Assessing and neutralizing multi-tiered security threats in blockchain systems

Abstract

Blockchain technology, the backbone of digital cryptocurrencies, has rapidly ascended as a pivotal tool in modern commerce due to its decentralized, immutable nature. It offers fresh, innovative avenues for overcoming trust issues inherent in traditional trading systems. Yet, the unique traits that make blockchain advantageous also render it vulnerable. Cybercriminals are ceaselessly innovating, devising new tactics to exploit these vulnerabilities and resulting in a surge of security incidents that have led to substantial economic losses. The increasing frequency and sophistication of these attacks jeopardize the integrity and stability of blockchain networks. This paper offers a comprehensive study of blockchain system architecture, the principles underlying various attack methods, and viable defense strategies, all organized within a hierarchical framework. Initially, the paper categorizes blockchain attacks according to the hierarchy of blockchain systems, providing a detailed exploration of the characteristics and principles behind these attacks at each level. Next, the paper summarizes existing countermeasures and proposes effective new strategies for bolstering blockchain security. The paper concludes with a recap of its key findings and outlines the landscape for future research in blockchain security.