Securing the Chain: A Systematic Review of Blockchain Systems with Emphasis on Anomaly Detection Strategies

Abstract

Blockchain is an enticing and decentralized technology that allows for end-to-end secure data exchange and user authentication via data transactions. Blockchain is a technology that provides for the safe and long-term storing of transactions and information. The cryptocurrency market has been expanding in the last few years since Satoshi Nakamoto’s invented Bitcoin, the first cryptocurrency to use Blockchain based technology. According to the survey, as the Bitcoin ecosystem grows, several vulnerabilities and attacks harm it, both at the bitcoin network level and at the service level where it is used. While Blockchain technology has the potential to provide us with more dependable and convenient services, we must also evaluate the security threats and challenges that this revolutionary technology presents. We present an in-depth examination of Blockchain technology’s security issues, various anomalies observed in Blockchain networks, and different methods of detection of anomalies. First, we look at the state of Blockchain security in the literary works surveyed in this paper. This paper elaborates on various attacks encountered in the history of Blockchain applications and the recent attacks faced by the Blockchain network. Finally, different detection methods used in the literature and performance parameters identified for the detection of anomalies are discussed.