Blockchain is a open system that makes users could have access to various Data that’s stored in Blockchain. As the openness system “How does the privacy and safety issue here?”
Blockchain is a public database that is also built with a system to send and receive data between people. As the purpose of Blockchain technology is to reduce control of Third Party as happened in Web 2
In the implementation and innovation in Web3, The simplest uses case here is to send money through the internet without Third Party as we know. So with Blockchain, u could send digital currency without waiting for third party confirmation. As the problem with sending money via the Internet, it took a long time for Bank to confirm and deliver the value to the receiver and sender.
As an example my previous experience with Paypal it took me time 30days to receive money to my Paypal account and took more than 5 days to liquefy my money into my bank account.
On the other side by using a blockchain network It just took several minutes to receive money and it took just 5 minutes to withdraw from exchange to my bank account. So it is a more efficient way to use this method.
How about the safety issue and privacy in this system?
“Is the Blockchain secure?”, in Blockchain this was a major discussion on this system that many people talked about it.
Blockchain is built in with nodes, that node is a system that provides sending and receiving data from users. Those nodes have several types of method, there is Proof of Work nodes, the method required several computers to confirm the transaction from one user to another user the concept it’s like several computers that connect to validate the transaction and those computers get a commission as validator (miners). Miners are responsible for noted transactions in Blockchain Network. The simplest explanation is The miner has to take a note of the same data value with other computers as the miners, so if there is one different data the system can’t confirm the transaction.
So when there is a situation a hacker trying to hack a transaction in Blockchain. The hacker needs to create a block by block through the chain with different data it seems it’s hard work and required a lot of energy and the percentage of a successful hack is low.
And the privacy in Blockchain is openness so you could see other person transactions but u just see in data of their address wallet. But on the other side, those addresses could be used to track users.
As I said earlier Blockchain is safe but does it mean it’s no chance to get hacked. Many users get hacked by phishing methods that make hackers have access to user wallet. So the safest option here is to protect the seed phrase of your wallet and be careful when clicking a link from email, web, or room chat. Also, you could keep your wallet safe by using Ledger so basically ledger is a cold wallet that keeps ur seed phrase and confirmed transaction.
Thanks for Reading, Let’s me know ur Thought
