A Critical Review of Blockchain Security: Frameworks, Cryptographic Foundations, and Emerging Threats

Abstract

Blockchain technology has changed forever the concept of decentralized systems, which provide a secure, unchangeable (immutable), and distributed (shared) ledger. However, many organizations are concerned about how secure the foundations of Blockchain are because of exposed Cryptographic Vulnerabilities and Emerging Threats to Cryptography Used in Blockchain Technology. This paper analyzes these two issues. The first issue is an analysis of the different frameworks of existing blockchain technologies that are established on Cryptographic bases. The second issue addresses and categorizes the Security Threats Facing Blockchain Technology Today and into the Future. This research paper discusses Consensus Mechanisms, Encryption Algorithms, and Smart Contracts that are utilized in several of the more well-known Blockchain Technology Frameworks and notes various vulnerabilities associated with them, including Sybil Attacks, Quantum Computing Based Exploits, and Exploits associated with DeFi (Decentralized Finance). This research also found that a significant gap exists today regarding Threats to Blockchain Technology Frameworks and how those Threats may be leveraged to exploit the Vulnerability. Additionally, a Critical Need exists for the use of Proactive Threat Intelligence Processes, as well as Responsible Cryptography Practices, within the Ecosystems of Blockchain Technology.