Who said blockchain is unhackable?
Written by Boris
Over the last couple of years there has been a lot of talk about the fact that blockchain technology cannot be hacked and that it is as secure as security could be defined. As a result, of that many have started discussing that sooner rather than later financial guarantors and intermediaries will not be necessary. However, couple of recent events have demonstrated the opposite as recently hackers have managed to successfully stage a 51% attack or gain more than 51% of the computing power of a blockchain network. Coinbase, the crypto exchnage, was recently under attack and claims that they have not lost any coins. Gate.io admitted losing about 200 000 USD. There are are also many security risks in the smart contract space. This full story published by MIT Technology review is worth a read. Take away for me is that although new technology can help reduce costs and streamline operations it is often oversold and brings unknown risks.
About the Author:
Boris Grozev is a seasoned fintech executive. Entrepreneur by heart Boris has helped number of businesses to create and implement business development and product strategies. His advisory work in Emerging and Frontier markets has promoted culture and technology change, fostered innovation and lead to tangible results. He invests in variety of asset classes. Boris is a fast learner, whose leadership abilities, ambition, stamina, passion to succeed and attitude naturally spread to others helping to achieve common goals.
