Impact of using Cryptocurrency to Maintain Cyber Security Blockchain Innovations and Applications

Purpose: Cryptocurrency has been identified as a form of currency that can be transferred through a “Digital platform.†Such “cryptocurrencies†are presented in the form of a large amount of data that can be leveraged through networks. Due to the presence of key gaps and a lack of strong authentication of these networks, both the data and the transaction details of the users are easily available and accessible to the hackers. Methodology: A deductive approach has been used in the present study to generate hypotheses and variables from the previous studies. For this study, the authors developed a survey questionnaire and collected data from 50 potential respondents sampled through simple random sampling method. After the data were collected, the researcher analyzed the data using paired sample test, correlation, one-sample T test, and F-test Findings: The present study findings infer that cryptocurrency has a positive impact on development and innovation of blockading technologies and cybersecurity. Most of the participants were unaware that clicking on malicious websites may provide accessibility to hackers. The study found that there is a huge increase experienced in the number of malicious actions, phishing attacks, cyber threats, scams, and financial frauds. Henceforth, the growth of cryptocurrency has enforced companies to develop and innovate blockchain applications to increase the integrity and security of transactions. Implications: Cyber security plays a key role in ensuring the integrity, transparency, authentication, and reliability of the data and networks, especially in the case of Fintech organizations. The primary aim of the study was to analyze the impact of using cryptocurrencies to achieve cyber security, maintain blockchain innovations, and secure other technological applications. Originality: The originality of the study is fully authentic.