Blockchain-based Cryptocurrency Security Analysis Technology - A Review
Gayatri Thakre, Saniya Saratkar, Rohini R. Raut, Aarti Chaudhari, Trupti Thute, Prateek Verma · 2024
A class of digital currencies known as cryptocurrency is protected by decentralized computer networks for the most part. When Bitcoin was first made available as software that is open-source in 2009, it was the first cryptocurrency. The primary element preserving cryptocurrency security is the Application of block-chain technology. This article examines the security and stability of cryptocurrencies as well as their technological implementation. It also looks at how blockchain technology improves security and its platforms, supporting its findings with empirical case studies. In 2023, social engineering schemes and technological flaws like 51% attacks and faulty smart contracts posed a dual danger to block-chain security for cryptocurrencies. The current study examines how inadequate and underdeveloped the security support is for block-chain technology platforms. Additionally, they look into it and discover that there are significant financial, time, and human resource advantages for the top ten platforms in addition to playing vital roles in providing security assistance. These platforms also provide block-chain users with advantages when choosing consensus algorithms and access to computational resources. Second, cryptocurrency security is guaranteed by encryption. Digital signatures serve to verify the signatory's identity and the transaction on the one hand. However, ownership is confirmed by the hash algorithm's (SHA256) basic idea. These are the basic components with a wide range of applications. Their primary areas of use are digital signatures, message authentication, certificate verification, and security of passwords.