Cryptography for Blockchain System: Comparative Analysis of Cryptographic Algorithms

Abstract

This study aims to investigate the best cryptographic algorithm for Blockchain Networks. The rapid adoption of blockchain technology and cryptocurrencies has generated worries regarding their long-term security, specifically concerning the cryptographic algorithms used to protect these systems. Despite well-established cryptographic technologies, blockchain is not inherently secure and requires a comprehensive assessment to defend against cybersecurity threats and vulnerabilities. Therefore, this research has been conducted and aims to discover the best cryptographic algorithms for cryptocurrency performance among the SHA-256, Keccak-256, SHA-512, and Keccak-512. Experiments are conducted and the conclusion can be made by analysing the results, and the best cryptographic algorithm is selected for the cryptocurrency blockchain system.