Security Issues By Allied Attacks In Blockchain Technology

Abstract

Blockchain technology is for distributing reports of all transaction or digital events, and it is the most trending topic nowadays. Blockchain technology is integrated with some other technologies like cryptography, mathematics, peer to peer networks uses distributed consensus algorithm and economic model etc. Blocks are coupled together to assemble as a linked list. Generally, the blocks of blockchain incorporate main data, a hash of previous and current blocks, timestamp, Nonce and Merkle tree root. It offers great advantages to the application of Information Technology. Blockchain provides more reliable and desirable services. It involves public and social services in more different ways such as financial, healthcare, automobile, risk management, Internet of Things (IoT). However, before using this technology, better to get knowledge and be aware of security and privacy level of the related applications with blockchain. This study focuses on great features of blockchain, common types of security attacks, and existing solutions to overcome the shortcomings of the security problems on the blockchain. According to the study, there are six critical elements assembled to create blockchain technology such as decentralized, transparent, open-source, autonomy, immutable and anonymity. Blockchain technology guarantees some properties such as integrity, availability, privacy, authentication and non-repudiation. But there is a possibility for security and privacy attacks such Double-spending attack, Majority attack, denial of service attack, Eclipse attack, Selfish mining attack, Reentrancy Attack, and Liveness attack and some unidentified attacks. In this technology, it offers and complies important security aspects needed for the secure transaction and handling. There is room to invent appropriate more security features to overcome these risk and attacks even though blockchain integrated with existing security technologies.