Systematic Analysis of Cryptocurrencies, Mining Techniques and Improving Existing Security for Cryptocurrencies

Abstract

One of the major impacts of globalization is that it makes it possible for people to conduct business across borders regardless of their geographical isolations. Social media has enabled businesses to overcome the geographical barriers to accessing foreign markets. cryptocurrencies rely on blockchain to conduct businesses, yet the system has always suffered security and scalability problems. Blockchain technology relies on Proof of work (PoW), Proof of stake (PoS) and Proof of authority (PoA). All the previous techniques used a relatively similar approach authenticating transactions performed on blockchain. cryptominers are the ultimately the first line of define against cybercrimes, which makes blockchain slow and very vulnerable to cyberattacks. Blockchain technology is yet to utilize the use of machine learning including open face recognition, speech recognition and deep learning. Adopting such technology will improve the authentication process and enhance the scalability of the system.