A novel double spending attack countermeasure in blockchain

Abstract

A blockchain database containing files regarding transactions of cryptocurrency is sometime vulnerable to double spending attack. This type of attack pertains to a coin being spent more in more that one transaction in the network. This paper is motivated by a goal to create a blockchain that can withstand double spending attacks. This way, honest miners will be able to safely and securely exchange cryptocurrency. There currently lack valuable prevention methods in the network therefore we designed a novel countermeasure to combat double spending attacks on the blockchain system. We proposed the MSP (Multistage Secure Pool) framework in order to address the vulnerabilities on the blockchain. This was designed to handle both discrete and general issues that affect the overall security of the blockchain. Our evaluation using this application shows that there was a decrease in the amount of attacks propagating through the system based on our system's robustness and capabilities. We also present machine learning capabilities of the system in our study in order to enable a progressive aspect to the design. Providing our application with the ability to analyze data in order to recognize and classify distinct actions will enable for greater comprehension. An application that learns, updates and configures to meet specified defensive standards present key design features which enables for greater understanding and future analysis of the overall blockchain network.