Security And Privacy Issues In Crypto Currencies: A Study

Background

Background

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Crypto currencies have been gaining a lot of attention in the digital world of currencies. Most if the transaction have been made using the digital transaction platform. However, there has been various security issues reported in recent years in the bitcoin technology (Al-Bassam et al. 2017). Various cyber-attacks have been reported for breaching digital data and information during transaction. The UK government has been channelizing the transaction anonymity along with a large array of research in this sector.  This research has helped in identifying different security and privacy issues in the crypto currency and bit coins. This research has helped in identifying the mitigating strategies for these security and privacy issues. The research has followed a proper methodology in order to complete the research. Data has been collected from primary sources. Hypothesis has been initiated in the research and proper hypothetical test has been done.

The security and privacy has been a major issue for the crypto currencies in the market.  There has been huge loss of digital data and information during digital transaction of money.  The use of digital currencies have been maximizing business of various companies in all over the world. 

The aim of the research is to analyze security and privacy issues in the crypto currencies.

The objectives of the research are as follows:

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  • To identify the security and privacy issues in the crypto currencies.
  • To analyze the security and privacy issues in the crypto currencies
  • To recommend strategies for mitigating security and privacy issues in the crypto currencies

The research questions are as follows:

  • What are security and privacy issues in the crypto currencies?
  • How security and privacy issues have been affecting crypto currencies?
  • How these issues can be mitigated?

Hypothesis 1: The security and privacy issues have been affecting the crypto currencies.

H0: There has been huge impact of security and privacy issues in crypto currencies.

H1: There has been no impact of security and privacy issues in crypto currencies.

Hypothesis 2: The security and privacy issues need to be mitigated from the crypto currencies transaction.

H0: The security and privacy issues can be mitigated from the crypto currencies transaction.

H1: The security and privacy issues cannot be mitigated from the crypto currencies transaction.

Methodology

The research has used a quantitative approach for completing the study. The researcher has collected data and information from primary approach. Data has been collected from creating survey questionnaire using google forms. The use of the primary data collection method have helped in collecting huge amount of data and information related to the security and privacy issues in crypto currencies (Atzei, Bartoletti and Cimoli 2017). There has been 25 participants using crypto currencies in the market. The quantitative data analysis has been done in this research for analyzing the data and information collected from primary sources related to security and privacy issues in the crypto currencies.  There has been various ethical consideration in the research.  The researcher has followed the Data Protection Act 1998 to protect the data and information related to the research (Kosba et al. 2016).  The data and information has not been tempered during the study.  The data collection process has faced some challenges including not able to access paid version of journals. Some of the online journals and articles have been in paid version that were not accessed due to financial problem.

Task Name

Duration

Start

Finish

Predecessors

Analysis of security and privacy issues in crypto currencies

93 days

Mon 6/4/18

Wed 10/10/18

 

   Study Initiation

11 days

Mon 6/4/18

Mon 6/18/18

 

      Study Requirements Analysis

2 days

Mon 6/4/18

Tue 6/5/18

 

      Approval of Research Topic from Supervisor

1 day

Wed 6/6/18

Wed 6/6/18

2

      Development of Research Plan Charter / Document

2 days

Thu 6/7/18

Fri 6/8/18

3,2

      Development of Research Framework

4 days

Mon 6/11/18

Thu 6/14/18

4,2

      Prepare Draft Research Proposal

2 days

Fri 6/15/18

Mon 6/18/18

5,4

   Research Planning

21 days

Tue 6/19/18

Tue 7/17/18

 

      Formation of Research Team

2 days

Tue 6/19/18

Wed 6/20/18

6

      Analysis of Research Requirement

1 day

Thu 6/21/18

Thu 6/21/18

6,8

      Identification of Research Questions

4 days

Fri 6/22/18

Wed 6/27/18

8,9

      Identify Scope of Research

4 days

Thu 6/28/18

Tue 7/3/18

10

      Estimate Research Timeline

4 days

Wed 7/4/18

Mon 7/9/18

10,11

      Allocation of Resources and Time for the Research

2 days

Tue 7/10/18

Wed 7/11/18

10,11,12

      Initiation of Research

4 days

Thu 7/12/18

Tue 7/17/18

13

   Research Development

26 days

Wed 7/18/18

Wed 8/22/18

 

      Determination of Research Problems

4 days

Wed 7/18/18

Mon 7/23/18

13,14

      Access to Necessary Media

1 day

Tue 7/24/18

Tue 7/24/18

13,16

      Access to Online Library

1 day

Tue 7/24/18

Tue 7/24/18

13,16

      Selection of Literary Sources

2 days

Wed 7/25/18

Thu 7/26/18

13,17,18

      Literature Review

4 days

Fri 7/27/18

Wed 8/1/18

19

      Collection of Necessary Data

10 days

Thu 8/2/18

Wed 8/15/18

19,20

      Collection of Primary Data

5 days

Thu 8/16/18

Wed 8/22/18

21

   Data Analysis

8 days

Thu 8/23/18

Mon 9/3/18

 

      Analysis of Primary Data

4 days

Thu 8/23/18

Tue 8/28/18

21,22

      Analysis of Primary Data

4 days

Wed 8/29/18

Mon 9/3/18

24

   Research Evaluation

13 days

Tue 9/4/18

Thu 9/20/18

 

