Destructive Assaults in Blockchain Technology
Blockchain technology, hailed for its potential to revolutionise the digital economy, is not immune to threats. This article explores various attacks that can manipulate the system and cause harm.
Eclipse Attack
In an Eclipse attack, a malicious actor aims to prevent a node or group of nodes from interacting with others, potentially penetrating the peer-to-peer ecosystem. By controlling all the incoming and outgoing connections of a specific node, the attacker can feed it false or manipulated information, influencing or delaying the victim’s view of the blockchain. The attacker can then engage in double-spending, censorship, or other fraudulent activities [5].
Routing Attack
Routing attacks involve intercepting and manipulating data as it travels between nodes in the blockchain network. Attackers disrupt or delay the communication flow so nodes receive incomplete or faulty information, enabling double-spending or consensus manipulation. Defenses include decentralising and encrypting network channels [4][5].
Finney Attack
The Finney attack is a specific type of double-spending attack, named after its originator, Mr. Hal Finney. It allows an attacker to double-spend their coins by creating two blocks with the same transaction and having both blocks accepted by the network. The attacker pre-mines a transaction in a block but does not broadcast the block immediately. Then, the attacker makes a payment using that coin on the network and quickly releases the pre-mined block, invalidating that payment [5].
Race Attack
The Race Attack is another double-spending attack variant where the attacker broadcasts two conflicting transactions simultaneously — one to the vendor and one to the network with the attacker’s own address. If the attacker’s transaction is confirmed first, they keep both the goods and the coins [5].
34% Attack
Unlike the more common 51% attack, the 34% attack targets Blockchains that employ the Tangle consensus method, such as IOTA. It attempts to seize absolute ownership over block mining by possessing 34% of the network's hashing power or stake in proof-of-stake blockchains. Controlling this portion of the network power allows the attacker to influence transaction validation, censor transactions, or double-spend, threatening network integrity [1][2].
In summary, these attacks exploit varying blockchain weaknesses like network communication, mining power distribution, and transaction confirmation processes. To mitigate the risks, blockchain networks employ defenses such as decentralised node connections, encrypted routing, consensus mechanisms requiring majority honest participation, and transaction confirmation delays [1][4][5].
It's crucial for users to be aware of these threats and take necessary precautions to secure their transactions and maintain the integrity of the blockchain network.
Technology, despite its potential to revolutionize the digital economy through blockchain, remains vulnerable to various attacks that can manipulate the system and cause harm. For instance, in an Eclipse attack, a malicious actor can prevent a node from interacting with others, feed it false information, and engage in double-spending or censorship. Similarly, Routing attacks involve intercepting and manipulating data, causing double-spending or consensus manipulation. These attacks showcase the need for enhanced security measures in blockchain technology to maintain network integrity.
