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General Tech Technology & Software 2 years ago
Posted on 16 Aug 2022, this text provides information on Technology & Software related to General Tech. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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Can someone explain how blockchain technology works on a small scale. To my understanding cryptocurrencies like Bitcoin are secure due to the fact of the size of the network and the network's combined power to add new blocks to the blockchain thus preventing someone editing the chain.
Consider a blockchain based voting system where all the parties are the miners on the network. Hypothetically, a malicious party could edit the data written to the blockchain (causing a fork in the blockchain) and then hash blocks in the cloud beating the smaller network of other miners, eventually the malicious chain could become the longest chain. To my understanding the longest chain would then be adopted by the rest of the network, is this correct?
Blockchain technology relies on precisely one premise: The combined computing power of all legitimate user is greater than the computing power of all illegitimate users.
On a small scale, it isn't difficult for a single person to step in with a very powerful computer and outperform all other users, combined. Blockchain technology isn't reliable on a small scale.
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