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This paper is partially supported by the ERASMUS+ sectoral alliance program on A Blueprint for sectoral cooperation on blockchain skills and development (CHAISE), project code 621646-EPP-1-2020-1-FREPPK2-SSA-B. The European Commission support for the production of this publication does not constitute endorsement of the contents which reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.

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Although the blockchain-based applications are considered to be less vulnerable due to the nature of the distributed ledger, they did not become the silver bullet with respect to securing the information against different security risks. In this paper, we present a literature review on the security risks that can be mitigated by introducing the blockchain technology, and on the security risks that are identified in the blockchain-based applications. In addition, we highlight the application and technology domains where these security risks are observed. The results of this study could be seen as a preliminary checklist of security risks when implementing blockchain-based applications.

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