Blockchain Security: Safeguarding the Decentralized Future
Introduction Through its decentralized and immutable ledger system, blockchain technology has brought about a revolutionary impact on numerous industries. Its applications range from cryptocurrencies to supply chain management, from decentralized finance to voting systems. However, the rising popularity of blockchain has also attracted the attention of cybercriminals and led to many fraud cases by attacks on blockchain. According to statistics , hackers managed to steal cryptocurrency valued at $4.3 billion between January and November 2022, reflecting a 37 percent increase compared to the previous year. A recent crypto scam worth Rs 500 crores was exposed, where victims were lured with promises of 200% returns. These cases persist, and if you aren't cautious, you could be the next target! So, In this article, we explore the key principles and best practices for securing blockchains against potential threats. Suggested: How AI and Blockchain are Transforming Industries Type