Abstract
During the last decade, the financial sector has transformed into digital platform by digitizing all their financial services. As a result of this transformation, a new term “Fintech” has appeared that means combining finance and technology together. In addition, a new type of currency, which called cryptocurrencies such as Bitcoin, has become popular for using as an alternative to physical currencies. Using such currencies in financial transactions and working in unsecure and open accessed environment like internet may be led to several problems and threats related to security objectives of participated parties in such transactions. Therefore, blockchain that based on DLT is best approach for securing the financial transactions. In despite of these features of DLT, it has exposed to different types of cyberattacks. In this study, the most well-known majority or 51% cyberattack on DLT has been carefully investigated. According to results of the study, this cyberattack impacts the security objectives for the transactions of parties that are participated on the blockchain network such as (privacy, data integrity, system integrity, availability, authenticity, authorization and accountability). In addition, the adversary is able to apply 51% cyberattack successfully even if has computational power less than 50.
Keywords
51% cyberattack, blockchain, distributed ledger technology, Impact, Majority cyberattack
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