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09 May 2023, Volume 38 Issue 3
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Abstract
In addition to its high growth, cryptocurrency is also subject to various drawbacks, including hacking and data leaks due to its digital nature. Using the concept of a block chain, we propose a solution for associating each cryptocurrency transaction and cryptocurrency purchased with a digital user identity. For the purpose of associating the user identity with the cryptocurrency transactions, we suggested the model in which, at the time of the purchase, we would use the concept of Digital Identity code of Currency, which is formed by combining the number of currencies purchased, the Blake2b-512 extract of the user who purchased it, the MD5 extract of the password of the user who purchased it, and the purchase code. A picture area-based text pattern formation concept is used to validate the users, which forms the text pattern based on the selected area. As a result, in each transaction that involves the exchange of currency, we will also utilize the digital identity code of the currency plus the date and time of the transaction, as well as the BLAKE2b-512 extract of the key.
Keyword
Blockchain, Security, Cryptocurrency, Blake-2B.
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