Blockchain Project

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Blockchain technology security and privacy issues

Currently, there are hundreds of blockchain, each offering unique solutions to problems. These blockchain differ in design, function and security guarantees. Lin & Liao, (2017) stated there have been increasingly stakes in using blockchain technology across various applications to significant investments in the development of blockchain technology within different industries. It is expected that blockchain will bring about significant changes to many businesses and systems. Privacy has become an issue with the increased adoption of blockchain. Distributed trust hence privacy and security is the center of every blockchain technology (Lin & Liao, 2017; Nabben, 2021). The technology industry is generally regarded as a trustless environment riddled with numerous thefts and frauds. Blockchain privacy and security provide users with desirable features such as autonomy, immutability, decentralization and integrity. With these features, privacy and security can be guaranteed.

The rise in blockchain technology and advancements within the sector has caught the attention of various industry titans. Academics and industrialists are the main points of focus as they are the groups or populations likely to adopt blockchain technology in mass and will be affected by privacy issues on a mass scale. This paper will adopt a qualitative research study format borrowing information from previously done studies. Secondary data will be largely used in the analysis. A descriptive research design will be employed as it asks important questions related to who, what, when, where, and how. It will seek to explore and describe the privacy and security issues systematically within blockchain technology.

de Haro-Olmo, Varela-Vaca, & Álvarez-Bermejo, (2020) investigated the concept of blockchain technology from an anonymity and privacy perspective. The authors sought to answer various questions related to privacy; "How does blockchain use anonymity to guarantee privacy?" "What are the disadvantages of blockchain to adapt to the GDPR?" "How were the problems encountered addressed?" "Proposals for future research offered by the publications." These four research questions aim to evaluate the range and manner in which blockchain considers anonymity ad privacy. It sought to understand the techniques which can be implemented and understand any problems, if any and any future proposals which are currently unresolved and ought to be fixed.

The study did not utilize any human participants; instead, data was collected from secondary sources. The researchers collected data from search engines for scientific publications and bibliographic materials. The keyword for the search was blockchain, privacy and anonymity. The study restricted the data collected from 2016 until 2018. The study found different approaches which can be utilized to address the relationship between privacy ad identity anonymity, which is a crucial factor in blockchain technology. This was brought about by a variety of fields in blockchain applications. The results showed that of the several methods used to attain anonymity ad privacy, those that attain conditional anonymity do so mainly because of the centralized models, which call for the several entities to identify the participating elements and validate the transaction.

Reference

de Haro-Olmo, F. J., Varela-Vaca, Á. J., & Álvarez-Bermejo, J. A. (2020). Blockchain from the perspective of privacy and anonymisation: a systematic literature review. Sensors, 20(24), 7171.

Lin, I. C., & Liao, T. C. (2017). A survey of blockchain security issues and challenges. Int. J. Netw. Secur., 19(5), 653-659.

Nabben, K. (2021). Blockchain Security as “People Security”: Applying Sociotechnical Security to Blockchain Technology. Frontiers in Computer Science, 62.