Book Title: Intelligent Systems
Editors: Dr. S.C. Vettivel, Dr. Leema Nelson and Dr. D. Poornima
ISBN: 978-81-979197-4-9
Chapter: 5
DOI: https://doi.org/10.59646/isc5/259
Authors:
Praveena R, Assistant Professor, Department of Computer Science and Engineering, Tamil Nadu College of Engineering, Karumathampatti, Coimbatore, Tamil Nadu, India.
Shanmugha Priya R K, Assistant Professor (Sr. G.), Department of Computer Science and Engineering, Jai Shriram Engineering College, Avinasipalayam, Tirupur, Tamil Nadu, India.
Abstract
Blockchain technology is often hailed for its security, transparency, and decentralization, promising to revolutionize industries by enabling secure, trustless transactions across distributed networks. However, as the adoption of blockchain expands, so too do the threats and vulnerabilities that could compromise its integrity. This chapter explores the multifaceted landscape of blockchain security, focusing on both the inherent strengths and potential weaknesses of the technology. We begin by examining the fundamental security principles of blockchain, including decentralization, cryptographic security, immutability, and consensus mechanisms, while addressing common misconceptions. The discussion then shifts to the various threats that blockchain networks face, such as 51% attacks, Sybil attacks, and vulnerabilities in smart contracts. We also delve into the vulnerabilities inherent in consensus mechanisms and the challenges of private key management and network layer security. Finally, the chapter outlines a range of countermeasures and best practices, from improving consensus mechanisms to enhancing private key management and maintaining decentralization, to fortify blockchain networks against these evolving threats.