{"title":"Bitcoin double-spending risk and countermeasures at physical retail locations","authors":"","doi":"10.1016/j.ijinfomgt.2023.102727","DOIUrl":null,"url":null,"abstract":"<div><p>This research examines vulnerabilities and potential attacks using Bitcoin<span><span> payment systems at physical retail locations. It also lays a theoretical and practical foundation for effective countermeasures that ensure the integrity of decentralized transactions and bolster the confidence of both merchants and customers. The study focuses on potential double-spend attacks, particularly in the context of instant payments made via non-custodial crypto wallets. It also evaluates alternatives for instant crypto payments that use alternative coins and second-layer blockchain solutions. Research has indicated that Eclipse, Sybil, Majority, Race, and Finney attacks carry a relatively low risk, especially when payment amounts are limited. The paper identifies Replace-By-Fee attacks as the most significant threat and presents a set of countermeasures. These findings are of great importance to </span>cryptocurrency<span> experts, payment tech researchers, retail enterprises, and stakeholders using non-custodial wallets while exploring decentralized blockchain aspects.</span></span></p></div>","PeriodicalId":48422,"journal":{"name":"International Journal of Information Management","volume":"79 ","pages":"Article 102727"},"PeriodicalIF":20.1000,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Information Management","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0268401223001081","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"INFORMATION SCIENCE & LIBRARY SCIENCE","Score":null,"Total":0}
引用次数: 0
Abstract
This research examines vulnerabilities and potential attacks using Bitcoin payment systems at physical retail locations. It also lays a theoretical and practical foundation for effective countermeasures that ensure the integrity of decentralized transactions and bolster the confidence of both merchants and customers. The study focuses on potential double-spend attacks, particularly in the context of instant payments made via non-custodial crypto wallets. It also evaluates alternatives for instant crypto payments that use alternative coins and second-layer blockchain solutions. Research has indicated that Eclipse, Sybil, Majority, Race, and Finney attacks carry a relatively low risk, especially when payment amounts are limited. The paper identifies Replace-By-Fee attacks as the most significant threat and presents a set of countermeasures. These findings are of great importance to cryptocurrency experts, payment tech researchers, retail enterprises, and stakeholders using non-custodial wallets while exploring decentralized blockchain aspects.
期刊介绍:
The International Journal of Information Management (IJIM) is a distinguished, international, and peer-reviewed journal dedicated to providing its readers with top-notch analysis and discussions within the evolving field of information management. Key features of the journal include:
Comprehensive Coverage:
IJIM keeps readers informed with major papers, reports, and reviews.
Topical Relevance:
The journal remains current and relevant through Viewpoint articles and regular features like Research Notes, Case Studies, and a Reviews section, ensuring readers are updated on contemporary issues.
Focus on Quality:
IJIM prioritizes high-quality papers that address contemporary issues in information management.