Security Issues and Vulnerabilities On A Blockchain System: A Review

Abstract

In recent years, we have seen very significant development in software technologies. Many new and more sophisticated technologies such as Artificial Intelligence, Virtual Reality, and Internet of Things are being adopted for daily use. One of the emerging technologies is blockchain. Every day, more and more businesses and industries start implementing blockchain to their systems. Although the features of blockchain may give us a convenient and reliable services, the security of this recent innovation is still a question to be concerned about. One of them is the majority attack that has happened to the Bitcoin network involving a group of miners having more than 51% of the computing power of the entire network, and there are some other issues as well. Before blockchain could be widely adapted for practical usage, we would have to take a deeper look into the issues and threats it could have, which we address in this paper.