The Internet is a technological wonder that has made life easy for everyone. Many new ideas are being brought to light which can make using the internet even easier, thus simplifying the life of people everywhere. Now you can sit at home and order food, watch movies, shop for clothes, buy tickets, book hotel rooms, play games- the list is endless! The Internet was also successful in bringing a revolution for how businesses around the world operate. With technological advancements, people can browse the internet using smartphones, tablets or laptops from anywhere. The Internet facilitates a free information flow and ensures direct interaction among clients. What’s more, is that the internet has enabled businesses from around the world to operate across national borders, giving them even more exposure.
Dependence on Internet
In this day and age, the world is heavily dependent on the Internet, many new businesses are growing around it. Economies in many countries are bound by Internet’s toughness to attacks and threats. Cases, where the attackers are locking down the internet and causing significant loss to online businesses are happening more and more. In today’s world, where businesses are growing around the internet, it is important to protect it. Blockchain technology is another revolution that is taking the financial world by storm. Digital currencies are already making their way to the market and it is blockchain technology which is behind all of these cryptocurrencies.
Blockchain technology comes with a huge potential in different fields; it exists within the internet space. It’s important to know the implications of cyber attacks on blockchain technology. This new technology is based around the internet and such cyber-attacks can put a damper on advancements.
The Implications of Cyber Attacks
Blockchain is getting wide acceptance, businesses from around the world are showing interest in this new concept. Blockchain technology is now used frequently between internet users, top businesses and companies have started adopting it for increased features and trust among customers.
There are some key aspects associated with blockchain technology. One of the parties in this blockchain transaction needs to be connected to the internet, so that he or she is able to verify the transaction. On successful verification, the transaction will then be broadcasted or communicated to all nodes connected to the network. In simple words, for any blockchain transaction to happen or exist, all nodes within the network must receive and record the transaction. It’s important to have internet access to make any kind of digital transaction using Blockchain technology.
Network Interruptions
Dependence on the internet and cyber-attacks are now a growing concern among blockchain technology enthusiasts. Network interruptions, because of cyber-attacks, can cause serious damage to the blockchain ecosystem. Attackers or hackers can easily track internet traffic patterns online to identify any user as a Blockchain peer – even though this new technology is considered to be more secure and gives people the freedom to complete transactions anonymously. In the last few months, a lot has been said about Blockchain’s vulnerability to reroute hijacking. The truth is that cyber-attacks seriously undermine and weaken the confidence of digital currency users everywhere.
However, the best thing about blockchain technology is that it is strong enough to withstand all these problems. This new technology will remain resistant to all DDOS attacks because of its limitations such as transaction fees and block size limit.
Bottom Line
Lots of speculations are being made around the topic with members from different communities trying, to explore all different avenues to carry out digital currency transactions without an internet connection. New solutions and options are being created, something which will help you use this technology without internet. Some of the new solutions include broadcasting transactions using SMS service of smartphones. Another option is communicating through Satellite, whenever there is a network interruption. By not completely relying on the internet, users can increase the usability and availability of Blockchain technology in days to come. Find out more about the blockchain here:
https://www.bitcoinofamerica.org/blog/blockchain-need-internet-work/What are the various uses of blockchain? and how it can be used differently??
