Blockchain Security: Work on Securing Blockchain Networks and Smart Contracts

Abstract

Blockchain has been one of the most trending areas among the field of technology in recent years. In particularly the financial industry has taken the advantage of such distributed ledger technology in creation of cryptocurrency and broadening of a new sector of the digital market. However, blockchain with its unique characteristic of immutability and transparency can provide much more potential usage in other industries. This project makes use of blockchain’s security and traceability to create a platform that can better protect copyright and fair use of media by providing secure storage and usage tracking. This report iterates the project background and objective, and provides an assessment of the progress to date. There are also results from completed milestones, such as justified engineering decision on the development of web application; conceptual class model that supports the design of blockchain and use cases; user interface design that depicts the anticipated product; and an overview of the implementation of a preliminary demo. Discussion of the difficulties encountered in the current stage is the smart contract construction in blockchain after the use case and system architecture design. The remaining work will be on the implementation and testing of the demo, thus indicating an ideal progress for demo implementation in the coming month.

Keywords: cryptography, Decentralization, consensus,and Decentralized Applications.

JEL Classification: Decentralized Applications