Blockchain may be 100 times as large as Googleâs Servers
So the reason that blockchain is more secure, as you mentioned, is that there is this ledger which is continuously updated, and each transaction that happens on the ledger is added into a block, which is connected to every other block going back to the history, to the beginning of the blockchain.
What that means in practice is, if you wanted to alter a transaction, to change the record of what has occurred, you wouldnât just have to attack one computer, youâd have to attack millions of computers simultaneously. And you wouldnât just have to rewrite one transaction, youâd have to rewrite every transaction all the way back to the beginning of blockchain. And you wouldnât have all the time in the world to do it; you would have to complete this massive attack in a matter of a few minutes. And youâre not just fighting one computer system, youâre fighting a whole bunch.
Itâs estimated that the combined computing power of the biggest blockchain, which is the bitcoin blockchain, is 10 to 100 times as large as all of Googleâs server farms. Which makes basically means itâs about 100 times more difficult to hack than one of the largest and most secure systems in the world.
So if youâre talking about securing and storing sensitive financial information, or information about individuals such as their health records or how they voted, itâs really important that those systems not be vulnerable to attack, and with blockchain weâve found by far the best solution to securing that information.
http://business.financialpost.com/midas-letter/podcast-blockchain-revolution-co-author-alex-tapscott-on-brexit-opportunities
