Intrusion detection and mitigation system using blockchain analysis for bitcoin exchange

Suah Kim, Beomjoong Kim, Hyong Joong Kim

Research output: Chapter in Book/Report/Conference proceedingConference contribution

3 Citations (Scopus)

Abstract

Bitcoin exchanges rely heavily on traditional intrusion detection system to secure their system. However, this reliance has proven to be high risk, since Bitcoin and other blockchain-based transactions are not easily reversible. Many of the attacks have shown that the traditional intrusion detection system is not enough to safeguard against all possible attacks, and most importantly, in some cases, it takes a long time to assess the damage. In this paper, we first describe three types of intrusion models in Bitcoin exchanges and propose a detection and mitigation system using blockchain analysis for each. The proposed detection and mitigation system exploit the decentralized and public nature of Bitcoin blockchain to complement the existing traditional intrusion detection system as a fail-safe. The proposed method provides real-time intrusion detection capability that the existing work cannot provide. Although the proposed method is specifically for Bitcoin blockchain, similar ideas can be extended to other proof-of-work based blockchain cryptocurrencies.

Original languageEnglish
Title of host publicationProceedings of 2018 International Conference on Cloud Computing and Internet of Things, CCIOT 2018
PublisherAssociation for Computing Machinery
Pages40-44
Number of pages5
ISBN (Electronic)9781450365765
DOIs
Publication statusPublished - 2018 Oct 29
Event2018 International Conference on Cloud Computing and Internet of Things, CCIOT 2018 - Singapore, Singapore
Duration: 2018 Oct 292018 Oct 31

Publication series

NameACM International Conference Proceeding Series

Conference

Conference2018 International Conference on Cloud Computing and Internet of Things, CCIOT 2018
CountrySingapore
CitySingapore
Period18/10/2918/10/31

Keywords

  • Bitcoin
  • Bitcoin exchange
  • Blockchain
  • Blockchain analysis
  • Intrusion detection system
  • Mitigation

ASJC Scopus subject areas

  • Human-Computer Interaction
  • Computer Networks and Communications
  • Computer Vision and Pattern Recognition
  • Software

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  • Cite this

    Kim, S., Kim, B., & Kim, H. J. (2018). Intrusion detection and mitigation system using blockchain analysis for bitcoin exchange. In Proceedings of 2018 International Conference on Cloud Computing and Internet of Things, CCIOT 2018 (pp. 40-44). (ACM International Conference Proceeding Series). Association for Computing Machinery. https://doi.org/10.1145/3291064.3291075