MIT Professor Does Not Believe in the Security of Blockchain

In order to find out whether Blockchain is really secure or not, we need to hear the views of its proponents and opponents simultaneously. However, the fact of the matter is that Blockchain is neither as unsafe as the critics say and also not as secure and perfect as its hot-headed fans claim. This technology is still in its infancy and has many opportunities for development and growth. Therefore, it is obvious that as time goes by, its security capabilities will increase, and the problems that are introduced as holes in its design will be resolved.

MIT Professor Does Not Believe in the Security of Blockchain
MIT Professor Does Not Believe in the Security of Blockchain

There are many discussions about the security of Blockchain and the activities that are done with cryptocurrencies. Some believe that there are brilliant features in the Blockchain network that prevents any kind of fraud and scam. Moreover, some believe that there are defects in this network that further it from a completely safe chain. For example, one of the professors of MIT believes that Blockchain is not secure. Stuart Madnick is one of IT professors at the University of MIT.

Why Isn’t Blockchain Secure Enough?


Stuart Madnick has been studying and analyzing the Blockchain network from 2011 to 2018. He has done investigations on the reports of frauds and scams that have taken place during this time and has analyzed the vulnerability of Blockchain from many aspects. This university professor believes that features such as anonymity, public control by users, and transparency in the Blockchain are not as precise and correct as it is said.
According to Madnick, the feature of information being transparent in the Blockchain to the public is not considered an advantage, and also it can create security traps and potential threats. The fact is that since all users can investigate the data, profiteers and scammers can have a look at all the events and data, and if there is a case for exploitation, they get access to the opportunity faster than others and plan destructive measures and fraud in this atmosphere.

What Are the Other Security Problems of Blockchain in the Opinion of the Critics?


In the opinion of this MIT professor, the fact that this system is decentralized also creates chaos to some extent in this network. For example, in the centralized networks and markets that have central observers, when a fraud or tampering takes place, the market or network can be closed temporarily to investigate the matter, but in a network with no central observer, the existence of a problem or criminal activity will bring chaos to the entire system and disrupts its order.
Also, the fact that all users in this network are anonymous is one of the security flaws of it. Each person can only have access to Blockchain via his/her own key identity. If the user forgets this password and identity information or lose them in a way, he can never get back to the Blockchain and use the network. In this way, it needs to be said that the security of this network is much lower than advertised.

Does Blockchain Really Lack Security?


In order to find out whether Blockchain is really secure or not, we need to hear the views of its proponents and opponents simultaneously. However, the fact of the matter is that Blockchain is neither as unsafe as the critics say and also not as secure and perfect as its hot-headed fans claim. This technology is still in its infancy and has many opportunities for development and growth. Therefore, it is obvious that as time goes by, its security capabilities will increase, and the problems that are introduced as holes in its design will be resolved.
 

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