A Smart Card Based Security Extension for The Bitcoin Wallets

Majid Amjad Hussain, Sadia Khalil, Shahzad Saleem

Abstract


With the increase in the use of virtual currencies across the globe, the security of Bitcoin wallets has become a serious concern for the Bitcoin community. The developers are trying to implement concrete security solutions in Bitcoin wallets to ensure that no vulnerability gets exploited. However, a large number of known, as well as zero-day attacks, are launched on the Bitcoin wallets on a daily basis, resulting in a loss of bitcoins. In this regard, this paper presents a security analysis of existing Android wallets. We demonstrate how the implemented security practices can be bypassed by malicious entities, causing financial loss to Bitcoin users. As a countermeasure, we present a smart card based authentication scheme which will protect the users from all of the identified attacks.


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ISSN: 2070-9900