BLOCKCHAIN TECHNOLOGY: A REVIEW ON ARCHITECTURE, SECURITY ISSUES AND CHALLENGES

Data is one of the most significant resources. In this digital era, cyber security has become the worldwide issue. Since cyber criminals are getting progressively skilful in their attempts to destroy the valuable data, securing this data has become mandatory. Different procedures have been developed in the past to secure the data, but there are no bounds to security threats, resulting in theft of information from the devices. Currently Blockchain technology is the best tool to secure the data. Blockchain, originally known as Bitcoin, has become very popular technology to digitally create and manage transactions. It is a form of distributed public ledger which analyses and verifies transactions in decentralized manner and data is not under the control of any third party organization. This rapidly evolving technology can possibly change the opinion about digital transactions in various areas such as energy supply, peer-to-peer global payments, financial transactions, agriculture and industry. Regardless, this rising innovation is still in its beginning period of progression. Inspite of several opportunities offered by blockchain, it has limitations such as transaction cost, scalability, consistency security and administration issues which has not yet been addressed and investigated. In spite of the fact that there are a couple of studies on the security and privacy issues of the blockchain, they do not have an efficient assessment of the securing blockchain architectures. This paper presents a detailed architecture of blockchain technology along with systematic study of the security attacks rising in blockchain technology. Keywords— Blockchain, Distributed, Decentralized, Scalability, Security Attacks