Abstract
This paper presents a pioneering analytical framework for a secure payment system leveraging blockchain technology tailored to regions with suboptimal network connectivity. Contemporary payment mechanisms utilizing Ethereum are predominantly optimized for areas with robust network infrastructure, neglecting regions with less connectivity. To address this gap, the proposed model integrates novel security attributes and employs an analytical method to design a decentralized payment system. The framework facilitates communication between low-connectivity zones and Internet service providers through auxiliary nodes, creating a local blockchain network for residents, merchants, and auditors. A mathematical model quantifies operational costs, transaction processing, and synchronization of auxiliary nodes, ensuring a resilient and secure payment architecture. A unique aspect of the proposed approach is its robustness against auditor outages and network variability, coupled with an empirical analysis of incentive structures for auditors' block validation activities. Moreover, it delineates the minimum requirements for secure transaction completion. Empirical findings showed a significant improvement in system efficiency, including a 79% reduction in block time, a 28% increase in transaction throughput, a 30% decrease in energy consumption, a 68% shorter confirmation time, a 63% reduction in execution time, a 46% increase in block production rate, and 82% reduced network variability. This study's significant contribution lies in introducing a sustainable, cost-effective, and secure payment system for regions with inadequate network services.
Published Version
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