Answered: Hello, I read the solution but I wonder…

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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Question

Hello, I read the solution but I wonder if Bitcoin is trully prenting others from stealing your identity? Is it possible to actually cheat it? I heard that Etherium (another blockchain-based system) has issues with Fraud?

Expert Solution

Step 1

Solution:

Bitcoin:

Bitcoin is the cryptocurrency with help of blockchain mechanism. It is used to maintain the records for digital transactions, creating the new currency by logical solution, and which works individually of central bank.

“Yes”, it is merely possible to steal the user identity when user using the Bitcoin mechanism.

Reason:

The most common misused information in the financial transactions is bank account details and credit card details. This information is stored in the database along with personal identity details.
This information’s are easy hit for cyberattackers.
Fortunately Bitcoin works differently. Number provided to access your Bitcoin is not shared publicly and also the number is not stored in the database.
Also the provided number is not tied with your personal information and also user can able to provide as less as information to buyer.
Therefore, stealing your identity using bit coin is merely possible.

Step 2

“Yes”, Bitcoin is merely possible to cheat it.

Reason:

The Blockchain technology is strong and talented technology. But the real threat is users, not hacker. Because, Bitcoin is specially designed this is not possible to predict the private key.
That is, the third party cannot able to access the user deposit unless user giving access to it.
- It can be imitates the bitcoin recipient by hacker.
- User ecpxpose the private key to third party.
- Hacker gets the password from user account.
Therefore, the bitcoin merely possible cheat it with help of user without knowing them.

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