IBMSDC: Intelligent Blockchain based Management System for protecting Digital Currencies Transactions

Abstract

Recently, Digital Currencies (DC) have taken a lot of momentum in the academic and financial community intelligently. Massive contributions have been introduced in this context. With the continual development in the emergent technologies such as; Blockchain (BC), Cloud Computing (CC), Internet of Things (IoT), distributed networks and the existence of cryptographic as a security mechanism, the potential for DC to gain rapid acceptance is increasing significantly. Although the distributed nature of DC deems as core essential for various financial disputes. Government's rules and regulations represented by National Central Bank (NCB) play an important role in plugging the loopholes in monetary policies. This paper analyzes the potential security issues and economic benefits of a NCB to issue the Digital Fiat Currency (DFC) as a replacement for paper money. Adopting IBMSDC as a methodology for designing a management system that manages, control, and protect digital currencies and transactions. As an overall conclusion, studying its functionality, implementation, implications, challenges, and risks will improve not only economic stability but also cybersecurity solutions.