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Can Blockchain Networks Retain their Unhackable Status for Long?By CIOAdvisor Apac | Monday, September 16, 2019
Blockchain networks were thought to be unhackable. However, the recent developments raise doubts.
FREMONT, CA: If you go by the present status, the blockchain networks and cryptocurrency still retains its ‘unhackable’ image to a great extent. However, the sector can turn increasingly vulnerable to hacking risks in the near future, experts say.
These networks are fast paced and rapidly changing in nature, which makes industry experts unable to predict what could happen.
Not all the rumours regarding this are genuine, yet, some are. Blockchain networks must be cautious of the impending threats that are headed towards them. Besides, there is need to derive strategies to tackle them.
What could be some of the future concerns? Michael, host of ‘Beyond Innovation’ on Bloomberg TV says, it has to do with the future uses of blockchain networks.
With increased exposure, susceptibility to cybercriminals is enhanced as well. Blockchain networks, so far, have been almost immune to the conventional ways of hacking. But, hackers are equally busy developing new strategies and with blockchain finding use across domains, there are more chances of cyber attacks.
Besides, another aspect to be worried about is what quantum computing can do to these networks. Many experts are of the opinion that quantum computing has the power to put blockchain networks and cryptocurrency transactions under risk of hacking, possibly in a few years from now.
By 2025, approximately 10 percent of global GDP is expected to be stored on blockchain. When what is to be hacked is money, data safety, intelligibility and accountability are vital. A blockchain is a highly safe digital cryptogram, or ledger, which is a decentralized system managed by users across the world.
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But by a decade or so, quantum computers can break these cryptographic codes. Theoretically, a task for which a normal computer would take thousands of years, can be completed by quantum computers within minutes. Going by this, within a few years, quantum computing would be able to decrypt the secret encrypted codes which form the basis of cryptocurrency.