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Abstract

Cybersecurity is a crucial component of the security system that guards against unauthorized access to digital transactions. Blockchain is a decentralized ledger used to securely exchange digital currencies and conduct trades and transactions. Blockchain technology has led to significant changes in electronic transactions. The enormous potential is being exploited in many areas such as financial services, real estate, supply chain, and the Internet of Things. Despite being a security system, it has suffered from security threats to sensitive data. Phishing and 51% attacks can circumvent blockchain security, highlighting the need for thorough user education and awareness. Additionally, blockchains based on digital transactions require more robust and resilient cybersecurity solutions to protect their software and databases. This paper focuses on the latest research on blockchain in cybersecurity, its various applications in digital transactions, and potential challenges including security issues such as various types of cyberattacks and scalability in blockchain technology. This study aims to improve knowledge about the cyberattacks that blockchain security and transaction privacy face. It also strives to summarize the strengths and weaknesses of previous studies in general, and discuss the various challenges and security issues faced, in particular. In each study, new solutions were proposed that could be used for future development and potential future research solutions were identified.

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