Review on Consensus Protocols for Blockchain

Verma, Neetu; Jain, Saurabh; Doriya, Rajesh

doi:10.1109/icccis51004.2021.9397089

Cited by 10 publications

(6 citation statements)

References 16 publications

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“…Related research involves the analysis and development of consensus protocols as a key component of maintaining blockchain security and preventing attacks (e.g. [23], [24]). It also involves the development of privacypreserving solutions to address existing privacy challenges and enhance confidentiality, anonymity, and user privacy control in blockchain [25].…”

Section: Background and Literature Review A Privacy And Security Of C...mentioning

confidence: 99%

How Perceptions of Information Privacy and Security Impact Consumer Trust in Crypto-Payment: An Empirical Study

2022

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The ever-increasing acceptance of cryptocurrencies has fueled applications beyond investment purposes. Crypto-payment is one such application that can bring radical changes to financial transactions in many industries, particularly e-commerce and online retail. However, characteristics of the technology such as transaction disintermediation, lack of central authority, and lack of adequate regulations may introduce new privacy and security concerns among the users. This coincides with another trend of rising individuals' concerns pertaining to information privacy and security issues in online transactions. The current paper investigates how consumer trust in crypto-payment, a key determinant of consumer intentions and relational exchanges over the long-term, is formed based on their perceptions towards privacy and security aspects of the technology. Using data from 327 survey participants, the study found that perceived information privacy risk, perceived anonymity, and perceived traceability of transactions are significant determinants of consumer trust in crypto-payment; but their perceptions of information security fraud risk have no significant effect. It also provided support for the hypothesis that perceived trust contributes to consumers' intention to adopt crypto-payment. The findings highlight the need to enhance consumer understanding and awareness of information privacy and potential security issues in crypto-payment as well as what needs to be done to address consumer concerns in this regard. The paper creates novel insights into the requirements of trust in crypto-payment services and the consequences of consumers' perceptions of privacy and security in this domain.

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Section: Background and Literature Review A Privacy And Security Of C...mentioning

confidence: 99%

How Perceptions of Information Privacy and Security Impact Consumer Trust in Crypto-Payment: An Empirical Study

2022

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“…According to the authors of [65], who highlighted the privacy and security needs of blockchain, there are a number of areas that still need to be improved, including transaction unlikability, secrecy, and resistance to the 51% assault. In related research work, consensus protocols are examined and developed as a crucial part of preserving blockchain security and thwarting assaults [66], [67]. Additionally, it entails the creation of privacy-preserving technologies to resolve current privacy issues and improve blockchain's secrecy, anonymity, and user privacy control [68].…”

Section: F Privacy and Securitymentioning

confidence: 99%

On the Vital Aspects and Characteristics of Cryptocurrency—A Survey

et al. 2023

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Cryptocurrencies acquire user confidence by making the whole creation and transaction history transparent to the public. In exchange, the transaction history accurately captures the complete range of user activities related to cryptocurrencies. It is thought to be one of the safest and simplest payment methods that may be employed in the future. The trend of banks and other financial institutions investing in cryptocurrencies has increased rapidly in recent years. Therefore, it is necessary to synthesize the findings of previous studies on cryptocurrencies. In this paper, the use of data mining methods in Bitcoin transactions is analyzed and summarized. Cryptocurrencies, similar to the well-known Bitcoin, were targeted to ensure transaction security and privacy and overcome the drawbacks of traditional banking systems as well as other centralized systems. In addition, a comprehensive analysis of the literature on the challenges and applications of electronic currencies is conducted. The evolution of digital currency from electronic cash to cryptocurrencies is summarized and the methods used to increase user privacy are highlighted. The security threats in existing cryptocurrency systems (that compromise the privacy of Bitcoin users) are also highlighted. Finally, several research gaps and trends are identified that need to be further explored.INDEX TERMS Cryptocurrencies, electronic cash, privacy, security threats.

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“…According to the authors of [66], who highlighted the privacy and security needs of blockchain, there are a number of areas that still need to be improved, including transaction unlikability, secrecy, and resistance to the 51% assault. In related research work, consensus protocols are examined and developed as a crucial part of preserving blockchain security and thwarting assaults [67][68]. Additionally, it entails the creation of privacy-preserving technologies to resolve current privacy issues and improve blockchain's secrecy, anonymity, and user privacy control [69].…”

Section: F Privacy and Securitymentioning

confidence: 99%

On the Vital Aspects and Characteristics of Cryptocurrency – A Survey

Shah¹,

Karabulut²,

AKHTER³

et al. 2023

Preprint

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<p> Cryptocurrencies acquire user confidence by making the whole creation and transaction history transparent to the public. In exchange, the transaction history accurately captures the complete range of user activities related to cryptocurrencies. In this paper, the use of data mining methods in Bitcoin transactions is analyzed and summarized. Cryptocurrencies, similar to the well-known Bitcoin, were targeted to ensure transaction security and privacy and overcome the drawbacks of traditional banking systems as well as other centralized systems. We also conduct a thorough analysis of the literature on the challenges and applications of electronic currencies. We outline the evolution of digital currency from electronic cash to cryptocurrencies and put the spotlight on the methods used to increase user privacy. We also highlight security threats in the existing cryptocurrency systems that jeopardize the privacy of Bitcoin users. Finally, we identify several research gaps and trends that need to be looked at further. </p>

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Review on Consensus Protocols for Blockchain

Cited by 10 publications

References 16 publications

How Perceptions of Information Privacy and Security Impact Consumer Trust in Crypto-Payment: An Empirical Study

How Perceptions of Information Privacy and Security Impact Consumer Trust in Crypto-Payment: An Empirical Study

On the Vital Aspects and Characteristics of Cryptocurrency—A Survey

On the Vital Aspects and Characteristics of Cryptocurrency – A Survey

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