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" Bitcoin, Blockchain Technology, and Secure Hash Algorithms "
Plummer, Daniel Eugene
Washington, Lawrence C.
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Latin Dissertation
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| Language of Document
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English
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| Record Number
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1106699
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| Doc. No
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TLpq2409196214
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| Main Entry
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Plummer, Daniel Eugene
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Washington, Lawrence C.
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| Title & Author
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Bitcoin, Blockchain Technology, and Secure Hash Algorithms\ Plummer, Daniel EugeneWashington, Lawrence C.
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| College
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Howard University
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| Date
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2019
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| student score
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2019
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| Degree
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M.S.
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| Page No
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65
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| Abstract
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In December 2017, Bitcoin reached its highest value at usd17, 900 USD. However, since July 2018 Bitcoin has oscillated between usd3,400 USD and usd4,500 USD. As a result, many question whether Bitcoin and blockchain technologies are stable currencies. Still, not surprisingly, others point to the theft of Bitcoin from Japan’s Coincheck which is estimated to be a loss of 860 million yen as an indication that not only are cryptocurrencies insecure financial instruments but their insecurity contradicts blockchain technologies’ premise that, “Its stability is based on its secure cryptographic algorithms and immutability of the general ledger.” This thesis discusses evidence to the contrary. First, we describe the nature and origins of Bitcoin, blockchain technology, and cryptocurrency. Specifically, we examine how the RSA encryption scheme was proposed for electronic cash and is the foundation of today’s banking authentication and data integrity. Second, we examine how Bitcoin initially implemented the Secure Hash Algorithm, SHA-1, as its primary hashing function which was later replaced by SHA-256. Accordingly, we suggest that the SHA-1 algorithm is still secure despite Google and CWI Amsterdam finding a collision in the SHA-1 algorithm through massive computing in 2017. We further discuss how SHA-1 is used in digital signatures, most notably the RSA algorithm, which is frequently used in online banking. Next, we suggest new techniques for further strengthening the algorithm as defined by Halevi and Krawczyk (2006) and endorsed by the National Institute of Standards and Technologies (NIST) which contribute to a robust secure system. Specifically, NIST’s recommendation for randomizing hash functions possibly significantly increases digital signature security. Lastly, we point out how human error and weak passwords are the main causes of data breaches and cryptocurrency theft. We conclude by examining how Amazon, AWS, and HARA Token are currently implementing blockchain technology for precision agriculture and rice production in Jakarta, Indonesia.
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Computer science
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Electrical engineering
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Mathematics
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