How secure is it???

This is the very first question that comes to mind whenever we hear about a new technology, and blockchain technology is no exception, as blockchain vulnerabilities are a major concern right now.Though blockchain began as a promising technology and even got the unofficial nickname of being a "impenetrable technology" that could never be hacked, things quickly went south for this revolutionary technology. Cybercriminals stole $3.8 billion from cryptocurrency investors just last year, demonstrating that blockchain is just as vulnerable to exploitation as other technology.This does not mean that this technology should be abandoned; rather, people should become more aware of the present blockchain security flaws and how to mitigate them.

1. ATTACKS ON 51%

A 51% attack occurs when a single person or group (malicious hackers) collects more than half of the hash rate and seizes control of the entire system, which can be disastrous. Hackers have the ability to change the order of transactions and prevent them from being confirmed. They have the ability to reverse previously completed transactions, resulting in double-spending.

To avoid 51% attacks:

• Increase the supervision of mining pools.

• Ensure that the hash rate is higher.

• Avoid utilising consensus processes based on proof-of-work (PoW).

2. PHISHING ATTACKS

In a phishing attack, the hacker's purpose is to steal the user's credentials. They have the ability to send legitimate-looking emails to the owner of the wallet key. The user must submit login information via an associated bogus hyperlink. Access to a user's credentials and other sensitive information could cause harm to both the person and the blockchain network. They are also vulnerable to further attacks.

To avoid phishing attempts, take the following precautions:

• Install a verified add-on to inform you of risky websites to improve browser security.

• Boost device security by installing harmful link detection software as well as trustworthy antivirus software.

• If you receive an email seeking login information related to the issue, reconfirm with the partner.

• Don't click on the link until you've read it thoroughly. Enter the address into your browser instead of clicking on the links.

3. SYBIL Attack

During a Sybil attack, hackers create a large number of bogus network nodes. The hacker can establish majority consensus and interrupt the chain's transactions by using these nodes. As a result, a large-scale Sybil attack is essentially a 51% attack.

To avoid Sybil attacks:

• Use proper consensus algorithms.

• Keep an eye on other nodes' behaviour and look for nodes that are only forwarding blocks from one user.

While these algorithms may not totally block these assaults, they do make them impossible for the hacker to carry out.

4. ROUTING ATTACKS

In the instance of a routing attack, blockchain participants are frequently ignorant of the threat because data transmission and operations continue as usual. The concern is that these assaults will commonly reveal confidential data or extract currency without the user's awareness.

To prevent routing attacks:

• Put in place secure routing protocols (with certificates).

• Encrypt your data.

• Change passwords on a regular basis, and use strong passwords.

· Educate yourself and your workers on the dangers of information security.

5. BLOCKCHAIN ENDPOINT VULNERABILITIES

The endpoint of the blockchain network is where consumers interact with the blockchain: on electronic devices such as computers and smartphones. Hackers can monitor user behaviour and target devices in order to steal the user's key. One of the most apparent blockchain security vulnerabilities is this.

To avoid endpoint vulnerabilities, follow these steps:

• Do not save blockchain keys as text files on your PC or mobile device.

• Get antivirus software for your electronic devices and install it.

• Review the system on a regular basis, noting the time, location, and device access.