A Survey on Blockchain Security and Its Impact Analysis

The blockchain is an emerging and potential technology with consideration of its security control mechanism, immutability, transparency, traceability, and reconciliation process which already has created hype in the different sectors like healthcare, education, supply chain, and especially more focused on cross-border payment in the financial sector. However, most of the blockchain applications which presently exist in the market, are still facing security issues like scalability, network security, data privacy, private and public key management system, and smart contract vulnerabilities. To measure these security issues, a detailed survey was conducted among the blockchain application users and developers with 37 questionaries which are highlighted in section III, Table III. Based on the survey data, this study also found that 15.85% of users were happy with the existing security system, 9.15% of users gave their opinion with no comments, and the remaining 72% of users highly recommended the enhancement of the blockchain security system. There is also a details impact analysis that has been done on financial, production, brand image, intellectual property rights, and regulatory penalties which is severe. However, in this paper, a new concept about the blockchain security survey and impact analysis has been used which will help to build a secured blockchain application system as well as it will help the researchers to continue and enhance the blockchain security system.