Establishing security of Bitcoins using elliptic-curve cryptography-based protocol

Abstract

It is undeniable that the growth of the computer and network security is repeatedly increased since the past 40 years. In 1985-1986 encryption was applied as a primary technique for providing security. Network security technology includes authentication and authorisation, data encryption, access control and security auditing. Bitcoin is presently one of the most popular crypto-currencies. The phenomenon of Bitcoin crypto-currencies is based on the public key cryptography and peer to peer network. In the Bitcoin, blockchain is used for storage of the transaction which is also called the public ledger. Digital money or Bitcoin is used in day to day activities, some of which are illicit and illegal. In this paper, the main area is security, i.e., the main focus here is to protect Bitcoin systems from unauthorised access and from various threats using an appropriate scheme (elliptic-curve cryptography, ECC) protocol.