From financial transactions to digital voting systems, identity management, and asset monitoring, blockchain technology is increasingly being developed for use in a wide range of applications. The problem of security and privacy in the blockchain ecosystem, which is now a hot topic in the blockchain community, is discussed in this study. The survey’s goal was to investigate this issue by considering several sorts of assaults on the blockchain network in relation to the algorithms offered. Following a preliminary literature assessment, it appears that some attention has been paid to the first use case; however the second use case, to the best of my knowledge, deserves more attention when blockchain is used to investigate it. However, due to the subsequent government mandated secrecy around the implementation of DES, and the distrust of the academic community because of this, a movement was spawned that put a premium on individual privacy and decentralized control. This movement brought together the top minds in encryption and spawned the technology we know of as blockchain today. This survey paper also explores the genesis of encryption, its early adoption, and the government meddling which eventually spawned a movement which gave birth to the ideas behind blockchain. It also closes with a demonstration of blockchain technology used in a novel way to refactor the traditional design paradigms of databases.