A Review on Security and Privacy Considerations in Programmable Payments
Keywords:
Digital, financial, fraud, privacy, risk, transactionsAbstract
The paper underscores the critical importance of adopting a comprehensive approach to confront the various challenges associated with programmable payments, particularly in the context of blockchain technology and cryptocurrencies. Smart contract vulnerabilities, including coding errors and logic flaws, pose a significant risk to the integrity of financial transactions, emphasizing the need for regular security audits and testing. Additionally, the omnipresent threat of cybersecurity breaches, such as hacking and phishing, highlights the necessity of a robust security infrastructure. Balancing transparency and privacy in blockchain-based payments is a complex endeavor that requires the integration of privacy-enhancing technologies. Furthermore, navigating the evolving regulatory landscape is essential to maintain the legitimacy and trustworthiness of these systems. In essence, a multi-faceted strategy encompassing security audits, cybersecurity measures, privacy enhancements, and regulatory compliance is crucial to ensure the continued evolution of programmable payments while upholding user trust and data privacy in the financial ecosystem.
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