Cryptographic Foundations of Blockchain Technology

Abstract

Many attempts of having a secure digital currency failed in the past until the introduction of Bitcoin. Bitcoin&s;s solution to this problem also introduced a new technology called blockchain, which is a tamper-proof distributed ledger. Security of cryptocurrencies and blockchains depend on cryptographic algorithms. This chapter is dedicated to the cryptographic foundations of blockchain technology. Moreover, the security of the cryptographic algorithms that are used in blockchains are investigated with an emphasis on lightweight cryptography suitable for constrained IoT devices and Bitcoin, since it is the pioneer of this disruptive technology.