Abstract
Despite the existing advances on research and education in cybersecurity and its applications, the field is still under discovery and new technologies are evolving. In recent years, Bitcoin as a cryptocurrency cyber application that records all financial transactions present on a blockchain where users can reach a secure and robust consensus on transactions emerges as the most popular peer-to-peer electronic payment system. Cryptocurrencies mostly rely on blockchain, as a secure decentralised append-only ledger to exchange digital currencies, and thereby attracting a billion-dollar economy. Bitcoin allows input transactions to link addresses and this can be used by an adversary to reveal real user identity. This obviously attracts privacy issues such as user’s information and identity leakage. Several existing techniques are found not satisfactory to fulfil practical and compatible anonymity requirements for users and their transaction. We present in this paper, a secure privacy-preservation scheme based on bilinear pairing and other cryptographic primitives. We proved that our proposed scheme is robust and can be implemented to preserve users and transaction privacy in the Bitcoin system by theoretical analysis and evaluation.
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