Major security challenges and vulnerabilities

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Reference no: EM133743723 , Length: word count:1500

Bitcoin

Your Task

This assessment is to be completed individually. In this assessment, you will evaluate the purpose, structure, and design of base layer 1 of the Bitcoin network, which provides the security layer.

Assessment Description

This assessment aims to evaluate your ability to analyse, evaluate, and critically assess the purpose, structure, and design of the base layer 1 of the Bitcoin network, which serves as the security layer. Additionally, you are required to explore the principles and significance of public-key cryptography in the context of Bitcoin transactions. By completing this assessment, you will demonstrate your proficiency in comprehending complex concepts, conducting in-depth research, and presenting well-structured arguments.

Case Study

Case Study Scenario: You have been appointed as a Bitcoin consultant for a financial institution seeking to explore the potential of utilising Bitcoin as part of their operations. Your task is to evaluate the purpose, structure, and design of the Bitcoin layer 1 network, with a particular focus on its security layer. Furthermore, you are required to analyse the role and impact of public-key cryptography in securing Bitcoin transactions.

Your Task: In this case study, you are required to prepare a detailed report addressing the following aspects:
Evaluation of the Purpose, Structure, and Design of Bitcoin Layer 1 Network:
Analyse the purpose and significance of the base layer 1 in the Bitcoin network, emphasising its role as the security layer.
Evaluate the structural components of the Bitcoin layer 1 network, including its decentralised nature, consensus mechanism, and transaction processing.
Assess the design principles and mechanisms employed within the Bitcoin layer 1 network to ensure security, immutability, and transaction verification.
Exploration of Public-Key Cryptography in Bitcoin Transactions:
Explain the fundamental principles of public-key cryptography and its relevance in securing Bitcoin transactions.
Analyse the mechanisms and algorithms used in public-key cryptography to ensure transaction verification, non-repudiation, and confidentiality in the Bitcoin network.
Evaluate the strengths and weaknesses of public-key cryptography within the context of Bitcoin transactions, considering factors such as key management, quantum resistance, and regulatory implications.
Evaluation of Security Challenges and Mitigation Strategies:
Identify and analyse the major security challenges and vulnerabilities associated with the Bitcoin layer 1 network, including potential attack vectors, double-spending, and transaction malleability.
Evaluate existing mitigation strategies and countermeasures employed to address these security challenges.
Future Outlook and Recommendations:
Discuss emerging trends, advancements, or potential challenges related to the Bitcoin layer 1 network and public-key cryptography.
Provide recommendations to the financial institution regarding the integration of the Bitcoin layer 1 network and public-key cryptography into their operations, considering the benefits, risks, and potential mitigations.

Learning outcome 1: Evaluate the purpose, structure, and design of base layer 1 of the Bitcoin network, which provides the security layer.

Assessment Instructions
Students must conduct research externally and included references in order to produce a well referenced assessment. You should use at least ten (10) sources of information and reference these in accordance with the Kaplan Harvard Referencing Style. These may include websites, social media sites, industry reports, census data, journal articles, and newspaper articles. These references should be presented as in-text citations and a referencing list at the end of your assessment (not included in the word limit). Wikipedia and other ‘popular' sites are not to be used.

Reference no: EM133743723

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