Blockchain Secure Cloud: a New Generation Integrated Cloud and Blockchain Platforms – General Concepts and Challenges

J. Kołodziej, A. Wilczyński, D. Fernandez-Cerero, A. Fernandez-Montes
European Cybersecurity Journal, Volume 4, Issue 2, 2018, Pages 28-35

The main research challenge in the ICT support of the financial markets is the development of a next generation financial technology for a secure use of electronic currencies and a secure network technology for system user communication, as well as data processing and storage without the involvement of third parties. To deal with the security aspects of financial virtual transactions, blockchain technology has been proposed. Blockchain can be defined as a public ledger network for secure online transactions with virtual currencies. Transaction records are encrypted by using cryptographic methods and executed in a distributed computer network as blockchain software. The blockchain model has been gaining popularity since 2008, when the first electronic money protected through the cryptographic mechanisms (cryptocurrencies) was introduced.


As we delve deeper into the ‘Digital Age’, we witness
an explosive growth in the volume, velocity, and variety
of data available on the Internet. For example, in 2012,
about 2.5 quintillion bytes of data were created each
day. The data originated from multiple types of sources,
including mobile devices, sensors, individual archives, social
networks, the Internet of Things, enterprises, cameras,
software logs, etc. Such ‘data explosions’ have raised one
of the most challenging research questions of the current
Information and Communication Technology (ICT) era: how
to effectively and optimally manage such large amounts
of data and identify new ways to analyse them in order
to unlock information….


Blockchain is a popular financial technology, which uses
ICT environments for virtual financial transactions using
cryptocurrencies (e.g. Bitcoin). Blockchain customers store
their transaction records in the blockchain P2P network,
which effectively utilises the computing resources of its
peers. A proof of work and a proof of stake are blockchain
consensus algorithms that are used to improve the security
of blockchain transactions…