{"id":2834,"date":"2020-01-17T09:47:15","date_gmt":"2020-01-17T09:47:15","guid":{"rendered":"https:\/\/paybis.com\/blog\/?page_id=2834"},"modified":"2024-04-15T15:28:15","modified_gmt":"2024-04-15T15:28:15","slug":"can-blockchain-be-hacked","status":"publish","type":"post","link":"https:\/\/paybis.com\/blog\/can-blockchain-be-hacked\/","title":{"rendered":"Can Blockchain be Hacked? A Look Into the Facts"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">By now, you should have a good idea of what the <a href=\"https:\/\/paybis.com\/blog\/glossary\/what-is-blockchain\/\" target=\"_blank\" rel=\"noopener noreferrer\">blockchain<\/a> is and how it helps to improve the world. But you may still have many questions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of them involves the possibility of hacking a blockchain. Is that even possible? And if yes, how does it happen and what is the result?<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is a blockchain hack?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The word hack is very common in the context of cryptocurrency. Hacking a blockchain refer to the act of someone trying to perform a <a href=\"https:\/\/paybis.com\/blog\/glossary\/what-is-double-spending\/\" target=\"_blank\" rel=\"noopener noreferrer\">51% attack<\/a>, by controlling more than 51% of the total amount of nodes participating in the network.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Be doing so, the hacker is theoretically able to reverse (rollback) transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But is this process possible? And if so, how realistic is it?<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Can blockchain be hacked?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Theoretically, it is possible to hack a blockchain. However, it would be an <\/span><a href=\"https:\/\/gobitcoin.io\/tools\/cost-51-attack\/\"><span style=\"font-weight: 400;\">extremely costly<\/span><\/a><span style=\"font-weight: 400;\"> and difficult venture. Blockchain networks are built with unique cryptographic elements that are unique to each transaction block. They also use consensus to validate the eligibility of a transaction.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What happens to my private information when there is a blockchain hack?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In the context of cryptocurrencies and blockchain technology, a data breach in the form of private information exposure does not apply. All the private information stored on the blockchain is already open to the public thanks to the setup of the distributed ledger.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This element of transparency is considered to be the biggest benefit of blockchain technology but simultaneously also a concern for privacy reasons.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a hacker wishes to reveal personal information linked to the wallet addresses of a blockchain network, he would need to hack into the database of a large cryptocurrency exchange, such as Binance or Coinbase.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By now, you should have a good idea of what the blockchain is and how it helps to improve the world. But you may still have many questions.\u00a0 One of them involves the possibility of hacking a blockchain. Is that even possible? And if yes, how does it happen and what is the result? What [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3823,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8,132,195],"tags":[199,201,220],"businesses_tag":[],"class_list":["post-2834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-educational-guides","category-individuals","category-security-privacy","tag-education","tag-security","tag-blockchain"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can Blockchain be Hacked? A Look Into the Facts - Paybis Blog<\/title>\n<meta name=\"description\" content=\"Can the blockchain be hacked by cyber criminals? And if this is the case, how can you best protect yourself? 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