Two of the very first and important questions asked whenever any new software or tech arrives is “Is it Viable? Is it Secure?” In the outset, Blockchain may seem like a very complicated mechanism to a layman. But to anyone involved, it’s really quite simple. Once you understand the logic behind Blockchain and how it works, you would be baffled by its simplicity and applications.
So why is Blockchain not Hackable? Well, for starters, Blockchain dictates that there be an open ledger with every member of the network. That means every Sam, Tim, Jim,and Joe would have access to it and would have the capability to insert records in it.
But how to check the insertion of false records? In a Blockchain, whenever a node or person wants to insert a record, he/she needs to have it verified by every other member. Only when it gets ratified by all the others in the network, can the person insert the record. The newly updated ledger is then uploaded so that every member can update their respective ledgers.
Thus, two important aspects which facilitate hacking are checked- the ledgers are decentralized (every member keeps a copy which is all treated as originals and visible to every other member) and to make new insertions, the record needs to get checked out by other members. So, it becomes impossible for the hacker to corrupt the ledger because they all need to get attacked at the same time and if a hacker makes an unverified insertion, others in the network can easily catch that.
It is this interestingly simple yet elegant feature of Blockchain and Blockchain as a service which has made giants like British Airways, Walmart,and Maersk to adopt it and effectively utilize the working of their systems.