"Unhackable" Blockchain Technology is Getting Hacked

Blockchain. You've heard of it. Maybe you understand it, maybe you don't. Maybe you don't care to understand it. If you're not sure what exactly it is, read our article on it here. It's not going anywhere and it's only becoming more widely used, so having an idea of what it is and how it works is probably a good idea. It's been in the news for years, mostly being hailed as the way of the future and as "unhackable".

Recently, however, concerns have risen as more security holes have appeared in cryptocurrency and smart contract platforms, and it's because of the way they were built using blockchain technology. While security is a strength for blockchain, under certain conditions it can be vulnerable. Hackers have stolen nearly $2 billion worth of cryptocurrency since 2017. It's likely more than that number, too, as that's just what's been revealed publicly.

For those that aren't particularly tech savvy, some of this tech jargon may be going over your head. To get a deeper understanding of all of this, we recommend this great article from MIT Technology Review. It goes over some basic blockchain terms and explains how blockchain can be hacked and how it can be stopped. If you're itching for some cryptocurrency clarification, this article breaks the topic down in simple language.

These technologies will probably change the way you live in some aspect in the coming years, so getting a basic understanding now will only help you down the road.




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