Peculiarities of Using Blockchain Technologies in Crypto-Currency's Turnout
International Conference on Cryptography, Security and Privacy, 16-18 March 2018, Guiyang, China
Posted: 28 Mar 2018
Date Written: March 23, 2018
Abstract
The paper is devoted to the analysis of the peculiarities of blockchain technology in crypto-currency’s turnout. Blockchain is the sequential chain of information blocks which was created according to the certain rules, where in each subsequent block the information of the previous block is updated or can be changed. The blockchain does not have server centers. Particles of information are distributed across all connected computers, which exclude the possibility of hacker attacks. From the point of view of crypto-currency’s turnout advantages of the blockchain are the stability of the system to hacker attacks and technical failures; increased security due to the use of asymmetric encryption; impossibility of "returning back" the transaction; transparency of work with data; the cross-border nature of operations and the exchange of data. We made analysis the following disadvantages of blockchain in crypto-currency’s turnout: the use of cryptography cause difficulties in the identification of the user of crypto-currencies and tokens; the decentralization of the network excludes the possibility of monitoring the production of crypto-currency, and the cross-border nature of the blockchain causes the need of integration of efforts to identify and investigate cybercrimes by criminological agencies. We made the conclusion that using blockchain technology provide efficiency crypto-currency’s turnout but creates such negative effects as cybercrimes, cyber-terrorism etc.
Suggested Citation: Suggested Citation