Abstract
Proof-of-Work (PoW) is a common mechanism used to validate peer-to-peer transactions and maintain highly secured immutability of the blockchain. However, this mechanism has been criticized due to its inefficient use of computing resources and its limited usefulness. In this paper, we propose the Proof-of-Useful-Work (PoUW) as an alternative mechanism for transaction validation that puts the squandered computing resources to beneficial use. The main premise is to replace the mathematical puzzle, which constitutes a fundamental part of the Proof-of-Work mechanism, with NP-hard optimization problems whose solutions benefit the participants of the blockchain. We demonstrate its usefulness in the context of transportation. Accordingly, PoUW-based blockchain not only tracks, manages and validates transactions, but also optimizes transportation requests profiting its ecosystem. We describe the framework of the proposed PoUW along with the associated optimization model and the miner’s reward mechanism.
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