WABnetwork Overcomes Counterfeiting and Hacking – WAB Network – Medium
It is no longer news how many notable companies as well as persons have suffered hack in the hands of cyber thieves. There are countless examples of persons and organizations who have, at one time or the other, been a victim of hack. If someone has ever accessed your locked phone without your permission, it is described as a hack.
People hack in different ways, taking advantage of different opportunities and for different reasons too. A hack may even appear subtly corporate and legal, but it is still a hack. Peradventure you want a better understanding of what a hack is, it is simply an unauthorized access to one’s personal information of any sort.
It is not only hacking that has been a concern over the years but also the act of counterfeiting (to counterfeit can best be defined as to produce a false duplicate of something in such a way that the duplicate appears to be the original item). Many have also fallen victim of such unscrupulous act.
Therefore, there is a need to develop a system that can put this to a complete end irrespective of the professionalism of those who do them. Since it appears that the conventional systems that have been in use over the years have not been effective at curbing hacking and counterfeiting, then more sophisticated ones must be developed. The WABnetwork is built to overcome counterfeiting and hacking
Recent Hacks that Raises Concerns
In recent years, there had been many occurrences which have led to loss of property, integrity and life in some cases. Examples include the following:
- The Ashley Madison Hack in 2015. This hack was a terrible one. About 37 million users of Ashley Madison were hacked and their information was released to the world by the hackers. Ashley is a Canadian online dating service. So, the hack was intended to expose the activities of people on the site. History has it that some people committed suicide.
- Another example is the Stuxnet worm which was a computer malware programme written to disrupt the smooth running of an Iranian nuclear plant. Indeed, it was successful because it changed the way their processes worked and led unsuspecting specialists the wrong track in a search for solution. This lasted about the space of two years.
These are just a few of the numerous hacks and counterfeiting in history. More recently, there was the Facebook Cambridge Analytica hack too, although this one was in a subtle way.
The WABnetwork Approach
The blockchain technology invented by the pseudonym — Satoshi Nakamoto — is a system that is resistant to hack and counterfeiting. It is a system that puts not just one person in charge of a network, but everybody on that network. This implies that verification of transactions in the blockchain network is done by every user in that network.
Upon verifying a transaction, the details or copy of a transaction is sent to every user on the network. This is what makes WABnetwork “public distributed ledger”. With this, it is impossible to do anything on the blockchain without the consensus of every member on the network. Thus, it makes it quite impossible for there to be a hack.
Another feature of the blockchain in relation to hack and counterfeiting is that it removes the trust bestowed on a third party. Many times, our trust in centralized bodies have been battered. However, blockchain now puts a user in charge of their transactions. There is no longer a need for third parties because blockchain is decentralized.
Although, there are times that the blockchain is infiltrated by hack, yet it is still more resistant to hacks than many of the traditional systems. Below are some ways in which blockchain prevents a hack.
1. Cryptographic Hashing Feature
This has to do with the way a transaction is verified on the blockchain. In Information technology, there are different kinds of hashing, but cryptographic hashing is a better one. Generally, hashing takes on variable amounts of data and produces a specific length set of numbers.
Assume you have a book and you apply the SHA256 hash algorithm to it. Changing a single letter would generate a hash (a 64-digits set of numbers) entirely different from the original one. Furthermore, the same set of objects would always generate the same signature; and it is impossible to determine the object from the signature generated. Therefore, it makes it quite impossible to access the system (changing the content of the book in this example).
2. Public Distributed Ledger Feature
This is also one of the things that make the blockchain a very difficult system to be manipulated. It would take an extremely skilled cheater to achieve a successful break into the system. Blockchain technology is known for its secure, tamperproof way of performing transactions.
Anytime a person carries out a transaction on the blockchain; before it is verified, the blockchain checks to see if it is a valid one. For example, on a Bitcoin blockchain, the blockchain would verify if a person has Bitcoins if a person is selling Bitcoins or doing some other transaction.
Also, once the transaction has been verified, it is sent to the network of computers (also nodes). Therefore, the transactions become public to the nodes on the blockchain, i.e. every node can see the transaction and verify that they know about it. Otherwise, it would be rolled back. This makes it very difficult for it to be hacked.
3. Traceability Feature
If it is eventually hacked, say by a very intelligent cheater, the transaction can be traced to the source and the cheater can be easily spotted. Once the hack is done, every node in the network will deny the transaction and it will be rolled back ASAP. This is because the blockchain can trace where the how and where the counterfeit transaction came from.
In summary, the ideas discussed here are ideal and are true about the blockchain technology. In other words, the nature of the blockchain is not such that is susceptible to hack. However, in the real life, some can infiltrate the blockchain and carry out fraudulent activities. With WABnetwork, the availability of more security features overcomes hacking and counterfeiting.