To understand the inherent security risks in blockchain technology, it’s important to understand the difference between public and private blockchains.
One of the first decisions to make when establishing a private blockchain is about the network architecture of the system. Blockchains achieve consensus on their ledger, the list of verified transactions, through communication, and communication is required to write and approve new transactions. This communication occurs between nodes, each of which maintains a copy of the ledger and informs the other nodes of new information: newly submitted or newly verified transactions. Private blockchain operators can control who is allowed to operate a node, as well as how those nodes are connected; a node with more connections will receive information faster.
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