Double-spending analysis of bitcoin

Kaylash Chaudhary, Vishal Chand, Ansgar Fehnker

Research output: Chapter in Book/Report/Conference proceedingConference proceeding contributionpeer-review

5 Citations (Scopus)

Abstract

Bitcoin is a distributed online payment system that facilitates anonymous transactions using a peer-to-peer network without a central trusted authority. Every peer in the Bitcoin network keeps the collection of all transactions which is referred to as a ledger. This public ledger will work effectively for honest peers, however, one well-known attack is the fifty-one percent or majority attack. This paper provides an Uppaal model of the Bitcoin protocol focusing on its three important components namely transactions, blocks and the blockchain. It presents a probability analysis for two scenarios of the fifty-one percent attacks. Two Phase Proof-of-Work (2PPoW) is a proposed solution to address attacks of this type, and we will extend the model to include 2PPoW and calculate the probability of a successful attack. The analysis shows that a traditional fifty-one percent attacks can be successful even if the attacker has less than a majority of the processing pool.
Original languageEnglish
Title of host publication24th Pacific Asia Conference on Information Systems: Information Systems (IS) for the Future, PACIS 2020
Place of PublicationDubai
PublisherAssociation for Information Systems
Pages1-14
Number of pages14
ISBN (Print)9781733632539
Publication statusPublished - 2020
Externally publishedYes
Event24th Pacific Asia Conference on Information Systems: Information Systems (IS) for the Future, PACIS 2020 - Dubai, United Arab Emirates
Duration: 20 Jun 202024 Jun 2020

Conference

Conference24th Pacific Asia Conference on Information Systems: Information Systems (IS) for the Future, PACIS 2020
CountryUnited Arab Emirates
CityDubai
Period20/06/2024/06/20

Keywords

  • Bitcoin
  • Double-spending
  • Model
  • Verification
  • Probability

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