Understanding A 51 Percent Attack On Blockchain Training Ppt

Slide 1

This slide showcases information about the concept of a 51% attack on blockchain. It explains that in blockchain, 51% attack is made when an individual or an organization takes over more than half of the validation power, manipulating the transaction and settlements of different nodes. It also provides information on the actual conduct of the attack.

Slide 2

This slide illustrates the impact on the blockchain after the 51% attack is done. The major negative consequences of 51% attack are preventing initiation of transactions, activating double spendings, preventing transaction validation, controlling the network, and threat to business.

The major consequences of 51% attack on blockchain networks are as follows:

• Prevent Transactions Initiation: After the 51% attack, the miners can prevent the other members from sending or receiving any transaction by either rejecting or halting the payment between some or all users
• Activate Double Spendings: The miners can also activate double spending of coins by reversing completed transactions while controlling the network
• Prevent Transaction Validation: The miners can also stop other miners from performing blockchain transaction, validation, and finalization
• Controlling Networks: 51% attacks can also affect other miners by controlling the network’s computing power
• Threat to Business: 51% attack also presents a significant threat to businesses who have use blockchain for financial transactions and keeping transaction records

Slide 3

This slide illustrates methods such as use delegated proof of stake (DPoS) consensus mechanism and modified exponential subjective scoring (MESS), by which 51% of attacks can be prevented in the blockchain.