Security of Distributed Ledger Solutions Based on Blockchain Technologies

Abstract

Distributed Ledger technology and its most notable implementation, the Blockchain, is disrupting today's industry in extremely fast pace with a potential to change the world. The security posture of Blockchain remains one of a key topics in today's industry and distributed services. On and on, we can embrace the attempts to implement the Blockchain technology in sensitive areas of our daily life like finance [1], insurance services [2], health care [3] etc. It is therefore crucial raise awareness of its limitations, possible improvements, as well as embedded compensations. In this paper, we provide a holistic view on the security aspects of the Blockchain technology. We identify the most notable security threats applicable in the above context and reveal technology-specific challenges, that need to be taken into account. Our analysis lists the security features already embedded in the Blockchain and sample uses in nowadays industry. Our results lead to several observations, recommendations, and open points that could be considered in ongoing development of the technology.