Study and Survey on Blockchain Privacy and Security Issues

Study and Survey on Blockchain Privacy and Security Issues

Sourav Banerjee, Debashis Das, Manju Biswas, Utpal Biswas
DOI: 10.4018/978-1-7998-3632-2.ch005
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Blockchain-based technology is becoming increasingly popular and is now used to solve a wide range of tasks. And it's not all about cryptocurrencies. Even though it's based on secure technology, a blockchain needs protection as well. The risks of exploits, targeted attacks, or unauthorized access can be mitigated by the instant incident response and system recovery. Blockchain technology relies on a ledger to keep track of all financial transactions. Ordinarily, this kind of master ledger would be a glaring point of vulnerability. Another tenet of security is the chain itself. Configuration flaws, as well as insecure data storage and transfers, may cause leaks of sensitive information. This is even more dangerous when there are centralized components within the platform. In this chapter, the authors will demonstrate where the disadvantages of security and privacy in blockchain are currently and discuss how blockchain technology can improve these disadvantages and outlines the requirements for future solution.
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Blockchain Technology

Blockchain is a decentralized computation and information sharing platform that enables us to connect multiple authoritative domains where no one can trust each other in order to cooperate, collaborate and coordinate with each other in an intelligent decision-making process. Figure 1 shows that Blockchain is also a data structure which stores all the ordered set of block-organized transactions (Zheng et al., 2017). The first block of the Blockchain is called genesis block. A block in a Blockchain can contain only a single transaction or more.

Figure 1.

Blockchain’s data structure representation

(Kumar, 2018, Chakraborty, 2018)
Figure 2.

Requirements to the Blockchain Solution

(Chakraborty, 2018)

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