Security Issues and Challenges in Blockchain Technology: A Review

Abstract

Along with increasing utilization of Internet enabled devices such as mobile phones, web based applications gaining more and more access in the modern digital life, therefore ensuring security and privacy, especially for the financial and e-commerce applications becoming critical day by day. Blockchain technology is one of such technologies, which is emerged on the basis of internet technology. The growth of various cryptocurrencies is the example of the rapid development of Blockchain technology recent years. Blockchains are immutable and distributed digital ledger systems without a central authority, storing the cryptographically signed transactions in the form of blocks and these blocks are connected to each other forms a Blockchain. This paper focuses on the security issues of Blockchain technology applications and presents the review of various security issues, security incidents and challenges discussed in to date research papers, white papers and technology articles.