Blockchain is a game-changing technology that has the ability to solve plenty of real-world issues in the digital age. Blockchain is a subject of huge interest in many industries and academia in terms of discovering technology and classifying challenges and innovative practical application for the industry. This study addresses the challenges that are of main concern in designing a Blockchain platform. In this regard, the problems such as privacy, regulation, security, lack of adequate skill sets, energy consumption, inefficient technology design, the criminal connection, scalability, energy consumption, and public view are discovered to be important. Due to such challenges, the blockchain technologies have emitted a negative impression due to its incapability to be successfully applied while, at the same time, its benefits could not be fully gained by its investors. The objective of this study, hence, is to assess the blockchain advantages and growth in light of the eight foundations for economic development as advocated by Ibn Khaldun. Expending Ibn Khaldun’s philosophy, each challenge is deliberated and investigated to find the answers and solutions for addressing and overcoming the afore-mentioned challenges.
Blockchain technology has evolved through many changes and modifications, such as smart-contracts since its inception in 2008. The popularity of a blockchain system is due to the fact that it offers a significant security advantage over other traditional systems. However, there have been many attacks in various blockchain systems, exploiting different vulnerabilities and bugs, which caused a significant financial loss. Therefore, it is essential to understand how these attacks in blockchain occur, which vulnerabilities they exploit, and what threats they expose. Another concerning issue in this domain is the recent advancement in the quantum computing field, which imposes a significant threat to the security aspects of many existing secure systems, including blockchain, as they would invalidate many widely-used cryptographic algorithms. Thus, it is important to examine how quantum computing will affect these or other new attacks in the future. In this paper, we explore different vulnerabilities in current blockchain systems and analyse the threats that various theoretical and practical attacks in the blockchain expose. We then model those attacks using Petri nets concerning current systems and future quantum computers.
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