Analysis of Anonymity and Privacy of Crypto Currencies

  • D. Madhusudhana Rao, Subba Rao Peram, B. Premamayudu

Abstract

Block chain technology is still exploratory and, despite an increase in Bit coin and crypto currency research many challenges remain unaddressed. A transaction tells the network that the owner of the crypto currency has sanctioned the transfer of that value to another owner. The other owner can now spend the digital cash by transferring the value to another person. Since block chain is an append only digital ledger, crypto currencies uses this ledger to keep track of all the transactions. What email is to the Internet is crypto currency to block chain: a small part of an extraordinarily innovative, world-changing piece of technology. Bit coin’s block chain network is public so there are many security challenges like block chain analysis where the attacker can utilize the information about change of addresses, different heuristics can be constructed on the basis of behavior-based clustering. Further network analysis can also be done which includes operations like setting the address cookie, Utilizing anomalously relayed information and mapping the Bit coin address to IP address, All these findings can later be merged with off-network information which can be used against the user to de-anonymize him. This paper address such few challenges specifically related to security domain of Bit coin and other digital cash systems. We also propose the solutions to these challenges like, hidden address shuffling which mixes the transaction data which leads to reduction of de-anonymizing the user, Data encryption and Data disintegration techniques are also used to protect the privacy of the user. The aim of this article is concentrated on details of Block chain technology in which how Bit coin uses it and what are the security challenges that it faces.

How to Cite
D. Madhusudhana Rao, Subba Rao Peram, B. Premamayudu. (1). Analysis of Anonymity and Privacy of Crypto Currencies. International Journal of Advanced Science and Technology, 29(3), 10800 - 10813. Retrieved from https://sersc.org/journals/index.php/IJAST/article/view/27888
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Articles