Study and Survey on Blockchain Privacy and Security Issues

Abstract

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.