Challenges to Immutability of Blockchain

51 Percent Attack

There are quite a few challenges or potential threats to the immutability of the blockchain. However, a major threat can be the possibility of a?“51 percent attack”. What is this? Well, this term signifies that an attacker can acquire huge computing power over all other members of the network. In short, it can be referred to as the "controlling interest of generating power."

As I mentioned in the earlier article, blockchain is a decentralized form of a network where no single entity is in charge. Yet, miners together can spell death for the immutability of the blockchain system by just creating a majority of hashing power. Now, owing to the upsurge in mining marketplaces and the accessibility to renting mining capacity, there is no difficulty for people to carry out such attacks.

This allows attackers to alter the transaction data that is supposed to be "immutable" first. With this facility, attackers can reverse the high-value transaction, spend the money the second time, and secure the profit.?

Quantum Computing

Another big challenge in this space is quantum computing, which is threatening blockchain's trait of immutability. Experts at IBM have asserted that quantum computing has the ability to reverse-engineer the public key of the blockchain network, which can find the private keys to break the system. There is no doubt in saying that this is a real and credible threat in space, which is capable of affecting almost 50 percent of blockchains.

Solution

Experts suggest that the “51 percent attack” can be tackled by creating a stronger protocol and by using a consensus algorithm such as delegated proof-of-stake” or just “proof-of-stake” algorithm.

Why is this needed? Well, it is hard to stake numbers of tokens on a network instead of renting out computing power. Though, it is hard to say that these solutions are reliable enough in such a threat.

For the threat of quantum computing, many application developers have recommended the integration of quantum cryptography into the core of blockchain. In the upcoming years, the blockchain architecture created with quantum particles will be able to record all history in a more secure way.

The solutions to these are quite futuristic. So, for now, be mindful of adopting blockchain and the benefits available to create robust application solutions.