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Huaqun Xingjie - A Survey on blockchain Technology and its Security - 2022 March


particular P2PKH address, its public key will be disclosure to 
verify its transaction digital signature, and hence its private 
key is no longer secure under the quantum computing. The 
worse situation is that a recipient’s public key is directly used 
as the Bitcoin address called ‘pay to public key’ (P2PH). An 
analysis presented that about 25% of all Bitcoins (over 4 
million BTC) are potential to suffer a quantum attack [148]. 
The Blockchain community shall also address the 
quantum computing impact on Blockchain. Only the post-
quantum cryptography is resistant to quantum attacks. One of 
research trends is to investigate to apply the post-quantum 
cryptography into building the robust and quantum-resistant 
Blockchain. It will then have to hard fork the Blockchain, e.g., 
Blockchain 3.0, which implements the new post-quantum 
cryptography protocol and is different from the current 
Blockchain. 
F. IOTA Security 
As Bitcoin and Ethereum based cryptocurrencies 
encounter the problems of scalability and transaction fees, 
IOTA may be a good alternative due to its very different 
nature structure of vertices and edges in using of DAGs 
instead of blocks + chain. With Tangle technology, IOTA 
claims to be very scalable without a limit and charges zero 
transaction fees. However, Tangle technology faces some 
concerns of not being able to store the transactions’ order 
properly [149] and vulnerabilities with their own designed 
IOTA hash function called Curl. IOTA needs to overcome 
these challenges. When the technology is mature, it will be 
expected for the big adoption in the industry of IoT, a rapidly 
growing and huge potential area. 
G. Regulation and Standard Issue 
First, it is expected that the cryptocurrencies are getting 
popular, which create the convenience and save the cost for 
the fund transactions. On the other hand, it also weakens the 
countries’ financial policies and control. Second, more 
international Blockchain applications are emerging. For 
example, Blockchain systems are used to verify the COVID-
19 vaccine injection certificates. Hence there are the needs to 
have the regulations and agreements among different 
countries to mutually accept the injection certificates stored on 
the Blockchain systems. Third, even within the same country, 
multiple parties shall agree to use the Blockchain as a common 
infrastructure, which could be a big challenge, not to mention 
to make a common or international standard. Thus, regulation 
and standard will be one of challenges for the massive 
deployment of Blockchain systems. 
VIII. 
R
ELATED 
W
ORK
There are some survey papers about Blockchain. In 
January 2017, Sankar et al. described three broad types of 
Blockchains, and analyzed and compared qualitatively three 
consensus algorithms, namely Stellar consensus protocol, 
Corda and Hyperledger Fabric [26]. In June 2017, Zheng et al. 
surveyed on Blockchain architecture including types of 
Blockchain, compared consensus algorithms qualitatively, 
and presented the vulnerabilities of privacy leakage and 
selfish mining and migration solutions [27]. In August 2017, 
Park and Park surveyed about Blockchain structure and 
Bitcoin, presented the security challenges including the 
majority attack (51% attacks), security of transaction, security 
of software and security of wallet, and adapt Blockchain 
security to cloud computing [59]. Another work available 
online in August 2017 conducted the survey on the 
Blockchain security about the security risks, real attacks, and 
academic security enhancements till 2017. In September 
2017, Lin and Liao presented security issues of 51% Attacks 
and some challenges including fork problem, data 
synchronization and confirmation time, regulations and 
integration cost problems [2]. 
In May 2018, a work from Kennesaw State University 
presented to use Blockchain and cryptography to ensure data 
confidentiality, authenticity, integrity and privacy preserving 
for various Blockchain applications, instead of security on 
Blockchain itself [28]. In October 2018, Zheng et al. 
conducted survey on Blockchain technology which including 
consensus algorithms, applications, challenges on scalability, 
privacy leakage, selfish mining, and future directions on 
Journal Pre-proof


Blockchain testing, big data analytics, stopping the tendency 
to centralization, smart security analysis and artificial 
intelligence [3]. In November 2018, challenges and security 
with Blockchain were surveyed by Tunisia researchers [150]. 
In December 2018, Chen et al. surveyed only on Blockchain 
applications on different domains [47].
In August 2019, Monrat et al. conducted survey on 
Blockchain architecture including transaction process, block 
structure and characteristics of Blockchain, category of 
Blockchain, consensus procedures, Blockchain applications, 
trade-offs and future scope of Blockchain technology [49]. In 
November 2019, Dave et al surveyed the implementations of 
Blockchain technology in agricultural sector, education 
sector, supply chain management, healthcare industry, etc 
[48]. In March 2020, Aguiar et al. surveyed and used 
Blockchain technology to boost healthcare security and 
reliability and enhance patient privacy [30]. One survey work 
received in December 2019 and published in April 2020 
presented the Blockchain technology, applications and issues 
including scalability, nothing-at-stake, etc [31]. In 2020, Saad 
et al. presented the systematical overview about the 
Blockchain attack surface [151]. In January 2021, Berdik et 
al. presented their survey paper on Blockchain to ensure the 
information integrity and security [32]. 
There are some survey papers on Blockchain security. In 
2019, Dasgupta et al. surveyed the potential vulnerabilities of 
Blockchain and showed Blockchain development trends 
[152]. In 2020, Leng et al. examined Blockchain security 
from the process level, the data level and the infrastructure 
level to identify the research gap and suggest future directions 
of research in Blockchain security [153].
Table IX summarizes the related survey work and our 
work in this paper. It is also clear to show our contributions in 
this paper. First, we provide as many quantitative comparisons 
on consensus algorithms as possible while others only 
provided partial comparisons. Second, the security on 
Blockchain itself is a focus in this paper, which the majority 
of previous surveys only partially presented or did not present, 
and some survey papers on Blockchain security surveyed the 
potential vulnerabilities, and examined security in process, 
data and infrastructure levels respectively. In our paper, we 
assess the Blockchain security from risk analysis to derive 
comprehensive Blockchain security risk categories, analyze 
the real attacks and bugs against Blockchain and root causes, 
and present the recently developed security measures on 
Blockchain. Last but not list, Table IX shows that other survey 
papers cover 2 to 7 areas respectively, while our work consists 
more comprehensive survey on 8 areas of Blockchain.
T
ABLE 
IX.
S
UMMARIES OF 
V
ARIOUS 
S
URVEY 
W
ORKS


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