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- Routing attacks can partition blockchain networks, enabling double-spending.
- Sybil attacks use fake identities to gain disproportionate network influence.
- Smart contract vulnerabilities have led to significant cryptocurrency losses.
Despite being one of the most groundbreaking technologies, blockchain has numerous security issues. Novel research has also established threats that may disrupt blockchain networks with the following identified as threats; This article examines four key security issues: Routing attacks, Sybil attacks and smart contracts, compromised smart contracts, and 51% attacks.
The Stealth Menace: Routing Attacks
The four most complex types of attacks that can occur on blockchain networks are routing attacks. In these attacks, the attackers lay in wait at a specific point in the network and wait until they launch an attack on the network traffic that is passing freely through the nodes of the Network. This can lead to the phenomenon known as a network split where instead of being one large system, the blockchain splits into different sections
Deception in Numbers: The Sybil Attack
The Sybil attack is the other important weakness of the blockchain systems. This attack happens when one person signs up in loom several times to act like he has more power in the network than he possesses. Since each node in this network architecture can be affected, the attacker injects these fake nodes into the system to acquire control over many nodes at once, thus defeating the primary purpose of decentralization in the network.
Code Flaws: Smart Contract Vulnerabilities
Despite the idea that smart contracts are self-executing agreements operating on the blockchain, they can contain vulnerabilities, too. Another type of mistake that programmers may make can easily be turned into a security flaw, such as embezzlement of funds or hijacking of a system. There have been many high-profile mishaps where due to these smart contract vulnerabilities, millions of worth of cryptocurrency has been either stolen or trapped.
Power Play: The 51% Attack
The most familiar type of blockchain vulnerability is the 51% attack. It takes place when one group or multiple related groups control more than 50% of a network’s computational resources or coin votes. With this majority control, attackers can be able to influence the blockchain and break the chain to reverse the transaction or double up coins.