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http://dx.doi.org/10.17661/jkiiect.2018.11.1.100

The Security Risk and Countermeasures of Blockchain based Virtual Currency Trading  

Chung, Young-Seek (Major in Information Communication Media Engineering, Seoul National University of Science&Technology)
Cha, Jae-Sang (Department of Electronics and IT Media Engineering, Seoul National University of Science&Technology)
Publication Information
The Journal of Korea Institute of Information, Electronics, and Communication Technology / v.11, no.1, 2018 , pp. 100-106 More about this Journal
Abstract
Since the concept of virtual currency called Bitcoin was announced in 2008, the blockchain technology, which is the basis of Bitcoin, is attracting attention as an important platform technology in the era of the 4th industrial revolution that can change our society in the future. Although Existing electronic financial transactions store and manage all transaction history at a reliable central organization such as government and bank, blockchain-based electronic financial transactions are composed of a distributed structure in which all participants participating in the transaction store and manage the transaction history, it is possible to secure transaction transparency while reducing system construction and operation costs. Besides the virtual currency that started with bit coins, the technology of these blockchains has been extended in various fields such as smart contracts and document management. The key technology area of this blockchain is security based on proven cryptographic technology to make it difficult to forge and hack, but there are security risks such as security vulnerabilities in the virtual currency trading service, We will discuss security risks in using virtual currency and discuss countermeasures. Especially security accidents of virtual currency exchanges are occurring frequently recently, the damage of users who trade the virtual currency is also increasing, we propose security threats and security countermeasures against virtual currency exchanges.
Keywords
Bitcoin; Blockchain; Security Countermeasure; Security Risk; Virtual Currency;
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