Blockchain Semantics Insights
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Blockchain without Internet!!!By Viswanath Kapavarapu | April 6, 2018, 12:23 p.m. GMT
Every time you are watching your favorite genre of porn, and you don’t need to let me know what it is (BDSM? Hentai? inter-racial? whatever works...), do you take a moment to thank the technological wonder that the internet is?
The internet has brought a revolution in how businesses operate. It facilitates information flows and direct interaction among clients. Finally, the internet enables businesses to operate globally across national borders.
Now that the world is heavily dependent on the Internet, economies are bound by internet’s resilience to threats and attacks. We have already witnessed attackers lock down the internet and cause a significant loss to businesses. But what about Blockchain which basically exists within the Internet space? What implications do cyber attacks have for Blockchain?
Implications of cyber attacks
Blockchain is getting more widely used for transacting between Internet users, and we see businesses starting to adopt Blockchain for increased trust among customers.
But one of the key aspects in any blockchain transaction is that one of the parties in the transaction has to be connected to the internet to verify the transaction. Once verified, the transaction is communicated or broadcasted to all connected nodes on the network. In other words, for a transaction to exist or happen on Blockchain network, all nodes must receive and record this transaction. So at the end of the day, some kind of connectivity to the internet is required to make any kind of digital transaction on Blockchain.
Therefore network interruptions owing to cyber attacks cause damage to the Blockchain eco-system. Indeed attackers might be able to track internet traffic patterns to identify you as a Blockchain peer- despite Blockchain giving people the freedom to carry out transactions anonymously. Much has been said about Bitcoin’s vulnerability to internet route hijacking. Cyber attacks weaken and undermine users’ confidence in the future of digital currency. However, it is important to note that Blockchain itself will remain resistant to DDOS attacks because of the limitations such as block size limit and transaction fees.
Therefore a lot of speculation has been around the topic with community members trying to explore alternate ways to carry out cryptocurrency transactions with no Internet connection. Some of these solutions include broadcasting transactions using the SMS protocol of mobile phones. Communications through Satellite provides another option for redundancy protection against network interruptions. By not relying on a central location on the internet, you can increase the availability and usability of Blockchain without having to rely solely on the local device.
All these options make us feel assured - that even with restricted internet access, transactions can still be carried out through radio frequency communications.