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Research on Blockchain Technology and its associated Cybersecurity Issues
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- Author(s) / Creator(s)
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The Blockchain is the decentralized and distributed chain of blocks that contains information, which was designed to timestamp the digital data so that it cannot be tampered. Since its inception in 2008 by Satoshi Nakamoto, Blockchain technology has drawn the attention of several financial and governmental sectors. Blockchain technology has the potential to be extremely important for the future of our financial system and other important industries. It has practically endless applications, and its ideas can be applied to various sectors where security, scalability, and efficiency are essential. Due to its decentralized nature, encryption concepts such as public-key cryptography, digital signatures, hashing and various algorithms Blockchain made it possible to cut down the involvement of the trusted third party and maintain the security of the shared databases.
The objective of the report is to conduct comprehensive research on Blockchain Technology. This research on the Blockchain is part of a sequence that outlines the history that led to the presentday system, mechanisms, and key features of Blockchain technology. We will study the layered architecture of the technology and different types of Blockchains and compare some consensus protocols used in the Blockchain. Furthermore, the security mechanism and the challenges of the technology are discussed. Finally, we implement the Distributed Denial of Service attack on blockchain technology and propose the possible mitigation steps for the same. -
- Date created
- 2023-04-01
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- Type of Item
- Report