Is Blockchain safe?
Blockchain is safe to a great extent. This is because any alterations made on the chain are instantly communicated to all nodes on a given network. This means that the record is constantly updated and availed to all users keeping the database safe even if some of the network nodes get breached.
The decentralized model is immutable and tamper-proof. Once changes are made they are irreversible. The model also eliminates the need to rely on intermediaries or third parties. This also serves to increase security on the networks. This is what makes the technology a favorite for financial firms that inherently require high security provisions.
Like any other technological innovation however, the blockchain cannot be said to be 100% foolproof. This is because it is built using codes and codes can be cracked. What this implies is that the type of code used to write any blockchain determines how secure its network is.