A Modified Hybrid Blockchain Framework for Secured Data Transaction

Abstract

Blockchain has recently become an essential tool which enables sensitive cloud services without the need for central confidence. For example, several different cryptocurrencies were permitted with public blockchains. Unfortunately, confidential details may be exposed on current public blockchain and smart contracts implemented there. Whilst some continuous work is under way to resolve these insecure knowledge leakage problems using advanced cryptography, they need major improvements on current and common Blockchain technology such as Ethereum and are typically costly in computing. On the other hand, blockchain applications were proposed to allow the data exchange among the pre accepted nodes/participants to be more efficient and privacy-preserving. While private blockchains respond to certain challenges of privacy by allowing only the particular community of participants to view sensitive data, they do not allow public transparency for communications because businesses are accepted by a known number of users also cannot be freely viewed. One natural problem is whether we should use public and private Blockchain networks in order to allow effective, improve privacy and accountable applications in view of these findings? In this work, we try in connection with digital auctions to face this challenge. In specific, we provide a newly designed blockchain architecture combined with private and open blockchains which enables sensitive offers to be opened up on a secluded blockchain so solitary the merchant can study the offers, and none of others. We also use shared blockchains to report the public sale winner and to make transfers responsible. Moreover, we demonstrate how we can promote sincere activity among auction participants by using intelligent contracts on public blockchains. Our detailed analytical findings suggest that it’s more cost effective compared to pure public auction implementations based on blockchain.