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Why the BitCoin Blockchain used by e-SignProof © cannot be hacked?
Blockchain technology is actually a group of different technologies that can be used together in different ways to create different outcomes. This is open code that can be endlessly personalized. While details vary across Blockchain protocols, the heart of the technology is that it is a decentralized digital transaction ledger. These transactions are verified in the manner deemed appropriate for the affected Blockchain application. This is most often achieved through a "proof of work" or "proof of stake" process.
At regular intervals, groups of verified transactions are aggregated and cryptographically sealed into a "block" of data. This is done using "hashing". The hash (or Hash code) converts the data into a string of symbols of a defined length. It is almost impossible to reverse engineer this hash in the original data, making transactions immutable. New transactions contain the "stamp" of each block of data in the previous blockchain history, necessary to verify the current owner of an asset. Assets are transferred by authenticating the transaction history leading to current ownership.
To change the sequence of historical Blockchain ledger transactions, a person wanting to do so would have to kind of reverse the hash engineering of a sealed block. However, a change would result in a different hash output after the block is resealed. This new hash would then be out of sync with the “stamps” traveling the rest of the chain, alerting the system to reject the resealed block.
Blockchain transaction ledgers are also decentralized, meaning that copies exist on many 'nodes'. Nodes are computers participating in a particular Blockchain application. In the case of public blockchains such as cryptocurrencies, the number of nodes can reach millions. For a change to be made to a chain chain, at least 51% of participating nodes must verify it. For new transactions, this means that 51% of the network must be passed the fulfilled verification criteria, viz. the rightful owner makes the transfer. In the case of Bitcoin, the sender must present a private key indicating ownership and a public key, which represents the address of the digital wallet in which the Bitcoin is held.
Once a transaction has already been sealed in a block and added to the Blockchain, it cannot be changed. Not only would it be necessary to reverse engineer the hashed block and make a change to the transaction data contained therein, but this would have to be done simultaneously on at least 51% of the general ledger copies kept on different nodes. This is why it is impossible to "hack" a Blockchain. While it's theoretically not impossible to reverse engineer a hash block, the number of permutations a processor would have to go through to do so is mind-boggling. This even before taking into account that more than 51% of the nodes should also be hacked simultaneously and the new block inserted in each of them. And if this was not the last block in the chain, everyone before it should also be freed and replaced to prevent historic "stamps" from getting out of sync. It would take a level of quantum computing power that currently only exists in theory.
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