The security strength of Blockchain technology : A Survey Report

TL;DR

This survey critically reviews blockchain technology's security strengths and vulnerabilities, highlighting its potential for secure transactions while identifying existing limitations and areas needing further research.

Contribution

It provides a comprehensive literature review on blockchain security, analyzing technical features, security issues, and the effectiveness of blockchain in various sectors.

Findings

Blockchain offers high integrity, transparency, confidentiality, and privacy.

Security loopholes and limitations are identified in deployment.

Research evidence highlights both strengths and vulnerabilities.

Abstract

The advent of blockchain technology by the Nakamoto group in 2008 has created a new trend on how to deal with various security issues and vulnerabilities. Blockchain systems have gained momentum in various spheres of technology deployment in business organizations. This paper presents a critical literature survey on the security strength of blockchains and security issues associated with blockchain technology deployment. Numerous studies have experimented with the various technical features of blockchain systems across various transaction domains. Findings obtained from the literature survey and thematic content analysis of the existing research studies indicate that blockchain systems provide unique capabilities that support processes and transactions across various sectors with a high level of integrity, transparency, confidentiality, and privacy. However, some loopholes and limitations associated with the deployment and use of blockchains have been highlighted in various studies. The present study cross-examined the security issues of the underlying scientific research evidence.