Key points are not available for this paper at this time.
The blockchain emerges as an innovative tool which proves to be useful in a number of application scenarios. A number of large industrial players, such as IBM, Microsoft, Intel, and NEC, are currently investing in exploiting the blockchain in order to enrich their portfolio of products. A number of researchers and practitioners speculate that the blockchain technology can change the way we see a number of online applications today. Although it is still early to tell for sure, it is expected that the blockchain will stimulate considerable changes to a large number of products and will positively impact the digital experience of many individuals around the globe. In this tutorial, we overview, detail, and analyze the security provisions of Bitcoin and its underlying blockchain-effectively capturing recently reported attacks and threats in the system. Our contributions go beyond the mere analysis of reported vulnerabilities of Bitcoin; namely, we describe and evaluate a number of countermeasures to deter threats on the system-some of which have already been incorporated in the system. Recall that Bitcoin has been forked multiple times in order to fine-tune the consensus (i.e., the block generation time and the hash function), and the network parameters (e.g., the size of blocks). As such, the results reported in this tutorial are not only restricted to Bitcoin, but equally apply to a number of "altcoins" which are basically clones/forks of the Bitcoin source code. Given the increasing number of alternative blockchain proposals, this tutorial extracts the basic security lessons learnt from the Bitcoin system with the aim to foster better designs and analysis of next-generation secure blockchain currencies and technologies.
Ghassan Karame (Mon,) studied this question.