Blockchain Security Attacks, Challenges, and Solutions for the Future Distributed IoT Network - Review

Blockchain elements.

Blockchain components.

Blockchain technology is becoming increasingly attractive to the next generation, as it is uniquely suited to the information era. Blockchain technology can also be applied to the Internet of Things (IoT). The advancement of IoT technology in various domains has led to substantial progress in distributed systems. Blockchain concept requires a decentralized data management system for storing and sharing the data and transactions in the network. Here the blockchain concept and relevant factors that provide a detailed analysis of potential security attacks are discussed and  existing solutions that can be deployed as countermeasures to such attacks are presented. Blockchain security enhancement solutions are also included by  summarizing key points that can be exploited to develop various blockchain systems and security tools that counter security vulnerabilities. Open issues relating to and future research directions of blockchain-IoT systems are pointed out.

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The blockchain paradigm is changing the IT industry. Blockchain can bring together companies, governments, and even countries. Blockchain technology is widely recognized and highly valued due to its decentralized nature and peer-to-peer characteristics. The main takeaway of this review is that the authors have thoroughly analyzed several attacks on blockchain and the security issues of blockchain with some real-world examples. Moreover, this review discussed the various security issues, challenges, vulnerabilities, and attacks that impede the increased adoption of blockchain technology while exploring these challenges in a variety of aspects. Other blockchain applications and benefits are explained, and many related opportunities at the business level are discussed. Existing security solutions for different environments and open issues are also presented. Read more at the IEEE review paper:

Blockchain Security Attacks, Challenges, and Solutions for the Future Distributed IoT Network (pdf)

Blockchain

A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.

A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting.

Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
 

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