In Blockchain double spending means spending the same money twice. Actually, when this transaction takes place in cash then you cannot use the same money again because it lies in the cash vault of the ice-cream shop. Thus there is a probability that one can copy the transaction and rebroadcast it. It leads to spending the same digital currency twice which we call as double-spending.
Well, this is not only the case with digital-currency but any form of digital transaction, there is a probability of a transaction getting double spent. So, this poses a significant threat to the successful adoption of the digital transaction. But, despite being a digital currency will, this solve the Issue? So contact Blockchain number or let’s find out how to deal with Blockchain double spending attack.
What Happens Blockchain Double Spending Attack?
More than 50% Effected
In this situation, the attacker gets control over 51% of the hash power of the network and double-spending happens. Hash Power means the computational power that is used in the verification of transactions and blocks.
The attacker who gets the control can reverse the transaction and make a private Blockchain which will appear as real but still, no such thing has happened because getting 51% control over the network will involve a huge investment.
In this case, the attacker sends the same coin swiftly to one or more different addresses. In case the merchant doesn’t wait for the confirmation then there is a 50% probability that the merchant will get the double-spent coin.
How to Prevent Blockchain Double Spending:
Blockchain Technology is capable of solving the problem of double-spending is one of them. It can seal all the bottlenecks that exist in the conventional technology that we are using. When we talk about the issue of cryptocurrency, then Blockchain easily handles this by implementing the confirmation mechanism and has a universal ledger which is distributed to all peers in the network.
Blockchain is the core technology of cryptocurrencies, and it comes with features that make this technology an inevitable one. Any transaction or data exchange that takes place on this platform has the data stored in chronological order and is time-stamped.
This makes tracking of the information very easy. In fact, every transaction is verified by nodes after which it enters a universal ledger. In every 10 minutes, the block which is a group of transactions is added to the ledger, and every node in the network has the copy of the same.
Steps to Solve the Blockchain Double Spending Problem:
To solve the Blockchain double spending problem we will take a scenario where a person makes a cryptocurrency transaction and tries to spend it twice. Well, the person would not be able to do so because, once the transaction is initiated, it goes in the pool of unconfirmed transactions.
In Blockchain, only the first transaction gets the confirmation and verification by the miners. But the other transaction or the second similar transaction, doesn’t get enough confirmation because the miners get to know that it is invalid. So, let go through the various stages of solving the double spending problem.
Stage 1: Here you might be thinking, what if both the transaction takes place at the same time? In such cases, the transaction which gets the maximum number of confirmations from the miners is included in the Blockchain while others get discarded.
Stage 2: Here the merchants are advised to wait for at least six confirmations. It means that after a particular transaction gets added to the Blockchain, six more blocks should be added on top of that particular block.
Stage 3: Now each transaction and blocks are mathematically associated with the previous one. Once the transaction gets an entry in the DLT or Blockchain, it becomes difficult to change or alter the transactions, thus making it safe.
Stage 4: Thus, if the merchant gets a minimum of six confirmations then he/she is assured that the transaction is not double–spent.
The reason the merchant can be guaranteed is that if the sender wishes to double-spend, then he/she has to go back and reverse all the transaction in the six blocks which are computationally impossible. And using these crucial steps you can get solve the Blockchain double spending problem.
Call at Blockchain Customer Support Number
If you are unable to deal with Blockchain double spending attack you need to take help from experts. And to get in touch with Blockchain experts, you need to call at Blockchain customer care number and get online assistance. These experts can also help you in solving the cryptocurrency related various problems with complete safety and precautions to ensure your privacy ensuring the details of your Blockchain account completely secured and prevented from unauthorized transactions.