Blockchain Security
Techniques and measures to protect blockchain networks from fraud, attacks, and vulnerabilities.
Understanding Blockchain Security
While blockchain technology is inherently secure due to decentralization and cryptographic principles, vulnerabilities still exist.
Common Security Threats
51% Attacks
Occurs when a single entity gains majority control over a blockchain network.
Can manipulate transaction history and double-spend coins.
2. Smart Contract Vulnerabilities
Coding errors and logic flaws can be exploited.
Can lead to loss of funds and unauthorized transactions.
3. Phishing and Private Key Theft
Targets users to steal private keys and wallet credentials.
Leads to unauthorized access to digital assets.
Best Practices for Security
Use multi-signature wallets and cold storage for asset protection.
Conduct thorough smart contract audits before deployment.
Implement decentralized identity management to prevent fraud.