Exploring the Security of Blockchain Applications: A Review of Current Solutions and Open Challenges

Blockchain technology has gained extensive recognition across a range of industries and is currently considered as one of the most essential technologies in the computing industry. The incorporation of private computing into blockchain technology is very necessary because of the huge challenges that blockchain technology faces in terms of preserving the privacy of consumers while simultaneously ensuring the immutability and transparency of data. This technology enhances the protection of users' privacy and the safety of their data within blockchain networks, while enhancing transparency and accountability. Additionally, it has the capability of enabling blockchain applications to carry out actions that require complex cooperation and smart contracts while yet maintaining the confidentiality of user information. The review article offers an introductory overview of the security of blockchain-based applications, encompassing the fundamental principles of blockchain security, the associated challenges, and prospective solutions. The article introduces research questions related to these topics and incorporates an extensive literature analysis of more than 15 academic articles. In addition, it discusses the use of blockchain technology in secure systems, current developments in blockchain security, and presents case examples from previous research that focus on protecting blockchain applications. In conclusion, the research highlights the challenges and unexplored research domains in the field of blockchain security, concluding in a brief summary of its findings.