Blockchain development requires confluence with the cutting-edge in more than just the Blockchain industry. To successfully develop a Blockchain, it needs to be built to operate efficiently within or around certain frameworks and/or protocols, and it must be empowered to solve real-world problems.
Blockchain development begins with a carefully crafted goal and a specific purpose. From there, a Blockchain can leverage advancements in Distributed Ledger Technology (DLT) to most efficiently meet the stated goal and intent or purpose of the project and the team behind it.
Blockchain is complicated coding, but it’s also much more. While some people say that Blockchain is secure because the data is immutable, we have a comment to make. The data is immutable yes…but what if it’s not correct in the first place?
Complicated coding, unfortunately, often yields errors. When you factor in the immutable nature of data on a Blockchain, it becomes clearly apparent that your Blockchain is only as good as your Blockchain builder.
According to industry expert Eduard Kotysh of Solidified Technologies, almost $20 billion has been stolen so far in 2021 due to Blockchain / Smart Contract hacks. Due to the complicated nature of Smart Contract coding, an audit process is highly recommended.
As with all things, an ounce of prevention is worth a pound of cure. Building your Blockchain and Smart Contracts correctly from inception is the best way to avoid critical failures, and most certainly helps to prevent Smart Contract manipulation.
If Smart Contracts can be manipulated due to coding vulnerabilities and or loopholes, then it really does matter who builds your Blockchain. At all times, cybersecurity must be the viewpoint and all things must align with it. Blockchain is not only no exception, it is the culmination of proof as to this profound truth.
We often wonder when the connection will be made between cybersecurity and all things related to the Internet…such as Blockchain and Cryptocurrency. As a golden rule, remember that if it is on the Internet then cybersecurity is the top priority. While this may seem obvious, the general mindset of the Internet user is contrary to this immutable truth. Remember: anything Internet and related depends upon cybersecurity.
Using this statement to guide you through the Web 3.0 labyrinth of Blockchains that will eventually all be linked via communication protocols is a certain way to ensure that you are at the finish line to see just what the potential of mysterious Blockchain technology is. Since we don’t yet know who invented it, it’s safe to say we haven’t yet realized the ramifications of what it means or what the potential is.
However, the word Quantum comes to mind…and communication is the word that always seems to whisper from the background. It can be argued that hidden Wisdom doubles as common sense that most people overlook, and the wager could be made that Blockchain holds the key to instantaneous communication / transfer of information.
When building a Blockchain, it’s important to cultivate the pristine technical conditions which are conducive to full potential showing its glorious face eventually. Never sacrifice cybersecurity for anything, and your Blockchain has a better chance to survive the Wild West that is the Cyber realm.
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