DOI: https://doi.org/10.36719/2789-6919/56/184-188
Samad Ramazanov
Azerbaijan State University of Economics
Master’s student
https://orcid.org/0009-0003-6597-456X
samed.z.ramazanov@gmail.com
Protection of Transactions Using Blockchain Technology
Abstract
The study is devoted to a comprehensive analysis of the core mechanisms ensuring the security and integrity of transactions in decentralized networks. Amid the rapid development of the digital economy, traditional centralized financial systems increasingly face risks of cyberattacks, unauthorized access, and data manipulation, which actualizes the mass application of blockchain technology. The article thoroughly examines the basic cryptographic principles of transaction protection, such as hashing algorithms (SHA-256) and elliptic curve digital signature mechanisms. The role of consensus algorithms, including Proof-of-Work (PoW) and Proof-of-Stake (PoS), in the process of transaction verification and defending the distributed network against "51% attacks" and double-spending problems is deeply investigated. Special attention is paid to the security architecture of smart contracts, which provide autonomous asset routing but simultaneously generate new classes of vulnerabilities.
During the research, a comparative analysis of the security architectures of blockchain systems and traditional relational databases was conducted. The concluding part emphasizes strategic vectors of technological development, including the implementation of post-quantum cryptography methods to neutralize threats from quantum computing, as well as the need to adapt the global regulatory framework. The proposed concepts are of fundamental importance for ensuring the long-term macroeconomic stability of digital payment systems.
Keywords: blockchain, transaction security, cryptography, consensus algorithms, smart contracts, decentralized systems, cybersecurity