Securing Financial Transactions with a Robust Algorithm: Preventing Double-Spending Attacks

Abstract

A zero-confirmation transaction is a transaction that has not yet been confirmed on the blockchain and is not yet part of the blockchain. The network propagates zero-confirmation transactions quickly, but they are not secured against double-spending attacks. In this study, the proposed method is used to secure zero-confirmation transactions by using the security hashing algorithm 512 in elliptic curve cryptography (ECDSA) instead of the security hashing algorithm 256. This is to generate a cryptographic identity to secure the transactions in zero-confirmation transactions instead of security hashing algorithm 256. The results show that SHA-512 is greater than SHA-256 in throughput. Additionally, SHA-512 offers better throughput performance than SHA-256 while also having a larger hash size. Results also show that SHA-512 is more secure than SHA-256.

Keywords

• blockchain
• security hashing algorithm
• double-spending
• bitcoin
• cryptocurrency
• ECDSA