Algorithms and Security Concern in Blockchain Technology: A Brief Review

15 Pages Posted: 29 Aug 2018

See all articles by Amer Kareem

Amer Kareem

University of Bedfordshire

Rejwan Bin Sulaiman

University of Bedfordshire; Glyndwr University

Muhammad Umer Farooq

University of Bedfordshire

Date Written: August 19, 2018

Abstract

The Blockchain is an ingenious and remarkable invention. This technology created the backbone of a new type of internet. It was originally designed for the digital currency, Bitcoin, in which you can send digital money to anyone, even a stranger. Originally, it transmits bitcoin. It is considered as a revolutionary technology. Blockchain helps in creating the record whose authenticity can be verified by the entire community. To make centralized and distributed systems it stores the data over a network of computers, which anyone can use this system, no central organization or person owns a system. It contains a number of blocks that contain data. The database of Blockchain is not stored at a single location, it is an open source database which can be accessed by anyone and it is easily verifiable. No one owns the blockchain technology. As the block chain’s nature is distributed, there must be a simple way by which all the nodes reach an agreement; Consensus agreement is a way by which all the participants agree on the contents of the blockchain. Here we will tell you about the basic principles and characteristics of the Consensus Algorithms so that you can decide which of the algorithm the best one to work with is. In this paper, we will research on the number of technical aspects of Blockchain technology, the pace in which this technology is booming and most importantly its implementation on the Bitcoin cryptocurrency which has totally revolutionized the financial infrastructure of the World. Along with this, we will also consider a number of security concerns, challenges and other technical vulnerabilities associated with the Bitcoin technology. The decentralized mechanism, distributed mechanism, scripted mechanism and the mechanism of the password related to Blockchain has opened a new view on the rapidly developing internet technology. There is no need for participants or any third party who are needed to be known to each other. The responsibility is included in the recording, transmission and the activities regarding transferring the storage by distributed technology. That is how the assurance is guaranteed by keeping these aloof from tampering and forged. With the assistance of asymmetric cryptographic algorithm, each and every participant can reach towards consensus on the information of the blockchain. The blockchain technology has the potential to play a key role in case of the information security technology. Hence, in this paper we will also cover the impact of blockchain will ensure the expansion in the sphere of information security.

Keywords: Blockchain, Information Security, Security, Decentralized, Distributed, Block Chain, Bitcoins, Blockchain Technology, Distributed Ledger, Cryptocurrency, Crypto Contract

Suggested Citation

Kareem, Amer and Bin Sulaiman, Rejwan and Umer Farooq, Muhammad, Algorithms and Security Concern in Blockchain Technology: A Brief Review (August 19, 2018). Available at SSRN: https://ssrn.com/abstract=3234933 or http://dx.doi.org/10.2139/ssrn.3234933

Amer Kareem

University of Bedfordshire ( email )

Vicarage St
Luton, LU1 3JU
United Kingdom

Rejwan Bin Sulaiman (Contact Author)

University of Bedfordshire ( email )

Vicarage St
Luton, LU1 3JU
United Kingdom

HOME PAGE: http://https://www.beds.ac.uk/

Glyndwr University ( email )

Mold Rd.
Wrexham, LL11 2AW
United Kingdom

Muhammad Umer Farooq

University of Bedfordshire ( email )

Vicarage St
Luton, LU1 3JU
United Kingdom

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