Blockchain Wallet Security

Abstract

Blockchain is an advance technology which is used as a mean to transfer digital currency from one node to another using a peer to peer network where secure transactions can be made. Bitcoin is a digital currency based on Blockchain technology that is extensively adopted by different organizations and people. Many hackers are trying to steal the Bitcoins by accessing your system. For every transaction we need a combination of public and private keys to sign any transaction. Wallet is the main part where public and private keys are stored. So to avoid hacking and stealing of the coins a secure wallet is required. If we save our key properly then chances of hacking can be minimized. Storing the whole private key on the wallet increases the chances of threats of hacking. We seek to fill the gap between a transaction and a secure wallet. This report figures out issues of already existing wallets identified through literature review and proposes a new method for a secure wallet. Steganography along with hacker deceiving technique aims to protect the private key for the wallet. Therefore, this combination decreases the chance of stealing Bitcoins. Our wallet serves to achieve high availability, security and effectiveness as a product. It is feasible to use by customers without any professional knowledge.