DOI: 10.3390/computers12090171 ISSN:

Securing Financial Transactions with a Robust Algorithm: Preventing Double-Spending Attacks

Hasan Hashim, Ahmad Reda Alzighaibi, Amaal Farag Elessawy, Ibrahim Gad, Hatem Abdul-Kader, Asmaa Elsaid
  • Computer Networks and Communications
  • Human-Computer Interaction

A zero-confirmation transaction is a transaction that has not yet been confirmed on the blockchain and is not yet part of the blockchain. The network propagates zero-confirmation transactions quickly, but they are not secured against double-spending attacks. In this study, the proposed method is used to secure zero-confirmation transactions by using the security hashing algorithm 512 in elliptic curve cryptography (ECDSA) instead of the security hashing algorithm 256. This is to generate a cryptographic identity to secure the transactions in zero-confirmation transactions instead of security hashing algorithm 256. The results show that SHA-512 is greater than SHA-256 in throughput. Additionally, SHA-512 offers better throughput performance than SHA-256 while also having a larger hash size. Results also show that SHA-512 is more secure than SHA-256.

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