CONCERNS ABOUT DOUBLE SPENDING ATTACK IN BLOCKCHAIN'S SECURITY AND THEIR POTENTIAL SOLUTIONS

Abstract

Bitcoin's underlying blockchain technology is rapidly rising in popularity as a means to create and manage digital transactions. It's a decentralized, immutable ledger for recording transactions. Many industries, including the Internet of Things, healthcare, energy, supply chain, manufacturing, cyber security, and especially financial services, could benefit from a rethinking of how digital transactions are conceived thanks to this rapidly developing technology. This new technology, however, is still in its formative stages of development. Blockchain has enormous potential, but there are still many questions about how to best use it, including how to ensure its scalability, security, privacy, compliance, and governance. Some research has been done on blockchain security and privacy concerns, but there hasn't been a comprehensive look at how secure blockchain systems actually are. This article evaluated the vulnerabilities already present in the Blockchain and provided a comprehensive evaluation of the security concerns facing blockchain systems. These flaws allow for the activation of a wide variety of security threats that could otherwise prevent Blockchain platforms from functioning as intended.