Systematic Approach for Securing and Preserving the Privacy of Blockchain Systems

Blockchain technology provides a decentralized, irreversible, and verifiable ledger for recording digital asset transactions. This technology has the potential to drastically alter several cutting-edge scenarios. But recently, blockchain has found itself under scrutiny over security and privacy. Multiple heists and hacks have taken place in blockchain systems in this short period of blockchain evolution. Innovative secure privacy blockchain solutions utilizing the crypto-privacy approaches have become the need of the hour to handle privacy issues. The below work discusses ways to bring in state-of-the-art technologies to exculpate the concerns raised on privacy and security uncertainties. Here, the primary emphasis is given to combat the chaos arising in blockchain privacy and security thus contributing to the users and developers of blockchain. We categorically explain that blockchain alone is not sufficient in the current era of heists and attacks, giving the recommendation of the framework in the coming sections, thereby placing the techniques for privacy-preserving blockchain tightly bound to the system.