Challenges and Opportunities in the Advancement of Privacy and Security of Blockchain Technology

Abstract

In the emerging computerized world, Blockchain is seen as one of the important technologies
that have a real scope in the near future. In the field of cybersecurity and cryptography,
Blockchain is viewed as a quantum leap as it provides space for the collection of information,
the accomplishment of transactions and trustworthiness. Greatly, Blockchain has marked its
trace from the areas like smart contracts and smart grids to high-level cryptocurrency systems
such as bitcoin. Although Blockchain is known for its wider application and uses in the
global technology per se, it has often fallen into a pit of criticisms for its privacy and security
issues. This paper examines the concept of privacy and security of Blockchain and the
techniques that are needed for implementing strong security properties in Blockchain-linked
applications that include zero-knowledge proofing, hash chained storage, signatures and
consensus procedural algorithms. As a result, the reader could have a better knowledge of the
concept of privacy and security of Blockchain in its area of fundamental aspects, uses and
applications etc.