In recent news in the cryptocurrency world, massive UK telecommunications company British Telecom have been active the market. It seems that the British based company has become alarmed at what it sees as cyber-security threats to underlying Blockchain technology and the recently granted patent is in response to this.
BT worried about majority control attacks
The main issue BT are worried about it seems is the so-called ‘majority control attack’ that has affected some Blockchain networks. These attacks see malicious outside forces numbering more than 50% of a network’s users take over the network for their own gains. This is obviously a major threat to the inherent security and reliability of any Blockchain network.
How will the patent help?
In a nutshell, the patent BT have got will limit the amount of users on a network who can complete transactions on it via user-specific profiles. If the Blockchain network detects anything like a majority control attack, it will automatically stop carrying out transactions to foil any takeover attempt.
As part of the patent, BT did give some detail on how this would all work specifically. It suggests that each user will have their own profile on a network that Blockchain can identify. If the user trying to carry out a transaction does not match the pre-described user profile Blockchain has detected, the transaction will not be carried out.
BT striving to increase cyber-security for cryptocurrencies
Although the very nature of cryptocurrencies makes them a secure way to conduct transactions, BT is trying to improve this aspect with their recent patent. Other details that have emerged confirm it will also try to stop all Denial of Service attacks on a network, which are another danger. This can only be a welcome move for all cryptocurrency users who value security and safety of the technology above everything else.