This can lead to problems with double spending and transaction reversals

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Below, we look at the five major hurdles the blockchain industry must overcome in order to fully realize its disruptive potential. I) Security Vulnerabilities One of the most significant challenges with blockchain is security. Despite their basic security measures, some blockchain topologies can be more vulnerable than others, particularly to 51% attacks, in which individuals or organizations seize control of the majority of the mining power and thus control the network.


Additionally, the rise of decentralized finance (DeFi) platforms has led to smart contracts being used to launch flash lending attacks, which use temporary loans to manipulate currency prices for profit. Another issue is that canadian phone number list centralized blockchains contain coding flaws that allow attackers to access keys and steal assets directly from wallets.




In the Problem of Centralization The tendency towards centralization in blockchain networks is counterproductive, especially in networks that rely on external data for valuation or other key tasks. While Oracle systems solve certain problems, they can also introduce vulnerabilities if altered or incorrect data is fed into the blockchain, as seen by the many significant DeFi protocol losses.