{"id":40,"date":"2017-11-28T18:01:10","date_gmt":"2017-11-28T18:01:10","guid":{"rendered":"http:\/\/blogs.harvard.edu\/jadynbroomfield\/?p=40"},"modified":"2017-11-28T18:01:10","modified_gmt":"2017-11-28T18:01:10","slug":"bl0ckcha1n","status":"publish","type":"post","link":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/2017\/11\/28\/bl0ckcha1n\/","title":{"rendered":"BL0CKCHA1N"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Blockchain is the new wave of recording information in a way that is unchangeable and permanent. A popular use for blockchain recently has been to exchange things of value online in a decentralized manner using cryptocurrency. The issues that have arisen so far with this system is the fact that since it is open sourced, people who aren\u2019t the most knowledgeable about coding these complex systems have access to changing the code and it isn\u2019t as secure as it could be if there had been a few people that orchestrated the whole thing. Additionally, by having a few people responsible for the creation of the system, there is a sense of accountability that isn\u2019t inherent when there are many people who had a role in the creation. If you take a closer look at the way the blockchain system is designed to stay decentralized, it lies upon the idea that at least 51% of people are well intentioned and paying attention to make sure things aren\u2019t going wrong. It was this way of thinking and running things that allowed for the robbery of millions of dollars of ether, a virtual currency, in 2016. Since there were so many people involved with writing the code, there was ease in which a bug was found and exploited. By the time someone noticed that there was money at risk due to this bug, ironically on line 666, it was too late. The money was stolen in plain sight and there was nothing that anyone could do except feel sad that they hadn\u2019t caught the bug in time. While blockchain seems promising, there are some fundamental issues that could be the crack in the foundation that causes the whole building to crumble over time.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain is the new wave of recording information in a way that is unchangeable and permanent. A popular use for blockchain recently has been to exchange things of value online in a decentralized manner using cryptocurrency. The issues that have arisen so far with this system is the fact that since it is open sourced, [&hellip;]<\/p>\n","protected":false},"author":8861,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-40","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/wp-json\/wp\/v2\/posts\/40","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/wp-json\/wp\/v2\/users\/8861"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/wp-json\/wp\/v2\/comments?post=40"}],"version-history":[{"count":1,"href":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/wp-json\/wp\/v2\/posts\/40\/revisions"}],"predecessor-version":[{"id":41,"href":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/wp-json\/wp\/v2\/posts\/40\/revisions\/41"}],"wp:attachment":[{"href":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/wp-json\/wp\/v2\/media?parent=40"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/wp-json\/wp\/v2\/categories?post=40"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/jadynbroomfield\/wp-json\/wp\/v2\/tags?post=40"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}