Blockchain Security and Challenges: A Review

Abstract

Blockchain technology has emerged as a ground-breaking innovation with the potential to revolutionize various industries and transform transactions. Its decentralized platform allows for storing and trading digital assets without intermediaries. Robust security features such as immutability and cryptographic security deter data tampering or fraudulent activities through unique key codes. However, for successful widespread implementation across all industries, stakeholders must thoroughly understand its vulnerabilities. They need to consider specific security issues carefully and propose suitable solutions to enhance network protection. This review paper aims to critically examine the security aspects and challenges surrounding blockchain technology. By synthesizing existing literature and research findings, it offers comprehensive analysis insights into the inherent security concerns in blockchain implementations. Researchers can benefit from this consolidated resource by enriching their understanding of blockchain security, identifying knowledge gaps, and contributing to further advancements in the field. Additionally, practitioners and industry professionals can leverage the findings presented in this paper to gain a deeper comprehension of potential risks and vulnerabilities associated with blockchain technology. This empowers them to develop robust security strategies effectively mitigate threats.