Blockchain for Business

11Acceptance and Adoption of Blockchain Technology: An Examination of the Security & Privacy Challenges

Amandeep Dhaliwal* and Sahil Malik

FMS, Manav Rachna Institute of Research & Studies, Faridabad, India

Abstract

Blockchain is one of the most prominent technologies of the present day along with Robotics & AI. It is assumed that blockchain capabilities can bring in great alteration to the world economies, businesses, and societies in general all over the world. The hype around it makes it seem to be a perfect technology but the reality is quite different. The truth is that blockchain as a technology is still immature and is developing as we discuss it. Therefore numerous issues exist in adoption of blockchain like privacy, decentralization, regulatory and business model challenges which need to be addressed before embracing blockchain as a foundational technology for businesses. This chapter explores the prevalent security and privacy challenges associated with blockchain in detail and the negative implications of these challenges. Lastly it suggests certain Blockchain applications which support the acceptance and adoption of blockchain technology.

Keywords: Blockchain, bitcoin, security, privacy, de-anonymization

11.1 Introduction

Blockchain technology is a radical innovation in field of information technology. Originally it was invented in 2009 as the backbone technology for Bitcoin [1]. But since then, with the advancement of blockchain technology, it has found application ...