A Comprehensive Analysis of Blockchain Network Security: Attacks and Their Countermeasures

Blockchain is a shared database that makes use of a shared ledger distributed amongst the different nodes present in a network. It provides the foundation for storing the data in such a way that it can neither be deleted nor altered. Blockchain has been widely used in various application areas ranging from banking sectors to finance, health care to supply chains and many more, thus providing better accuracy, transparency, and cost reduction. Despite exhibiting features like decentralization, trust, and immutability, blockchain is susceptible to many security attacks. This paper focuses on the concept of blockchain, providing insights regarding its features and application areas. Most importantly this paper covers the analysis of various security attacks to which blockchain is prone and hence many sectors are reluctant to use this technology. Some future directions and key takeaways are covered in the conclusion section that will form the basis for future work.