Security And Privacy Issues In Crypto Currencies: A Study

Background

Background

Crypto currencies have been gaining a lot of attention in the digital world of currencies. Most if the transaction have been made using the digital transaction platform. However, there has been various security issues reported in recent years in the bitcoin technology (Al-Bassam et al. 2017). Various cyber-attacks have been reported for breaching digital data and information during transaction. The UK government has been channelizing the transaction anonymity along with a large array of research in this sector.  This research has helped in identifying different security and privacy issues in the crypto currency and bit coins. This research has helped in identifying the mitigating strategies for these security and privacy issues. The research has followed a proper methodology in order to complete the research. Data has been collected from primary sources. Hypothesis has been initiated in the research and proper hypothetical test has been done.

The security and privacy has been a major issue for the crypto currencies in the market.  There has been huge loss of digital data and information during digital transaction of money.  The use of digital currencies have been maximizing business of various companies in all over the world. 

The aim of the research is to analyze security and privacy issues in the crypto currencies.

The objectives of the research are as follows:

• To identify the security and privacy issues in the crypto currencies.
• To analyze the security and privacy issues in the crypto currencies
• To recommend strategies for mitigating security and privacy issues in the crypto currencies

The research questions are as follows:

• What are security and privacy issues in the crypto currencies?
• How security and privacy issues have been affecting crypto currencies?
• How these issues can be mitigated?

Hypothesis 1: The security and privacy issues have been affecting the crypto currencies.

H0: There has been huge impact of security and privacy issues in crypto currencies.

H1: There has been no impact of security and privacy issues in crypto currencies.

Hypothesis 2: The security and privacy issues need to be mitigated from the crypto currencies transaction.

H0: The security and privacy issues can be mitigated from the crypto currencies transaction.

H1: The security and privacy issues cannot be mitigated from the crypto currencies transaction.

Methodology

The research has used a quantitative approach for completing the study. The researcher has collected data and information from primary approach. Data has been collected from creating survey questionnaire using google forms. The use of the primary data collection method have helped in collecting huge amount of data and information related to the security and privacy issues in crypto currencies (Atzei, Bartoletti and Cimoli 2017). There has been 25 participants using crypto currencies in the market. The quantitative data analysis has been done in this research for analyzing the data and information collected from primary sources related to security and privacy issues in the crypto currencies.  There has been various ethical consideration in the research.  The researcher has followed the Data Protection Act 1998 to protect the data and information related to the research (Kosba et al. 2016).  The data and information has not been tempered during the study.  The data collection process has faced some challenges including not able to access paid version of journals. Some of the online journals and articles have been in paid version that were not accessed due to financial problem.

Task Name	Duration	Start	Finish	Predecessors
Analysis of security and privacy issues in crypto currencies	93 days	Mon 6/4/18	Wed 10/10/18
Study Initiation	11 days	Mon 6/4/18	Mon 6/18/18
Study Requirements Analysis	2 days	Mon 6/4/18	Tue 6/5/18
Approval of Research Topic from Supervisor	1 day	Wed 6/6/18	Wed 6/6/18	2
Development of Research Plan Charter / Document	2 days	Thu 6/7/18	Fri 6/8/18	3,2
Development of Research Framework	4 days	Mon 6/11/18	Thu 6/14/18	4,2
Prepare Draft Research Proposal	2 days	Fri 6/15/18	Mon 6/18/18	5,4
Research Planning	21 days	Tue 6/19/18	Tue 7/17/18
Formation of Research Team	2 days	Tue 6/19/18	Wed 6/20/18	6
Analysis of Research Requirement	1 day	Thu 6/21/18	Thu 6/21/18	6,8
Identification of Research Questions	4 days	Fri 6/22/18	Wed 6/27/18	8,9
Identify Scope of Research	4 days	Thu 6/28/18	Tue 7/3/18	10
Estimate Research Timeline	4 days	Wed 7/4/18	Mon 7/9/18	10,11
Allocation of Resources and Time for the Research	2 days	Tue 7/10/18	Wed 7/11/18	10,11,12
Initiation of Research	4 days	Thu 7/12/18	Tue 7/17/18	13
Research Development	26 days	Wed 7/18/18	Wed 8/22/18
Determination of Research Problems	4 days	Wed 7/18/18	Mon 7/23/18	13,14
Access to Necessary Media	1 day	Tue 7/24/18	Tue 7/24/18	13,16
Access to Online Library	1 day	Tue 7/24/18	Tue 7/24/18	13,16
Selection of Literary Sources	2 days	Wed 7/25/18	Thu 7/26/18	13,17,18
Literature Review	4 days	Fri 7/27/18	Wed 8/1/18	19
Collection of Necessary Data	10 days	Thu 8/2/18	Wed 8/15/18	19,20
Collection of Primary Data	5 days	Thu 8/16/18	Wed 8/22/18	21
Data Analysis	8 days	Thu 8/23/18	Mon 9/3/18
Analysis of Primary Data	4 days	Thu 8/23/18	Tue 8/28/18	21,22
Analysis of Primary Data	4 days	Wed 8/29/18	Mon 9/3/18	24
Research Evaluation	13 days	Tue 9/4/18	Thu 9/20/18
Evaluation of Data	6 days	Tue 9/4/18	Tue 9/11/18	21,22,23,24
Reflection on Research Undertaken	2 days	Wed 9/12/18	Thu 9/13/18	27
Documentation of Learning Outcomes	2 days	Wed 9/12/18	Thu 9/13/18	27
Issues Identification and Future Planning	5 days	Fri 9/14/18	Thu 9/20/18	29,28
Research Closure	14 days	Fri 9/21/18	Wed 10/10/18
Complete All Acitvities in Research	1 day	Fri 9/21/18	Fri 9/21/18	30
Documentation of Entire Research	10 days	Mon 9/24/18	Fri 10/5/18	32
Validation of the Research and Learning	2 days	Mon 10/8/18	Tue 10/9/18	33
Team Sign Off	1 day	Wed 10/10/18	Wed 10/10/18	34

