Enhancing Cybersecurity Through Blockchain: An Analysis of Solutions for Threats and Vulnerabilities – An Agency Theory Perspective

This qualitative research study investigates the potential of blockchain technology in enhancing cybersecurity. The study explores current cybersecurity threats and vulnerabilities related to blockchain, potential benefits and limitations of blockchain technology, existing blockchain-based solutions and future research directions and practical applications for enhancing cybersecurity. The study findings indicate that the most common cybersecurity threats related to blockchain technology are phishing attacks, social engineering attacks, and ransomware. Potential benefits include data integrity, immutability, transparency, and secure decentralised storage. Limitations of blockchain technology include scalability, cost, and lack of regulation. The most common blockchain-based solutions for cybersecurity are public and private blockchain networks, smart contracts, and encryption. The study findings provide valuable insights for cybersecurity decision-makers and practitioners. This study concludes that blockchain technology has potential as an effective solution for enhancing cybersecurity, but further research is needed regarding regulation, interoperability, scalability, and the integration of blockchain technology with other cybersecurity solutions.