GeoFencing and Cryptocurrency Exchange Platforms; with Blockchain Anonymity

Abstract

Cryptocurrency is growing at the top pace, with a total market capitalization exceeding $2.2 trillion and around 100 million crypto users worldwide. After an investment is made, where and how to keep the tokens is determined by the user. The public and private keys of the wallet are used to identify the tokens as well as initiate the transactions. A hot wallet is just a tool that enables users to receive, store and send tokens, and the security of the same mainly depends on the user behavior. Moreover, the hot wallet is more vulnerable to thefts and hacks than the cold wallet as it is connected to the internet. Cryptocurrency uses the Blockchain as the underlying technology. Security issues can be alarming with the drastic rise in the number of apps that help even the novice to start investing in crypto. In this work, we aim to study the security issues faced by the exchange platforms and how well geofencing can mitigate the security risks of the wallet. Here, the coin mixing technique is implemented with user parameters to enforce anonymity and security in the Blockchain and obfuscates the attackers with the randomness in the block.