Cybersecurity Challenges in Blockchain Technology
Cybersecurity Challenges in Blockchain Technology
Review Article
Cybersecurity Challenges in Blockchain Technology: A
Scoping Review
Received 4 January 2022; Revised 14 February 2022; Accepted 12 March 2022; Published 5 April 2022
Copyright © 2022 Samreen Mahmood et al. This is an open access article distributed under the Creative Commons Attribution
License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is
properly cited.
Blockchain technology (BCT) is an emerging technology. Cybersecurity challenges in BCT are being explored to add greater value
to business processes and reshape business operations. This scoping review paper was aimed at exploring the current literature’s
scope and categorizing various types of cybersecurity challenges in BCT. Databases such as Elsevier, ResearchGate, IEEE,
ScienceDirect, and ABI/INFORM Collection (ProQuest) were searched using a combination of terms, and after rigorous
screening, 51 research studies were found relevant. Data coding was performed following a framework proposed for scoping
review. After careful analysis, thirty different types of cybersecurity challenges in BCT were categorized into six standardized
classes. Our results show that most of the studies disclose cybersecurity challenges in BCT generally without pointing to any
specific industry sector, and to a very little extent, few papers reveal cybersecurity challenges in BCT related to specific industry
sectors. Also, prior studies barely investigated the strategies to minimize cybersecurity challenges in BCT. Based on gap
identification, future research avenues were proposed for scholars.
1. Introduction ing, and trading through private keys provided on the block-
chain [9]. Also, research depicts that blockchain is playing
With the advancement of technology, cybersecurity has an essential role in achieving decentralized information
gained immense importance in research. Cybersecurity technology [10]. BCT is considered one of the most signifi-
issues are growing exponentially across different sectors cant and emerging technology in the recent computing par-
operating in the business world [1]. Big companies are adigm ([11][12]). Similarly, another study highlights that
focusing more on when there will be a cyberattack rather BCT is a new and emerging technology that provides addi-
than if there will be an attack [2]. Companies are urging gov- tional security to information system applications. At the
ernments to combat cybersecurity attacks [3] as these cyber- same time, BCT is facing an increasing number of cyberat-
security issues are causing extreme financial losses [4]. A tack challenges [2]. Blockchain technology is one of the most
study disclosed that cyberattacks had a severe impact on popular technologies allowing transactions to be more trans-
companies [5], and 61% of small and medium enterprises parent than traditional centralized systems. This technology
have suffered cyberattacks [6]. Similarly, another study can help organizations manage and distribute digital data by
revealed that cybersecurity risks, like data breaches and dis- using mutually distributed ledgers. Literature shows that
closure of confidential data, are on the rise due to the blockchain technology has four key components. These
increased use of cloud technologies and online applica- components include nonlocalization (decentralization),
tions [7]. security, auditability [13], and smart execution [14]. This
One of the critical emerging technologies in recent years technology initially focuses on sharing and executing digital
is blockchain technology (BCT) [8]. BCT is a distributed events among given blockchain.
database where all assets (tangible or intangible) are digitally Furthermore, there are many advantages of using BCT.
encoded. This digital encoding helps easy registering, track- However, it still has many associated risks [2]. One of the
2 Human Behavior and Emerging Technologies
major advantages of using BCT is a decentralized system. A et al. [21]. This framework is adopted to ensure the study
decentralized system works without involving any third party follows high precision, consistency, and reliability [22].
or core administrator [15]. Also, any data entered in the BCT There are different phases to be followed in a scoping review.
system cannot be altered or deleted which helps in ensuring However, conducting a scoping review is completely differ-
transparency and immutability [15]. Furthermore, BCT sys- ent from traditional systematic literature reviews. The sys-
tem processing is much faster as compared to traditional sys- tematic literature review focuses on previous empirical
tems. BCT system reduces processing time from 3 days to study findings on an already mature topic to answer ques-
approximately several minutes or even seconds [16]. tions like what is best for this research area, whereas, in a
However, despite these advantages, BCT has many asso- scoping review, the researcher focuses on an emerging topic
ciated risks and disadvantages. BCT systems consume high to report the initial literature size, identify gaps, and propose
energy as a substantial amount of computer power is research agendas accordingly for future implications [23]. As
required to keep a real-time ledger and ensure transparency. literature states that BCT is an emerging topic [2, 11], a
Also, BCT systems have a significant amount of initial capi- scoping review has been chosen for studying this topic rather
tal costs [16]. Most importantly, the BCT system has a high than a systematic review methodology. The five-phase scop-
risk of external cybersecurity threats including 51% attacks, ing review methodology which will be followed for this study
double-spending attacks, and Sybil’s attacks [15]. A recent is shown in Figure 1.
