Blockchain Security and Privacy: Threats, Solutions, and Future Directions

Abstract

Blockchain is a decentralized, public, and distributed ledger designed to securely record and track transactions. It possesses the potential to transform various industries, including healthcare, supply chain management, and financial services, by enhancing transparency, efficiency, and trust. Despite its promise, blockchain development continues to face several challenges, particularly concerning security, scalability, and standardization. This paper provides a comprehensive analysis of blockchain technology, focusing on its quality of service (QoS), security mechanisms, and the latest frameworks and models shaping its evolution. Furthermore, it examines existing limitations and identifies key open research challenges that must be addressed for broader adoption. The findings suggest that blockchain can substantially improve operational efficiency and data integrity across multiple domains; however, realizing its full potential requires continued research and technological advancement to overcome current barriers.