• 5 Marks

BMIS-Nov-2024-L1-Q3c-Explanation of a “51% Attack” in Blockchain

Defines a "51% attack" in blockchain and explains its implications.

Blockchain consists of multiple ‘blocks’ of digital information which are held in a public database known as a ‘chain’. Blockchain technology offers a number of advantages. However, it is susceptible to a form of cyber-attack known as 51% attack.
Required:
Explain what is meant by “51% attack”.

A “51% attack” occurs when a miner, or group of miners, gains control over more than 50% of the mining power or hash rate of a blockchain. This majority control allows them to manipulate the blockchain by:

  1. Reversing their transactions, leading to double spending.
  2. Preventing new transactions from gaining confirmations.
  3. Potentially stopping other miners from mining new blocks.
    This attack compromises the security and integrity of the blockchain, making it susceptible to manipulation.
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