      Evaluation of Data

6 days

Tue 9/4/18

Tue 9/11/18

21,22,23,24

      Reflection on Research Undertaken

2 days

Wed 9/12/18

Thu 9/13/18

27

      Documentation of Learning Outcomes

2 days

Wed 9/12/18

Thu 9/13/18

27

      Issues Identification and Future Planning

5 days

Fri 9/14/18

Thu 9/20/18

29,28

   Research Closure

14 days

Fri 9/21/18

Wed 10/10/18

 

      Complete All Acitvities in Research

1 day

Fri 9/21/18

Fri 9/21/18

30

      Documentation of Entire Research

10 days

Mon 9/24/18

Fri 10/5/18

32

      Validation of the Research and Learning

2 days

Mon 10/8/18

Tue 10/9/18

33

      Team Sign Off

1 day

Wed 10/10/18

Wed 10/10/18

34

Security and privacy issues = A + B* Social risk + C*legal risk +D*Mining pool attacks.

Problem statement

Here,

A = Intercept of the model

B = coefficient of Social risk

C = Coefficient of legal risk

D = Coefficient of mining pool attacks

Hypothesis 1: The security and privacy issues have been affecting the crypto currencies.

H0: There has been huge impact of security and privacy issues in crypto currencies.

H1: There has been no impact of security and privacy issues in crypto currencies.

Hypothesis 2: The security and privacy issues need to be mitigated from the crypto currencies transaction.

SUMMARY OUTPUT

   

Regression Statistics

Multiple R

0.813734

R Square

0.662163

Adjusted R Square

0.613901

Standard Error

0.682563

Observations

25

ANOVA

               

df

SS

MS

F

Significance F

     

Regression

3

19.17625

6.392083

13.72007

3.54E-05

     

Residual

21

9.783751

0.465893

         

Total

24

28.96

     
                 

Coefficients

Standard Error

t Stat

P-value

Lower 95%

Upper 95%

Lower 95.0%

Upper 95.0%

Intercept

-0.36276

0.644903

-0.56251

0.579726

-1.70391

0.978386

-1.70391

0.978386

Social risk

1.054015

0.214324

4.917864

7.28E-05

0.608304

1.499725

0.608304

1.499725

legal risk

0.053358

0.165499

0.322411

0.75033

-0.29081

0.397531

-0.29081

0.397531

Mining pool attacks

-0.10874

0.175307

-0.62025

0.541764

-0.47331

0.255837

-0.47331

0.255837

Cryptographic forms of money have been picking up ubiquity in everywhere throughout the world in a fast speed. Cryptographic forms of money are portrayed as computerized monetary standards that have no genuine presence in the market. It is a benefit that can be just carefully exchanged between parties. Bit coins have been cost utilized digital forms of money in the market. The bit coins have been keeping up the computerized monetary standards move in the market. The utilization of the advanced monetary standards have been amplifying the matter of different organizations in everywhere throughout the world. Digital forms of money have been keeping up the worldwide move showcase in everywhere throughout the world. The utilization of various conventions have been actualized for the security of the cryptographic forms of money in the market. The utilization of immersed advertise system in this innovation have been helping in keeping up the adaptability if the innovation. The computerized sum can be exchanged starting with one gathering then onto the next with the assistance of the cryptographic money innovation. Different money related foundation have been inquiring about in the innovation of digital currencies on the planet. The entryway of cryptographic forms of money have streamlined the propensity of the advanced exchange of benefits and monetary records everywhere throughout the world. An enormous measure of cash has been gliding in the market increment in organizations everywhere throughout the world. In this way, exchange of these cash from one contender to anyplace have been troublesome through the typical exchanges.

Conclusion

It can be concluded that blockchain has been creating a proper maintenance in the market which is using importance of cryptography, data organization and inspiring power systems for acknowledging objectives and goals of the company database in the market. Blockchain has been creating a massive development in the digital transaction of the financial assets of different parties.

References

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Andersen, M.P., Kolb, J., Chen, K., Fierro, G., Culler, D.E. and Popa, R.A., 2017. WAVE: A decentralised authorization system for IoT via blockchain smart contracts.

Atzei, N., Bartoletti, M. and Cimoli, T., 2017, April. A survey of attacks on Ethereum smart contracts (SoK). In International Conference on Principles of Security and Trust (pp. 164-186). Springer, Berlin, Heidelberg.

Cachin, C., 2016, July. Architecture of the Hyperledger blockchain fabric. In Workshop on Distributed Cryptocurrencies and Consensus Ledgers.

Christidis, K. and Devetsikiotis, M., 2016. Blockchains and smart contracts for the internet of things. IEEE Access, 4, pp.2292-2303.

Christidis, K. and Devetsikiotis, M., 2016. Blockchains and smart contracts for the internet of things. IEEE Access, 4, pp.2292-2303.

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Frantz, C.K. and Nowostawski, M., 2016, September. From institutions to code: Towards automated generation of smart contracts. In Foundations and Applications of Self* Systems, IEEE International Workshops on (pp. 210-215). IEEE.

Gomber, P., Kauffman, R.J., Parker, C. and Weber, B.W., 2018. On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services. Journal of Management Information Systems, 35(1), pp.220-265.

Górecki, J., 2015. Information technology in project management.  Studies & Proceedings Polish Association for Knowledge Management, (77), pp.34-37.