CRYPTOCURRENCY & BLOCKCHAIN SECURITY STANDARDS
Dr. A. A. Annapurna
Lecturer in Commerce
Government College (Autonomous) Rajahmundry
Abstract
Cryptocurrency is a digital payment system that is facilitated online enabling anyone from anywhere to transact by making payments or sending money. This paper intends to describe the evolution and meaning of cryptocurrency, its functioning, and the security aspects of using cryptocurrency. Digital transformation has already made us experience its presence in all walks of our lives and it is not going to take much time for the emergence of virtual exchange of value. Literacy of these transactions is essential to playing safe in the coming days. Transactions around the world are made in the absence of physical money. Cryptography is used to encrypt and decrypt information, hence the name cryptocurrency. Cryptocurrency works on a public ledger, which is called blockchain. Blockchain technology provides a secure platform. It creates a digital ledger for cryptocurrency transactions. In 2009 the first cryptocurrency was founded by the name Bitcoin and is the best of its kind to date. Still, this system is not immune to cyber-attacks and hackers. Here once money is lost it is lost forever. The backend process is very complex. Transactions are recorded into the blocks and time stamped. Thus, these transactions are secure. Cryptocurrency exchanges, mobile, and web applications are included to set standards for security. An idle cryptocurrency security standard requires an active information system. Cryptocurrency Security Standards (CCSS) provide smart choices and promote decision-making for purchase and investment in the right service. It also helps customers and investors to make better decisions with companies. Usually, standards have ten points to be fulfilled and are put up at 3 levels.
Key words: Cryptocurrency, Bitcoin, Blockchain, Cryptocurrency Security Standard, phishing,
DOI link – https://doi.org/10.69758/GIMRJ/2411IV05V12P0001
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