study claims that BCT is prone to multiple cybersecurity
attacks [17]. Cyberattack is a critical challenge in all business 2.1. Developing a Review Protocol. An extensive review pro-
sectors and is increasing day by day [3]. In other words, tocol is developed in the first phase and followed throughout
without a good understanding of these multiple cybersecu- the scoping review stages. In scoping review, protocol serves
rity challenges in BCT, companies cannot adopt BCT suc- more like a guiding tool than a rigid process and can be
cessfully. A study reported many different cyberattacks, modified according to the study fit. This phase involves
resulting in system breakdowns like data losses, password identifying the research question, search criteria, overall
hacks, and information stealing through emails [2, 3]. Sev- scope of the study, inclusion and exclusion criteria, concep-
eral cyberattacks have been reported when adopting BCT tual framework, data extraction, defining each team mem-
([4]; Martin Fleischmann, Bjoern S Ivens, & Bhaskar Krish- ber’s roles and responsibilities, data analysis methods, and
namachari, 2020; Martin Fleischmann, Bjoern S. Ivens, & work plans. The research question includes the following:
Bhaskar Krishnamachari, 2020; [17, 19, 67]). (1) What cybersecurity issues in BCT have been investigated
Although BCT adoption is increasing due to its unique fea- in the current literature? (2) What significant gaps are iden-
tures, most of the existing literature still reveals concerns about tified in this current literature? and (3) What are the exam-
cybersecurity in adopting this system [1, 4, 17]. Also, BCT is still ples of future implications for cybersecurity challenges in
considered a new and emerging area of research in literature. In BCT?
this regard, we suggest that many questions regarding cyberse- The scope of the paper is threefold: (1) to provide an up-
curity challenges and their classification in BCT must be to-date literature review of the existing research, contribut-
addressed so that research scholars and practitioners under- ing to the development of a standard body of knowledge,
stand not only cybersecurity challenges in BCT in general but (2) to report the research gaps identified from the findings
also specifically prioritize the major types of cybersecurity chal- based on previous literature, and (3) to reveal future research
lenges that can be proven too fatal for the BCT system. avenues for research scholars. Furthermore, from a practi-
Also, as the cybersecurity challenges literature in BCT is tioner viewpoint, the paper is of significant value for compa-
rapidly increasing, we found it the right time to grab this nies, especially for companies planning to adopt BCT, also
novel research opportunity to conduct a scoping review on for information systems practitioners seeking to implement
this topic, identify research gaps through analysis of current BCT in their business operations.
research literature, and suggest future implications. More
precisely, this scoping review focuses on providing a deeper 2.2. Searching the Literature. Major databases were searched
understanding of current literature and the gaps regarding and reviewed for this study to reveal complete literature
key cybersecurity challenges reported in BCT literature and work. The databases included Elsevier, ResearchGate, IEEE,
then suggesting future opportunities for research scholars ScienceDirect, and ABI/INFORM Collection (ProQuest).
working in this area. Citations and publications from these databases were sorted
This paper is structured as follows: The next section dis- from the years 2017-2022 to identify the most recent litera-
cusses the scoping review methodology used for this ture for inclusion. Final keywords were selected for the
research study to ensure rigor and reliability. The following review after each team member carried out a pilot test using
section discloses our analysis and findings based on the these databases independently. The frequently used key-
review. The last section of the paper discusses results and words after multiple discussions and test rounds among
identifies gaps and future implications. team members include “Cybersecurity”, “Cyber-security”,
“Cyber security”, “Blockchain technology”, and “Chal-
2. Methodology lenges”. There was no time restriction for searching key-
words to ensure more literature coverage and selecting
In the scoping review methodology, we followed the frame- accurate keywords. After searching the keywords mentioned
work provided by Arksey and O’Malley [20] and Levac above using Boolean operators, 31 papers were acquired
Human Behavior and Emerging Technologies 3
Developing a
review Searching Screening Charting the
the literature papers data Data analysis
protocol
from Elsevier, 48 from ResearchGate, 40 from IEEE, 59 from of 30 cybersecurity challenges were identified from all
ScienceDirect, and 27 from ABI/INFORM Collection (Pro- selected papers. Our main goal is to report all BCT cyberse-
Quest). Boolean operators AND and OR were used as shown curity challenges based on the selected papers’ current liter-
in Figure 2. A total of 202 papers were initially considered. ature. All team members worked together on all selected
papers coding and thematic analysis to ensure similar under-
