Application of Elliptic Curve Crypto System to Secure Multi-Signature Bitcoin Block Chain

Abstract

Blockchain is a technology that enables decentralized digital currencies like bitcoin, ethereum, and ripple. It is widely used in many areas such as healthcare, defense, and industrial domains like internet of things for tracking sensor data and detecting duplicate sensor data. Bitcoin is one of the most popular cryptocurrencies due to its market value and use as a medium of exchange. The trustless secure money exchanges have made bitcoins appealing to people. However, the loose possession of bitcoin keys can lead to monetary loss and a decrease in bitcoin users. In this article, we provide an extensive analysis of major privacy and security issues in the Bitcoin blockchain. First, we discuss the security issues in bitcoin, and second, we discuss countermeasures for these bitcoin threats. Third, we provide an added level of security using elliptic curve cryptography on bitcoin multi-signature accounts. Our research helps bitcoin users understand the risks involved in using non-multi-signature accounts compared to multi-signature accounts. The use of elliptic curve cryptography on bitcoin multi-signature accounts also helps to avoid unnecessary expenses such as bitcoin currency rewards to miners.