A Study on Blockchain Security and Technology

Abstract

Blockchain technology should have the
following desirable properties:
Decentralization, autonomy, integrity,
immutability, verification, fault-tolerance,
and fault-tolerance, as well as transparency
and anonymity. We undertake a thorough
review of blockchain technology in this paper,
paying close attention to its history and
quantitative comparisons of consensus
methods, the intricacies of cryptography,
including hash functions used in the
blockchain, zero-knowledge proofs, public
key cryptography, and the extensive range of
blockchain applications. This article also
focuses on the general security of blockchain.
We study blockchain security specifically
using risk analysis to build comprehensive
categories for blockchain security threats,
look at actual attacks and flaws on the
blockchain, and identify the most recent
advancements in blockchain security. To
create more secure and scalable blockchain
systems for large-scale deployments,
difficulties and research trends are discussed
in the last section. Blockchain uses regional
technology. It excels at resolving business
problems. Every transaction on a blockchain
is connected to earlier ones or records, which
are also encrypted. Algorithms running on
the nodes validate blockchain transactions. A
transaction cannot be initiated by one entity.
Finally, the transparency that blockchains
offer enables any user to monitor transactions
at any moment. Secure transactions made
possible by sensible contracts help to lessen
disruption from outside sources. Ethereum is
the localized platform in cases when rational
contracts fall short. This makes it possible for
developers to build markets and transfer
funds in compliance with directives that were issued a very long time ago. Decentralization
and changelessness are two of blockchain's
most important characteristics.