In the movie, you see that a hacker can simply type a few keys to change the balance of a bank account or hack data. But with Blockchain, hacking is not nearly as easy as in the movies. Why is that? Because it is almost impossible.
🔸 Each Block contains a unique digital fingerprint (Hash). Just changing a comma in the transaction data will completely change the Hash code to a different string of characters.
🔸 Blocks are tightly linked together. The subsequent Block contains the Hash code of the previous Block.
If a hacker secretly alters the data in Block number 10 -> Hash Block 10 changes.
Block 11 contains the old Hash of Block 10, which will report a mismatch error -> Block 12 breaks -> The entire chain behind collapses like dominoes.
🔸 To successfully hack, a hacker not only has to recalculate the entire chain but also synchronize that fake data on 51% of the global computers at the same time. This is much more expensive than the amount you intend to steal. Hackers are not foolish enough to do work that takes time and money without yielding profit.
🔹 A secure blockchain is not because it has thick firewalls, but because its economic structure turns any fraudulent attempts into a financial disaster for the attacker. Hackers are rational beings; they will not attack if Cost > Profit.
If you accidentally transfer money, you will no longer be able to intervene. Do you prefer this absolute safety or the flexibility of a bank?
The information in this article is for reference only and not investment advice. Please read carefully before making a decision.