Join Our Mailing List
Sunday December 10, 2023
Bitcoin (BTC) $43,816.74   Ethereum (ETH) $2,355.90
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Bitcoin

Research from IIT Bombay Professor Declares Bitcoin Secure

Published by CryptoNinjas.net
05/20/2018
Research from IIT Bombay Professor Declares Bitcoin Secure

One of the most in-depth studies conducted into the security of Bitcoin has concluded the cryptocurrency is safe from a feared “51% attack”. Zebpay, the cryptocurrency service provider, commissioned Associate Professor Saravanan Vijayakumaran of the Indian Institute of Technology (IIT) Bombay to deep dive into the functioning of the Bitcoin blockchain after a decade in existence.

The research concluded that a 51% attack – in which a party assumes control of the majority of the computing power on the Bitcoin network to steal funds – would require huge expenditure and could only possibly yield relatively little in terms of financial returns.

In theory, only a nation-state prepared to fritter away vast sums could possibly muster the resources to disrupt the network in such a way, the study concluded.

“As Bitcoin reaches 10 years of existence and cryptocurrencies move further into the financial mainstream, this white paper investigating the security of the first cryptocurrency is timely and important research,” said Ajeet Khurana, CEO, Zebpay.

“This paper underlines the security of this revolutionary protocol at a time of wider cryptocurrency adoption,” added Khurana.

The Associate Professor’s work covers the challenges involved in building a decentralized virtual currency, as well as various elements of Bitcoin’s design.

It goes on to look at the security of the Bitcoin protocol by first comparing it to the existing banking system, then looking at preventing theft and transaction tampering, and finally investigating its security against protocol disruption.

It focused on three questions relating to Bitcoin security:

– How difficult is it for an adversary to steal another user’s Bitcoins?
– How difficult is it for an adversary to modify Bitcoin transactions, both transactions already recorded on the blockchain and transactions waiting to be added to the blockchain?
– How difficult is it for an adversary to disrupt the operation of the Bitcoin network?

Zebpay CEO Ajeet Khurana further said: “Zebpay is proud to have enabled this in-depth research that is a source of empowerment and education for the entire ecosystem including blockchain developers, governments, think tanks, academics, regulators, law enforcement, researchers, students and finance professionals..”

SubscribeE-MailXFacebookWhatsappTelegramRedditLinkedin

Related News

Cryptocurrency Payments for Insurance: Are Insurance Companies Really Embracing Bitcoin and Altcoins?

11/20/2023
Cryptocurrency Payments for Insurance: Are Insurance Companies Really Embracing Bitcoin and Altcoins?

It is no longer unusual to hear that a bank accepts savings in Bitcoin, Ethereum, and the like. Or that a loan company helps businesses with crypto. After all, the traditional financial and insurance industries...

Read more

4 Things We’ve Learned About Owning Bitcoin in 2023

11/13/2023
4 Things We’ve Learned About Owning Bitcoin in 2023

For some people, the word bitcoin still triggers an eye-roll, but by now, most of us know that cryptocurrency is here to stay. With that in mind, it’s a good idea to make sure...

Read more

Fuse Network welcomes Liquify as new blockchain infrastructure partner

10/02/2023
Fuse Network welcomes Liquify as new blockchain infrastructure partner

Today, Fuse Network, an enterprise-grade, use-case agnostic, decentralized EVM-compatible public blockchain, announced Liquify as its newest remote procedure call (RPC) provider and ecosystem partner. Liquify will provide public RPC services – both free and...

Read more

BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

08/28/2023
BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

Welcome to the world of BITmarkets - a leading cryptocurrency exchange offering a wide range of trading options for both retail traders and corporate clients. In this comprehensive review, we will explore the various...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
The Best Crypto Casinos: Where Blockchain Meets Gaming Excitement

The Best Crypto Casinos: Where Blockchain Meets Gaming Excitement

12/08/2023
Crypto quant trading platform AlgoTrader completes CHF 3.7M Series A funding

Crypto quant trading platform AlgoTrader completes CHF 3.7M Series A funding

01/08/2020
LiquidApps releases customizable enterprise blockchain specific solution: LiquidChains

LiquidApps releases customizable enterprise blockchain specific solution: LiquidChains

02/20/2020
Global Brain invests in Omise, creator of crypto ecosystem OmiseGO

Global Brain invests in Omise, creator of crypto ecosystem OmiseGO

10/22/2018
Cryptocurrency Payments for Insurance: Are Insurance Companies Really Embracing Bitcoin and Altcoins?

Cryptocurrency Payments for Insurance: Are Insurance Companies Really Embracing Bitcoin and Altcoins?

11/20/2023
4 Things We’ve Learned About Owning Bitcoin in 2023

4 Things We’ve Learned About Owning Bitcoin in 2023

11/13/2023
Fuse Network welcomes Liquify as new blockchain infrastructure partner

Fuse Network welcomes Liquify as new blockchain infrastructure partner

10/02/2023
BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

08/28/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2024 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2024 CryptoNinjas Disclosures | Privacy Policy