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Are blockchains immune to all malicious attacks?

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  • Jennifer J. Xu

    (Bentley University)

Abstract

Background In recent years, blockchain technology has attracted considerable attention. It records cryptographic transactions in a public ledger that is difficult to alter and compromise because of the distributed consensus. As a result, blockchain is believed to resist fraud and hacking. Results This work explores the types of fraud and malicious activities that can be prevented by blockchain technology and identifies attacks to which blockchain remains vulnerable. Conclusions This study recommends appropriate defensive measures and calls for further research into the techniques for fighting malicious activities related to blockchains.

Suggested Citation

  • Jennifer J. Xu, 2016. "Are blockchains immune to all malicious attacks?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-9, December.
    • Handle: RePEc:spr:fininn:v:2:y:2016:i:1:d:10.1186_s40854-016-0046-5
    DOI: 10.1186/s40854-016-0046-5
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    References listed on IDEAS

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    3. Mainelli, Michael & Smith, Mike, 2015. "Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology)," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(3), pages 38-58.
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    Cited by:

    1. Chen, R. & Chen, K. & Ou, Carol, 2023. "Facilitating interorganizational trust in strategic alliances by leveraging blockchain-based systems: Case studies of two eastern banks," Other publications TiSEM 85ecf99c-76f0-416e-9604-d, Tilburg University, School of Economics and Management.
    2. Romi Kher & Siri Terjesen & Chen Liu, 2021. "Blockchain, Bitcoin, and ICOs: a review and research agenda," Small Business Economics, Springer, vol. 56(4), pages 1699-1720, April.
    3. Huru Hasanova & Ui‐jun Baek & Mu‐gon Shin & Kyunghee Cho & Myung‐Sup Kim, 2019. "A survey on blockchain cybersecurity vulnerabilities and possible countermeasures," International Journal of Network Management, John Wiley & Sons, vol. 29(2), March.
    4. Sahebi, Iman Ghasemian & Masoomi, Behzad & Ghorbani, Shahryar, 2020. "Expert oriented approach for analyzing the blockchain adoption barriers in humanitarian supply chain," Technology in Society, Elsevier, vol. 63(C).
    5. J. Leon Zhao & Shaokun Fan & Jiaqi Yan, 2016. "Overview of business innovations and research opportunities in blockchain and introduction to the special issue," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-7, December.
    6. Khaled A. M. Ahmed & Sabry F. Saraya & John F. Wanis & Amr M. T. Ali-Eldin, 2023. "A Blockchain Self-Sovereign Identity for Open Banking Secured by the Customer’s Banking Cards," Future Internet, MDPI, vol. 15(6), pages 1-25, June.
    7. Evans, Olaniyi, 2018. "Blockchain Technology and the Financial Market: An Empirical Analysis," MPRA Paper 99212, University Library of Munich, Germany.
    8. Emilio Abad-Segura & Alfonso Infante-Moro & Mariana-Daniela González-Zamar & Eloy López-Meneses, 2021. "Blockchain Technology for Secure Accounting Management: Research Trends Analysis," Mathematics, MDPI, vol. 9(14), pages 1-26, July.
    9. Min Xu & Xingtong Chen & Gang Kou, 2019. "A systematic review of blockchain," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-14, December.
    10. Hackius, Niels & Petersen, Moritz, 2017. "Blockchain in logistics and supply chain: Trick or treat?," Chapters from the Proceedings of the Hamburg International Conference of Logistics (HICL), in: Kersten, Wolfgang & Blecker, Thorsten & Ringle, Christian M. (ed.), Digitalization in Supply Chain Management and Logistics: Smart and Digital Solutions for an Industry 4.0 Environment. Proceedings of the Hamburg Inter, volume 23, pages 3-18, Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management.
    11. George Vlahavas & Kostas Karasavvas & Athena Vakali, 2024. "Unsupervised clustering of bitcoin transactions," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-31, December.
    12. Ricardo Carreño & Verónica Aguilar & Daniel Pacheco & Marco Antonio Acevedo & Wen Yu & María Elena Acevedo, 2019. "An IoT Expert System Shell in Block-Chain Technology with ELM as Inference Engine," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 18(01), pages 87-104, January.
    13. Cătălin-Ionuț Silvestru & Alexandru-Cristian Firulescu & Dumitru-Georgian Iordoc & Vasilica-Cristina Icociu & Mihai-Alexandru Stoica & Otilia-Elena Platon & Anca-Olguța Orzan, 2022. "Smart Academic and Professional Education," Sustainability, MDPI, vol. 14(11), pages 1-15, May.
    14. Heidari , Hamed & Mousakhani , Morteza & Alborzi , Mahmood & Divandari , Ali & Radfar , Reza, 2019. "Explaining the Blockchain Acceptance Indices in Iran Financial Markets: A Fuzzy Delphi Study," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 14(3), pages 335-365, July.
    15. Nadia Pocher & Mirko Zichichi & Fabio Merizzi & Muhammad Zohaib Shafiq & Stefano Ferretti, 2023. "Detecting anomalous cryptocurrency transactions: An AML/CFT application of machine learning-based forensics," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-17, December.
    16. Alireza Farnoush & Ashish Gupta & Hamidreza Ahady Dolarsara & David Paradice & Shashank Rao, 2022. "Going beyond intent to adopt Blockchain: an analytics approach to understand board member and financial health characteristics," Annals of Operations Research, Springer, vol. 308(1), pages 93-123, January.
    17. Francisco Javier García-Corral & José Antonio Cordero-García & Jaime de Pablo-Valenciano & Juan Uribe-Toril, 2022. "A bibliometric review of cryptocurrencies: how have they grown?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-31, December.
    18. Zhiqi Feng & Yongli Li & Xiaochen Ma, 2023. "Blockchain-oriented approach for detecting cyber-attack transactions," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-38, December.
    19. Ioana – Florina Coita & Laura – Camelia Filip & Eliza-Angelika Kicska, 2021. "Tax Evasion And Financial Fraud In The Current Digital Context," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 187-194, July.
    20. Amogh Shukla & Tapan Kumar Das & Sanjiban Sekhar Roy, 2023. "TRX Cryptocurrency Profit and Transaction Success Rate Prediction Using Whale Optimization-Based Ensemble Learning Framework," Mathematics, MDPI, vol. 11(11), pages 1-27, May.

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