2.3. Screening Papers. After initially identifying papers for standing and avoid bias and error in the scoping review pro-
the review, all team members schedule a meeting and cess. We adopted a framework at this stage for this review
applied the inclusion and exclusion criteria on six out of [24]. In this framework, the data is structured by dividing
205 papers for training purposes. The six papers were cho- it into themes and significant categories. We used this
sen randomly. This step was done to ensure that all team framework and adopted the main heading proposed by Sal-
members have a common understanding of the inclusion vato and Corbetta [24] named as follows: (1) 1st-order data:
and exclusion criteria, and no significant paper has been this includes the descriptive summarised explanation of each
removed from the review. To continue for further analysis of the cybersecurity challenges in BCT reported in the
in this phase, each team member ensured that the paper selected papers from the core information sheet developed
should answer one of the above-stated research questions by team members, (2) 2nd-order themes: this includes the
in phase one. For inclusion and exclusion from the research cybersecurity challenges themes in BCT identified from
studies revealed after searching the above keywords, we 1st-order data, and (3) aggregated 2nd-order data dimen-
followed the recommendation provided in the literature sions: this includes the standardized classification of all 30
[21] as selecting studies after refining is critical for the scop- cybersecurity challenges themes identified in the 2nd-order
ing review study. All 205 research papers were screened by data as shown in Figures 4 and 5. A separate third informa-
two team members independently. After filtering papers, tion sheet was developed for this framework to avoid any
both members compared and confirmed the results. Then, errors in classifying cybersecurity challenges in BCT. How-
the third member reviewed these papers and made the final ever, all papers were coded independently by each team
decision. This cross-checking of documents helps in ensur- member, and all disagreements were discussed and reviewed
ing validity for the review process. During this screening of to make a final decision regarding theme development and
papers, the whole team met, discussed, and refined the standardized classification.
search criteria multiple times. At the above point, after some
screening of the studies by each of the authors indepen-
dently and working in teams, an in-depth analysis of pri- 2.5. Data Analysis. All team members shared and worked
mary studies was carried out after exploring the literature together to develop the coding sheets and perform the the-
review’s relevance; conclusive studies are selected for the matic analysis. Like other scoping review papers, descriptive
research study. This cross-checking of papers among team standardized classification of similar cybersecurity chal-
members helps in adding more reliability to this phase. Dur- lenges was conducted under one central theme to depict
ing the paper screening, we found duplicate research papers. the nature and scope of the current review. After conducting
Then, after thorough research and considering limitations, a rigorous scoping review by following recommendations
including the availability of papers in the English language, given by [23], our significant findings are given in the fol-
same studies, and topic-based exclusion, research studies lowing section of the paper.
were screened as illustrated in Figure 3. Finally, at this step,
the investigation continued with a total of 51 papers.
3. Findings and Results
2.4. Charting the Data. A coding sheet was created to extract
relevant data from all selected papers in this phase. The cod- 3.1. Publication Year. Papers included for the scoping review
ing sheet was created in excel with columns consisting of were published between 2017 and 2022 to inform the trends
information about each selected paper. The first simple from the most recent literature. Also, BCT is new, and cyber-
information sheet includes the name of publication, year of security issues in BCT gained fame recently after organiza-
publication, the paper’s title, author name, and type of tion’s interest was found in the adoption and
paper. Another core information sheet was developed con- implementation of BCT. To report exact percentage, 6% of
sisting of research questions, names, and summarised expla- papers were published in 2017, 10% of papers were pub-
nations of each of the cybersecurity challenges reported, and lished in 2018, 27% of papers were published in 2019, 22%
ideas for future implications were collected. Then, similar of papers were published in 2020, and 24% and 12% of
cybersecurity challenges reported in all 51 selected research papers were published in 2021 and 2022, respectively. A pic-
papers were highlighted with one specific color to make it torial representation of primary studies found from each
easier for team members to code and develop themes. A total year is shown in Figure 6.
4 Human Behavior and Emerging Technologies
(a)
AND Cyber-security
Blockchain Cybersecurity OR Cyber security OR
(b)
Figure 2: Boolean operators. (a) Both keywords should be present. (b) Any of the first and second keyword or third keyword or fourth
keyword should be present.
