A Smart Card Based Security Extension for The Bitcoin Wallets

Authors

  • Majid Amjad Hussain
  • Sadia Khalil
  • Shahzad Saleem

DOI:

https://doi.org/10.24949/njes.v9i2.282

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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Published

2016-12-31

Issue

Section

Engineering Sciences