Security and privacy issues = A + B* Social risk + C*legal risk +D*Mining pool attacks.

Problem statement

Here,

A = Intercept of the model

B = coefficient of Social risk

C = Coefficient of legal risk

D = Coefficient of mining pool attacks

Hypothesis 1: The security and privacy issues have been affecting the crypto currencies.

H0: There has been huge impact of security and privacy issues in crypto currencies.

H1: There has been no impact of security and privacy issues in crypto currencies.

Hypothesis 2: The security and privacy issues need to be mitigated from the crypto currencies transaction.

SUMMARY OUTPUT
Regression Statistics
Multiple R	0.813734
R Square	0.662163
Adjusted R Square	0.613901
Standard Error	0.682563
Observations	25

ANOVA
	df	SS	MS	F	Significance F
Regression	3	19.17625	6.392083	13.72007	3.54E-05
Residual	21	9.783751	0.465893
Total	24	28.96
	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%	Lower 95.0%	Upper 95.0%
Intercept	-0.36276	0.644903	-0.56251	0.579726	-1.70391	0.978386	-1.70391	0.978386
Social risk	1.054015	0.214324	4.917864	7.28E-05	0.608304	1.499725	0.608304	1.499725
legal risk	0.053358	0.165499	0.322411	0.75033	-0.29081	0.397531	-0.29081	0.397531
Mining pool attacks	-0.10874	0.175307	-0.62025	0.541764	-0.47331	0.255837	-0.47331	0.255837

Cryptographic forms of money have been picking up ubiquity in everywhere throughout the world in a fast speed. Cryptographic forms of money are portrayed as computerized monetary standards that have no genuine presence in the market. It is a benefit that can be just carefully exchanged between parties. Bit coins have been cost utilized digital forms of money in the market. The bit coins have been keeping up the computerized monetary standards move in the market. The utilization of the advanced monetary standards have been amplifying the matter of different organizations in everywhere throughout the world. Digital forms of money have been keeping up the worldwide move showcase in everywhere throughout the world. The utilization of various conventions have been actualized for the security of the cryptographic forms of money in the market. The utilization of immersed advertise system in this innovation have been helping in keeping up the adaptability if the innovation. The computerized sum can be exchanged starting with one gathering then onto the next with the assistance of the cryptographic money innovation. Different money related foundation have been inquiring about in the innovation of digital currencies on the planet. The entryway of cryptographic forms of money have streamlined the propensity of the advanced exchange of benefits and monetary records everywhere throughout the world. An enormous measure of cash has been gliding in the market increment in organizations everywhere throughout the world. In this way, exchange of these cash from one contender to anyplace have been troublesome through the typical exchanges.

Conclusion

It can be concluded that blockchain has been creating a proper maintenance in the market which is using importance of cryptography, data organization and inspiring power systems for acknowledging objectives and goals of the company database in the market. Blockchain has been creating a massive development in the digital transaction of the financial assets of different parties.

References

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