Byte Battle: A Swift Overview of Security Challenges of Blockchain Technology

Abstract

In recent years, Blockchain technologies have significantly impacted various industries, altering people's lifestyles and promising continued influence. This review explores the transformative potential of Blockchain while addressing the paramount concern of security issues and challenges. Examining decentralization, cryptographic principles, and consensus mechanisms, the discussion uncovers common vulnerabilities like 51% attacks and smart contract exploits. Privacy concerns, regulatory dynamics, and future threats such as quantum computing are also scrutinized. Mitigation strategies, encompassing network upgrades, enhanced smart contract auditing, and education initiatives, are proposed. Emphasizing collaboration, the review highlights the necessity to fortify Blockchain security in its dynamic and ever-evolving landscape.