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A Simple Yet Efficient Approach to Combat Transaction Malleability in Bitcoin

  • Ubaidullah Rajput
  • Fizza Abbas
  • Rasheed Hussain
  • Hasoo Eun
  • Heekuck OhEmail author
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 8909)

Abstract

Bitcoin has emerged as a popular crypto currency. It was introduced in 2008 by Satoshi Nakamoto (A pseudonym). The reasons for its popularity include its decentralized nature, double spending prevention, smart strategy to counter inflation and providing a certain degree of anonymity. In February 2014, Bitcoin community was shocked to know that a Japan based company named Mt. Gox who, were dealing 70 percent of Bitcoin transactions that time, announced that they were hit by a bug in the Bitcoin protocol named as Transaction Malleability. The company lost hundreds of millions of dollars worth bitcoin. Soon after this, another company SilkRoad 2 also claimed to have affected by same issue. To date there is little research literature available on this recent issue and it is hard to grasp this problem. The purpose of writing this paper is twofold. We discuss Transaction Malleability in detail with respect to the structure of Bitcoin transactions in order to make reader properly understands what Transaction Malleability is and how it works. We also propose a mechanism to counter this issue.

Keywords

Bitcoin Transaction malleability Cryptocurrency 

References

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Copyright information

© Springer International Publishing Switzerland 2015

Authors and Affiliations

  • Ubaidullah Rajput
    • 1
  • Fizza Abbas
    • 1
  • Rasheed Hussain
    • 1
  • Hasoo Eun
    • 1
  • Heekuck Oh
    • 1
    Email author
  1. 1.Department of Computer Science and EngineeringHanyang UniversitySeoulSouth Korea

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