Can blockchain be hacked?

One of the biggest benefits of blockchain technology is that it is considered impossible to break, courtesy of proof-of-work. Each block is added to the ledger and once it's added, it sits in a complete and immutable chain that records data fairly accurately (considering that its functions aren't affected). Well, that's until it gets hacked, unfortunately.

If the blockchain gets hacked, it directly affects the trust of early adopters. And if things go wrong, what was once considered a valuable commodity will be intensely scrutinized. In order to discern their real value, computer technologies have always been plagued by apps and systems that allow hackers access to the blockchain. Hence, the focus is on creating technology that's impenetrable.

Is blockchain being hacked? 

The all-important question is this: Can the blockchain be hacked and more specifically, has blockchain already been hacked, or is it being hacked right now? The answer is pretty simple and straightforward: Yes. Many cryptocurrencies are being attacked with some more notably affected than others. Coordinated attacks create a room for massive theft to occur. Meaning, duplicated transactions are being set up. This is known as a double-spend hack.

What is a double-spend hack?

In a double-spend hack, the same cryptocurrency is spent twice at the same time. This has happened before with hackers exploiting a popular crypto exchange Coinbase,  attempting to manipulate the entire Ethereum classic blockchain. Later on, Coinbase reported that no user funds were lost.

What does hacking mean in the crypto space?

Cryptocurrency, like any other computer system, is susceptible to hacking. The more it grows, the larger it attracts more attacks. The more mainstream and sophisticated blockchain becomes, the more it will find itself under attack. For developers, this is a major wake-up call. Developers will need to put robust security systems in place to protect their users.

Blockchain-based companies are also advised to start investing heavily in security protocols. It will take great efforts and communities to enhance the security of Blockchain-based networks.