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A Proposed System for Securing Cryptocurrency Via the Integration of Internet of Things with Blockchain

Author

Listed:
  • Atef Ghalwesh

    (Business information system, Helwan University, Egypt.)

  • Shimaa Ouf

    (Business information system, Helwan University, Egypt.)

  • Amr Sayed

    (Business information system, Helwan University, Egypt.)

Abstract

Nowadays the world discuss the problem of the cryptocurrency and shows several risks in dealing with this new investment or banning it by governments and the main issue of this paper is how can the third part ex: (exchange market for trading cryptocurrencies) avoid cybercriminal activities, In this paper, we will define only two of cybercriminals that related to the third part directly, First: Ransomware attacks and how the process of storing cryptocurrencies can be secured. Second: Black net in which many illegal trades could be done and how can the third part (governments) monitor the relationship between buyers and sellers to avoid this problem. In this paper, we propose a framework that proposed in anew exchange market by integrating blockchain technology and IOT (internet of things) to increase the security in the two processes that consider the main issues for the exchange market: first: storing the cryptocurrencies securely and avoid ransomware attacks, second: monitoring the transactions and avoid illegal business (black net) could happen through it. And we can implement this framework for special types of partially decentralized cryptocurrencies ex: NEO and Libra coin.

Suggested Citation

  • Atef Ghalwesh & Shimaa Ouf & Amr Sayed, 2020. "A Proposed System for Securing Cryptocurrency Via the Integration of Internet of Things with Blockchain," International Journal of Economics and Financial Issues, Econjournals, vol. 10(3), pages 166-173.
    • Handle: RePEc:eco:journ1:2020-03-21
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    References listed on IDEAS

    as
    1. Caporale, Guglielmo Maria & Gil-Alana, Luis & Plastun, Alex, 2018. "Persistence in the cryptocurrency market," Research in International Business and Finance, Elsevier, vol. 46(C), pages 141-148.
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    3. Caporale, Guglielmo Maria & Kang, Woo-Young & Spagnolo, Fabio & Spagnolo, Nicola, 2020. "Non-linearities, cyber attacks and cryptocurrencies," Finance Research Letters, Elsevier, vol. 32(C).
    4. Chen, Yan, 2018. "Blockchain tokens and the potential democratization of entrepreneurship and innovation," Business Horizons, Elsevier, vol. 61(4), pages 567-575.
    5. Phillip, Andrew & Chan, Jennifer S.K. & Peiris, Shelton, 2018. "A new look at Cryptocurrencies," Economics Letters, Elsevier, vol. 163(C), pages 6-9.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Chen, Xia & Miraz, Mahadi Hasan & Gazi, Md. Abu Issa & Rahaman, Md. Atikur & Habib, Md. Mamun & Hossain, Abu Ishaque, 2022. "Factors affecting cryptocurrency adoption in digital business transactions: The mediating role of customer satisfaction," Technology in Society, Elsevier, vol. 70(C).
    2. Cong Gu & Benfu Lv & Ying Liu & Geng Peng, 2021. "The Impact of Quantitative Easing on Cryptocurrency," International Journal of Economics and Financial Issues, Econjournals, vol. 11(4), pages 27-34.

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    More about this item

    Keywords

    Cryptocurrency; Hyperledger; Ransomware; Black Net; Blockchain; Internet of Things;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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