No Access

Blockchain and the Emerging Trends for Improving “Smart Contract” Security

Milton Chang

DOMANISYSTEMS INC., Shelton, CT, USA

E-mail Address: milton@domanisystems.com

https://doi.org/10.1142/S0129156419400196Cited by:1 (Source: Crossref)

This article is part of the issue:

Special Issue on Nanotechnology in Electronics, Photonics, Biosensors, and Emerging Technologies
Guest Editors: F. Jain, C. Broadbridge, M. Gherasimova and H. Tang

Abstract

Blockchain technology is believed to be a highly secured solution for it is a decentralized ledger guarded by cryptographic techniques. However, the recent successful ‘51% Attack’ [1] on Ethereum Blockchain network, raised concerns regarding the trustworthiness of this technology. This paper addresses the causes and solutions to that attack. Private Transactions like the techniques implemented in Parity Ethereum and Quorum are introduced. Proof of Stack (POS) is another approach using economic incentives instead of intensive computations to guard against attacks while reducing power consumed. They are considered mitigation to the ‘51% Attack’. The use of Second Factor Authentication at the Smart Contract level is also addressed.