Blockchain cybersecurity issues including routing attacks are the next major problem for blockchain technology’s security and privacy issues. The huge volume of data flow in real-time is required for blockchain networks and applications. Hackers can now easily intercept data while it is being transmitted to internet service providers.
Let us learn more about the issues and solutions of blockchain technology in cybersecurity.
Blockchain Cybersecurity Issues
Blockchain is a distributed ledger technology that is being useful for applications; such as digital currency, smart contracts, and supply chain management.
The blockchain system has no central database to store the data. It also ensures that the data cannot be tampered with or modified.
Blockchain technology uses a peer-to-peer network for processing the transactions and a consensus mechanism for validating the transactions. The blockchain network is from thousands of computers from around the world.
In blockchain technology, a transaction is by a large number of nodes at the same time. In this case, there are higher chances of malicious attacks from hackers or bots that can easily get into the system and then get out within a fraction of a second, leaving the blockchain network vulnerable.
Transactions between two parties can be openly seen by anyone because of the transparency of blockchain technology. The transactions are stored permanently and the information cannot be tampered with or modified by any other party.
This can cause serious security breaches and confidentiality issues for the parties involved in the transaction.
The blockchain is also not to withstand Distributed Denial of Service (DDoS) attacks or routing attacks; which allow hackers to attack the blockchain network from all sides at the same time. The blockchain system is not capable of handling these large-scale data hacks, which are very common nowadays.
Routing Attacks on Blockchain Technology
A routing attack is a type of network attack that allows hackers to intercept data packets transmitted on a network. They can alter the data packet’s path, which helps them to gain access to an organization’s network.
Hackers can easily carry out a routing attack on blockchain networks because there is no centralized system for processing the data packets. The transactions are being processed by thousands of computers that are part of the blockchain network.
The large number of nodes participating in processing transactions makes it easy for hackers to change the information in their favor before it reaches its destination, which is done through manipulating IP addresses or port numbers.
A routing attack is easy to execute because once the hacker gets inside the system, they can easily get out without being identified by anyone else. There are no checks on whether a node is still connected to the network or not after they have finished processing their transaction.
Blockchain technology doesn’t have any defense mechanisms against routing attacks because it will compromise its main features of decentralization and transparency, which are its key strengths. There would be no point in having a decentralized system if anyone can tamper with its data or modify information arbitrarily or secretly before it reaches its destination without being detected by anyone else on the system.
Solution & Protection
The only solution to these problems is creating an additional layer between blockchain networks and internet service providers, which will filter all data packets before they reach their destinations on blockchain networks, thereby protecting them against routing attacks. However, this extra layer will make blockchain networks less transparent and decentralized than they already are.
