BLOCKCHAIN TECHNOLOGY — INNOVATION AND SECURITY

Grzegorz Borowik , Zbigniew M. Wawrzyniak , Paweł Cichosz

Abstract

Blockchain is one of the most revolutionary technologies of the 21st century, which is still under development, and whose potential is not yet fully exploited. Although blockchain gained importance in 2009, scientists and entrepreneurs are still at an early stage of understanding its mechanisms and fully appreciating its potential, especially from the perspective of the technical challenges and limitations of the technology. Blockchain finds a variety of applications, especially in areas that have so far been based on third-party transactions in order to maintain a certain level of trust. Although blockchain is a promising technology for the reorganisation of business processes and many industrial applications, it still has many weaknesses despite various implementations in many forms. An innovative element, and one of the most attractive functions, of blockchain is intelligent contracts, as they reduce or even completely eliminate the administrative costs associated with the lack of trust in the transaction. However, the existing software that is built on this infrastructure has many shortcomings and unfortunately, combined with the lack of maturity of the scripting language to write the contract representation in the computer language, leads to errors or gaps in security that are not noticed or addressed by the author of the script. So far, no blockchain-based system has been completely broken. Nevertheless, phishing is the main trend in the operation of criminals in blockchain networks. Research has shown that over $115 million has been stolen from early 17,000 victims in the Ethereum blockchain alone. It is estimated that in total about 10% of the money invested in Ethereum’s ICO has ended up in the hands of criminals.
Author Grzegorz Borowik
Grzegorz Borowik,,
-
, Zbigniew M. Wawrzyniak (FEIT / PE)
Zbigniew M. Wawrzyniak,,
- The Institute of Electronic Systems
, Paweł Cichosz (FEIT / IN)
Paweł Cichosz,,
- The Institute of Computer Science
Other language title versionsTechnologia blockchain — innowacja i bezpieczeństwo
Journal seriesPrzegląd Policyjny, ISSN 0867-5708
Issue year2020
Vol136
No4
Pages60-78
Publication size in sheets0.9
Keywords in English blockchain, smart contract, security, innovation, cryptocurrency, Bitcoin, Ethereum, proof-of-work
DOIDOI:10.5604/01.3001.0014.1135
URL https://thepolicereview.wspol.eu/resources/html/article/details?id=203591&language=en
Languageen angielski
Score (nominal)20
Score sourcejournalList
ScoreMinisterial score = 20.0, 09-06-2020, ArticleFromJournal
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