Security of Cryptocurrencies: A View on the State-of-the-Art Research and Current Developments

Abstract

[Context] The goal of security is to protect digital assets, devices, and services from being disrupted, exploited or stolen by unauthorized users. It is also about having reliable information available at the right time. [Motivation] Since the inception in 2009 of the first cryptocurrency, few studies have been undertaken to analyze and review the state-of-the-art research and current developments with respect to the security of cryptocurrencies. [Purpose] We aim to provide both theoretical and empirical insights into the security landscape, in particular focusing on both technical solutions and human-related facets. [Methodology] We used an integrative review which could help in building science and scholarly research, the basis for conceptual and empirical models. [Results] Successful defense against cyberattacks depends on technical measures on the one hand, as well as on self-education and training with the aim to develop competence, knowledge, skills and social abilities, on the other. [Contribution] Our findings provide a comprehensive review for the major achievements and developments of the recent progress on the security of cryptocurrencies. [Future research] Since there is increasing interest in adoption of the current solutions within the central bank digital currencies, the future research should explore the development and inception of effective measures against social engineering attacks, which still remain the main concern.