Abstract
Nowadays the world discuss the problem of the cryptocurrency and shows several risks in dealing with this new investment or banning it by governments and the main issue of this paper is how can the third part ex: (exchange market for trading cryptocurrencies) avoid cybercriminal activities, In this paper, we will define only two of cybercriminals that related to the third part directly, First: Ransomware attacks and how the process of storing cryptocurrencies can be secured. Second: Black net in which many illegal trades could be done and how can the third part (governments) monitor the relationship between buyers and sellers to avoid this problem. In this paper, we propose a framework that proposed in anew exchange market by integrating blockchain technology and IOT (internet of things) to increase the security in the two processes that consider the main issues for the exchange market: first: storing the cryptocurrencies securely and avoid ransomware attacks, second: monitoring the transactions and avoid illegal business (black net) could happen through it. And we can implement this framework for special types of partially decentralized cryptocurrencies ex: NEO and Libra coin.Keywords: Cryptocurrency, Hyperledger, Ransomware, Black Net, Blockchain, Internet of ThingsJEL Classifications: E58, M15, K22DOI: https://doi.org/10.32479/ijefi.9130
Highlights
This paper makes up a relatively new area which has emerged from countries which are beginners in the market of investing cryptocurrencies and they refuse it because of several reasons and specially the missing of security and the ability to be under cybercriminals attack threats
Most of the theories of cryptocurrency focused on explaining the ransomware virus which can control your wallet or encrypt it and the user has to pay for hackers to get it back
One way to overcome these problems is to implement an integration of blockchain and IOT interface which could be under control of the central bank to monitor the relationship between the buyer and the seller dealing with the currency but it wouldn’t be implemented through cryptocurrency such as bitcoin or Etherum because of its nature which depend on data base distribution across a peer- to-peer network and without a central authority in this research, we will analyze two of cybercriminal activities that called
Summary
This paper makes up a relatively new area which has emerged from countries which are beginners in the market of investing cryptocurrencies and they refuse it because of several reasons and specially the missing of security and the ability to be under cybercriminals attack threats. One way to overcome these problems is to implement an integration of blockchain and IOT interface which could be under control of the central bank to monitor the relationship between the buyer and the seller dealing with the currency but it wouldn’t be implemented through cryptocurrency such as bitcoin or Etherum because of its nature which depend on data base distribution across a peer- to-peer network and without a central authority in this research, we will analyze two of cybercriminal activities that called (ransomware and black net). One of the primary benefits of this integrated approach between blockchain and IOT is the authorization and authentication in the process of accessing and the highly security in the process of storing the cryptocurrencies and the ability to monitor the relationship between the buyer and the seller by the central bank as a third part between users through every transaction This gives significant advantage because it can encourage many people to invest their money without high risks through this exchange market or this new kind of cryptocurrency. The additional advantages of using this integration is that it results in a number of new investors of new investors will enter this field of cryptocurrency after increasing the security and the feeling of their money will be in safe through this new system
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