ABI/INFORM Collection
Elsevier (ProQuest)N=27 IEEE
N=31 N=40
ScienceDirect ResearchGate
N=59 N=48
Initial Research Papers
N=205
3.2. Publication Type. The publication type of selected ernment, supply chain, and energy sectors. In other words,
research papers for this review depicts that 84% of the paper specialized studies highlighting cybersecurity challenges in
sample are included from peer-reviewed journals, whereas BCT focusing on specific industry types are lacking in the
16% of paper samples are from conference proceedings as literature.
shown in Figure 7. Based on publication year and publica-
tion type, it can be said here that there is a gradual increase 3.4. Cybersecurity Challenges in BCT. A thematic analysis
in journal papers publications regarding this topic after the using a framework adapted from Salvato and Cobetta [24]
year 2017. Hence, it can be predicted that the topic is of was done. Summarised explanations of each of the cyberse-
interest to practitioners and has potentials for future curity challenges were written as 1st-order data, and then,
researchers to work in this emerging research area. themes for each of these descriptions for cybersecurity chal-
lenges in BCT were developed as 2nd-order themes. This
3.3. Nature of Industry Types. Figure 8 depicts the nature of was done after careful considerations and repeated indepen-
the type of industry in which cybersecurity security chal- dent analysis by each group member, as discussed in Meth-
lenges in BCT have been explored. It shows that 57% of odology, to ensure the rigor and validity of the review. The
the sample studies have explored cybersecurity challenges final results reveal a total of six standardized cybersecurity
in BCT generally without specifying the nature of industry attacks, which are reported as the most common and fatal
type, whereas 24% of the studies have focused on healthcare while implementing and adopting BCT depicted named as
and smart cities. 6% of the studies have chosen to study aggregated 2nd-order dimensions. Figures 4 and 5 show
energy sector, and 8% of the studies have chosen supply the detailed description of the thematic analysis of
chain and energy sectors. Others include oil and gas, cybersecurity challenges in BCT. Table 1 represents an over-
accounting and finance, and the agriculture sector. Based view of these thematic findings, relating the literature refer-
on the above facts and figures, it can be predicted here that ences within each cyberattack category. The left column
there is a need for research on cybersecurity challenges in represents the six standardized classes of cyberattacks in
BCT in oil and gas, accounting and finance, agriculture, gov- BCT. The middle column shows all themes developed using
Human Behavior and Emerging Technologies 5
Information stealing,
Attacker targets the information store
date breaches and
in the wallet and steals it
losses
Lack of integration
issues can also serve as issue for and maintenance
running system smoothly systems
System
lack of standards in the system can error
Interoperability issues attacks
lead to interoperability issues
literature descriptions for that cyberattack. The right column 33% each, respectively. The other significant cybersecurity
shows the literature references for each of the themes and attacks reported in BCT in our sample are smart contract
standardized class. loophole attacks, double-spending attacks, and system errors
attacks. A pictorial representation of sample studies report-
3.5. Nature of Cybersecurity Attacks. 80% of the research ing cybersecurity challenges in BCT for each of the themes
studies included in our sample reveal malleability attacks is shown in Figure 9.
as the most common cybersecurity challenge in BCT. Fol-
lowing this are the wallet security attacks and 51% attacks 3.6. Solutions for Cybersecurity Challenges. Our analysis
as the most common cybersecurity challenges in BCT with found that only 18% of the sample studies have explored
6 Human Behavior and Emerging Technologies
solutions for various cybersecurity challenges in BCT research studies exploring solutions to these wide ranges of
reported in their research papers, whereas 82% of the sample cybersecurity challenges reported in BCT in several research
studies do not provide any solutions for these reported papers.
cybersecurity challenges in BCT. The studies reported
multiple-signature technique, oyente, smart check, routine 4. Discussion
audits, automation of blockchain incident response, use of
hot wallets and cold wallets, end-to-end product life cycle The results of this scoping review reveal the current litera-
reviews, regulatory compliance, and blockchain providers ture on cybersecurity challenges in BCT and highlight the
selection as few solutions for these above-reported cyberse- most reported cybersecurity attacks in the BCT. The study’s
curity challenges in BCT. However, still, there is a need to findings reveal that there is still a need for in-depth and
explore more practical solutions for these challenges. Based extensive research studies to be explored in this area. Most
on this finding, it can be said here that there is a need for of the research currently reports cybersecurity challenges in
Human Behavior and Emerging Technologies 7
English considering our keyword search and databases. Sec- ferent databases which are commonly used, there are still
ondly, selection bias can also be a limitation for the current chances that we missed some research papers on this topic
scoping review. Although we searched for papers from dif- published in other databases.
Human Behavior and Emerging Technologies 9
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