Blockchain with ring signature for enhancing privacy and security

Abstract

Blockchain technology has the potential to bring about a technological revolution in the rapidly evolving digital world by offering a decentralised, distributed, and immutable ledger that can be verified and made accessible electronically over a network. However, blockchains are constrained by disparate problems, including security and privacy. Current blockchain approaches are quite unattainable to survive the privacy difficulties, despite many attempts to devise and combine new privacy solutions. Here we discuss the possibility of using a ring signature with blockchain. The unlinkability and anonymity of ring signatures can be used to preserve blockchain security and privacy. Further, we discuss a real-time implementation that is studied and evaluated with the ring signature model to facilitate user signing by preserving privacy and maintaining anonymity, revealing better efficiency and effectiveness. The findings demonstrate how our method is better and more successful in handling issues with trust and intermediaries in an environment of digital transactions.