man blockchain

The blockchain technology, which has become common for a long time, introduces new amendments and adjustments to the picture of the world we are familiar with.



These are not only well-known cryptocurrencies, but also other related technologies that greatly simplify auditing in almost any areas where there is a stable flow of information about current processes-no matter if it is financial aspects (payments, transfers), or technical information (network voltage, the amount of resource consumed-electricity or water) – all this reduces the risks of any abuse at times and even if we talk about document control – it makes life extremely difficult for unscrupulous entrepreneurs from the tax base and even civil servants in relation to any corrupt variants of their activities, due to the immutability of the database built on a transparent crypto basis.


Many countries have been actively discussing the possibility of introducing their own national variants of cryptocurrencies over the past few years.


However, the limiting factor was not so much the complexity of development and implementation, but the legal aspect of regulation and a different approach in a global sense, as well as the lack of standards and regulations for protection, at least close to banking-plus, of course, such a factor due to security features as the complete inability to restore the client’s account when the keys to access the account are lost – which, however, is usually interpreted as an advantage – because no one will say that to leave the steering wheel of a car in traffic – it’s okay, let’s restore it, here the analogy is: you can not be responsible for the safety of the keys – do not use the technology…



In addition, a very important addition (consequence) was the system of smart contacts (based on the developments of Buterin).

By the way, such a system of contracts, which is extremely rigid and unchangeable, does not imply any changes, meets the concept of a contract as fully as possible, and further progress in such areas is highly desirable within the framework of global progress.


If we return to the topic of payment security in the blockchain, then, on the one hand, there is partial or complete anonymity during registration, as well as transparency of payments, if someone else does not know it-it is simply not always immediately clear who the sender and recipient are, despite the once popular mixers that mix and break payments…


If we recall the well-known hacks of cryptocurrency exchanges, the mechanisms are extremely standard: phishing and compromising the private keys of the company’s accounts.



If the keys are encrypted, however, there is still a vulnerable point when decrypting the transaction itself during the open key transfer, that is, there is room for the imagination, creativity and ingenuity of cybercriminals, which they successfully implement from time to time.


Various tricks such as “cold” wallets with encryption-of course, can also be disclosed, it all depends on the competence and consistency of the user.


The only protection that is currently approaching absolute, known in open sources – various hardware systems such as HSM, developed for financial institutions.


Of course, if banks are concerned about the security of their transactions – they have the means for quantum authentication, and server devices to protect their operations in the blockchain.

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