come with their own complexities.

Stopping 51% Attacks

While major blockchains have become better at preventing 51% attacks by having more nodes and being more decentralised, the threat is still there for smaller networks. The best way to stop these attacks is to get more nodes involved and make the network even more decentralised, so no one can easily control most of it. Constant monitoring and action is needed to stay safe.

Legal and Regulatory Uncertainty

The laws and regulations around blockchain technology are still developing, which creates uncertainty about who is responsible for keeping the data unchangeable. New regulations could change how blockchains operate and maintain data integrity. Dealing with these uncertainties requires staying on top of legal issues and being ready to adapt, while still sticking to blockchain’s core principles.

Human Mistakes and Bad Behavior

Even with blockchain’s technical safeguards, human error and bad actions can still cause problems. For example, if someone’s private keys are stolen, their transactions could be changed or undone. It’s crucial to have strong security practices, educate users, and have good strategies for managing private keys. Measures to detect and respond to bad behaviour in the network are also essential for keeping the data safe.

Conclusion

In summary, while blockchain offers great data security and unchangeable records, challenges like code weaknesses, attacks, scalability issues, legal uncertainty, and human problems need to be solved to keep these features working well on public blockchains. By understanding and fixing these challenges, blockchain networks can become more reliable and trustworthy for protecting data over the long term.



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