May 18

6 Tips For Better Blockchain Security

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Blockchain technology is a type of ledger that keeps track of all transactions made on a network and stores them in blocks. These blocks are then linked together in chronological order, making it impossible for anyone to alter historical records or create fraudulent transactions. This makes blockchain technology ideal for recording financial transactions because it ensures that data is secure, transparent, and tamper-proof.

 

The blockchain is the technology behind cryptocurrency, and it’s a safe way to exchange money securely. Most people know that the primary use of blockchain technology is to store cryptocurrency values and other aspects of crypto markets. But blockchain has several other applications, such as supply chain management, smart contracts, digital assets, cross-border transactions, etc.

 

But how can you make your transactions more secure? Here are some tips.

Don’t store your private key in the cloud.

The most secure way to keep your private key is by not putting it in the cloud. Cold storage wallets, hardware wallets, and paper wallets are all viable options for storing your private keys offline.

A cold storage wallet is a cryptocurrency wallet that stores your private keys on an external device, such as a USB drive or SD card. The advantage of using this type of wallet is that even if your computer has been compromised by malware, there’s no danger of someone stealing your funds if they don’t have access to the physical device where you keep your private keys.

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To access cold storage wallets, you’ll generally need a set of unique codes printed out (or written down somewhere safe) that only works with one specific piece of hardware. These codes are known as “paper keys” because they can be written down on actual pieces of paper or typed into text files saved onto other kinds of media like SD cards and USB sticks (which makes them “cold”).

The downside is that if anything happens to those pieces of paper—if someone steals them or burns them up in an accident—you lose access forever! However, if done correctly, this method provides near-absolute safety for crypto holdings because there are no backups available anywhere else except inside our own devices’ memory chips themselves!

Enable multi-factor authentication (MFA).

Multi-factor authentication is a great way to ensure your data stays private and secure. It requires you to verify your identity by providing more than just a username and password. For example, you can use an app on your phone to generate a unique code every time you log in.

Or, if your bank offers this feature, you can get a second text message with an additional passcode for logging into your account via the web portal. You can also set up fingerprint scanning so only people with access to certain parts of their body could get in.

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You’ll have other options depending on the service or platform where you’re using MFA—but no matter what method they use, they all have one thing in common. They make it harder for someone else who doesn’t have permission (or worse yet doesn’t even know) from signing into something as if they were us!

Use a virtual private network (VPN).

A virtual private network (VPN) is a service that allows you to change your IP address, which in turn protects your identity. VPNs are also useful for encrypting data so that even if someone hacks into your computer, they won’t be able to read it. If you’re using a VPN, hackers will not know where in the world you are located or which device is associated with your online activity. They may be able to see that data has been sent from one device but not what was sent or who sent it.

If you want more protection than usual when using public Wi-Fi hotspots and other public networks, then consider using a VPN service like TunnelBear (free) or NordVPN ($3 per month).

Use a web browser that doesn’t track your data.

If you’re going to use a web browser, make sure it doesn’t track your data. There are a few good ones out there: Safari and Firefox are both good choices.

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If you want to go the extra mile, install a browser extension like Ghostery or Disconnect that will stop Google from tracking your behavior across multiple websites. You can also download an ad blocker like AdBlock Plus if you want to avoid ads altogether (or just specific types of ads). And if you want to be even more aggressive about blocking ads, try out uBlock Origin as well.

Keep all of your blockchain applications updated.

While it may sound like a no-brainer, ensuring that all of your blockchain applications are updated is one of the most important security measures you can take. Updates come out regularly and will ensure that you’re protected against potential hacks or other vulnerabilities.

There are several ways to update:

  • Check for updates manually – This can be done by checking the settings menu in your app, clicking on “About,” and looking at the version number listed there; if it’s not current (e.g., 2.0), then it needs updating!
  • Install updates automatically – Some apps will do this automatically when they install an update themselves—but not all of them do so immediately after being updated themselves! So double-check before leaving these tasks up to your phone/computer/tablet etc.
  • Restart after installing an update – Just as with any software program on your device, once you’ve installed an update for blockchain apps like Coinbase Wallet or BitPay Wallet (to name a couple). Restarting those programs will ensure everything is running smoothly again without any hiccups occurring due to incomplete installations.
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Never write down your private keys on paper and then keep that paper written out at home.

No matter how well-protected your private keys are, they’re vulnerable if you write them down and leave them at home. You should never write down your private key and then blindly believe that it will be safe at home. If someone breaks into your house, they can take that slip of paper with all its power to unlock all of your cryptocurrency funds. Instead, always opt for a safer way of transporting or storing information like this—like using an encrypted thumb drive as we described above.

It’s important to keep your wallet secure from hacks, which might involve using multiple methods to protect it. There are a few ways you can protect your wallet. First, it’s important to use a hardware wallet. This is a physical device that stores your private keys and allows users to send Bitcoins from their computer or mobile device. It’s like having an offline bank account where you store cash and coins in a vault for safekeeping.

Second, consider using a multi-signature wallet. This requires more than one person to sign off on transactions before they’re executed—so at least two people have to approve the transaction before it’s made final. This makes hacking slightly harder because hackers have to breach multiple accounts instead of just one (your own).

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Finally, if you’re really concerned about protecting yourself against hacks, opt for cold storage wallets instead of hot wallets or exchanges that hold onto personal information like passwords or credit card information.”

 


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