Bitcoin-Blockchain Technology: Security Perspective

• Published in: 2022 3rd International Conference on Intelligent Engineering and Management (ICIEM) pp. 291 - 296
• Main Authors: Ansar, Syed Anas, Arya, Swati, Aggrawal, Shruti, Yadav, Jaya, Pathak, Prabhash Chandra
• Format: Conference Proceeding
• Language: English
• Published: IEEE 27.04.2022
• Subjects: Anonymity; Bitcoin; Blockchain; Blockchains; Online banking; PoW (Proof-of-Work); Pressing; Proof of Work; Security; SHA-256 Function
• DOI: 10.1109/ICIEM54221.2022.9853189

Nowadays, Blockchain technology has also drawn mammoth attention as it is currently triggering multiple projects. This technology is the prevalent technology that allows Bitcoin to operate. Bitcoin has already cemented itself as a popular virtual currency, and it will soon become a pressing requirement for citizens. Furthermore, with digital currencies proliferating all over the world, security must not be overlooked, especially when there have been numerous attacks and security vulnerabilities on bitcoin's blockchain. However, the lucrative system has drawn opponents and attackers who are continually attempting to exploit flaws in the technology in order to get profit. This paper contemplates the bitcoin's transaction process, with a focus on obscuring the true identities of clients and their coins prior to transacting, and then elucidating on the following: SHA-256 function, the primary threats to Bitcoin's security, along with some countermeasures to be undertaken.