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Understanding the Security of the Argo blockchain

There are ways to keep argo blockchain networks safe. It is how it fights fraud and attacks: it uses assurance services, cybersecurity frameworks, and best practices to keep things safe.

The Mechanisms of Blockchain Security

One of the main reasons Argo blockchain technology is useful is its built-in security advantages. It is based on decentralization, cryptography, and consensus. These transactions are safe, so this makes them useful. They use a lot of different ways, like PSD2 SCA, to make sure that transactions are real when they are done online. (Argo Blockchain)

From how it organizes data into blocks, it gets its name, too. Each of these blocks comprises a single transaction or a group of them. Each block is linked to the blocks that came before it in a cryptographic chain. It makes it hard for attackers to change the chain. A consensus mechanism is used to ensure that all of the transactions in the blocks are correct. It makes sure that the transactions have not been changed.

Another thing that makes blockchain technology more secure is that it is spread out across a network that is not centralized. No one person can change the record of transactions.

The security of different types of blockchains

Different blockchain networks have different rules about connecting to the network and getting data. These networks are private or public most of the time, and they can be either permissionless or permissioned.

Public Blockchains

Usually, any data wrangler can join a public blockchain network without being seen. These networks use computers connected to the internet to reach consensus and verify transactions. Bitcoin is one of the most well-known public blockchains. When people on the Bitcoin network work together, they do something called “mining.” This process is called consensus. This process works by having the miners try to solve a hard cryptographic problem. Miners who can show that they worked to make a transaction are trusted. Only public keys are used to keep people from getting in or out of these networks.

Private Blockchains

Private blockchain networks only let people who have been approved use them. They form a business network for people who belong to these networks. Permissioned networks get consensus for private blockchains by only allowing certain people to join. It is a way for people who know each other to check transactions. Members must have special permissions and access to keep the transaction ledger up to date. These networks have more rules about who can use them and who can see them than public networks.

Benefits of Private Blockchains over Public Blockchains

Permissioned and private networks have stricter rules and are better for things that need to be monitored. Permissionless and public networks are better for applications that need a lot of distribution and decentralization, so they’re better for them.

A drawback in Blockchain technology

While the ledger of transactions made by blockchain technology is almost impossible to change, there are ways that blockchain networks can be hacked. Cybercriminals have used many different ways to hack or commit fraud on these networks.

Attacks by Phishing

Phishing attacks are often carried out through emails that look like they came from a real company. These emails send links to malicious sites that ask for personal information from people. When these attacks are successful, they can put networks at risk. Thieves can get people’s login information.

Sybil Attacks

As many fake network identities as possible are sent to the same network. It is how a Sybil attack works: There is a chance that this will make the system not work at all.

Routing Attacks

Blockchains must be able to move a lot of data quickly to work. In a routing attack, hackers get hold of data as it is being sent to internet service providers. When they are successful, they may get money or private information.

51% Attacks

For this method to work, the blockchain network needs to be public. A user who has more than 50% of the mining power can control and change the ledger on a blockchain network. It is usually very hard for a single person to do because mining takes so much computing power. However, miners who work together to take over a network are a bigger threat than single miners.

People who use blockchain technology can be sure that it is safe, but it is not foolproof. Organizations that use this technology still need to take steps to keep their networks safe.

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