On the effectiveness of blockchain against cryptocurrency attacks

Sarwar Sayeed, Hector Marco Gisbert

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Abstract

Cryptocurrencies are being widely adopted to perform
various online-based transactions; therefore, they are required to maintain a consensus to ensure a secured transaction. Blockchain comprises a distributed ledger, which holds digital records of individual crypto-transactions. Besides recording a particular activity, blockchain also ensures that the contents of the ledger are decided based on agreements of distinct participants. Various consensus mechanisms are followed by blockchain to ensure blocks are being summed up representing legitimate data on the network. However, the major consensus protocols comprise various limitations; and these are prone to different types of cyber attacks, such as Distributed denial-of-service, 51% attack, Double-spending, Long-range attack. In this paper, we analyze several attack vectors that can cause serious security threats due to the loopholes in the consensus mechanism. Our study involves examining 3 significant consensus mechanisms, which are followed by major cryptocurrencies. We also discuss the limitations of individual consensus mechanisms and demonstrate their robustness towards various attack vectors.We conclude that, although blockchain comprises proper consensus mechanisms to
enhance secured crypto-transaction, unfortunately, it is not strong enough to defend against some cryptocurrency attacks which could discourage some users to adopt this technology.
Original languageEnglish
Title of host publicationThe Twelfth International Conference on Mobile Ubiquitous Computing, Systems, Services and Technologies
Subtitle of host publicationUBICOMM 2018 November 18, 2018 to November 22, 2018 - Athens, Greece
EditorsClaudio de Castro Monteiro, Konstantinos Chatzikokolakis, Carlos Henrique Correa Tolentino
PublisherInternational Academy, Research, and Industry Association
Pages9-14
Number of pages6
ISBN (Print)9781612086767
Publication statusPublished - 18 Nov 2018
EventThe Twelfth International Conference on Advanced Engineering Computing and Applications in Sciences - NOVOTEL Athenes Hotel, Athens, Greece
Duration: 18 Nov 201822 Nov 2018
https://www.iaria.org/conferences2018/ADVCOMP18.html

Publication series

NameUBICOMM International Conference on Mobile Ubiquitous Computing, Systems, Services and Technologies
PublisherIARIA
Volume2018
ISSN (Print)2308-4278

Conference

ConferenceThe Twelfth International Conference on Advanced Engineering Computing and Applications in Sciences
Abbreviated titleADVCOMP 2018
Country/TerritoryGreece
CityAthens
Period18/11/1822/11/18
Internet address

Keywords

  • Blockchain
  • Consensus
  • Cyber Attack

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