Abstract
A blockchain is a distributed ledger forming a distributed consensus on a history of transactions, and is the underlying technology for the Bitcoin cryptocurrency. Its applications are far beyond the financial sector. The transaction verification process for cryptocurrencies is much slower than traditional digital transaction systems. One approach to scalability or the speed at which transactions are processed is to design a solution that offers faster Proof of Work. In this paper, we propose a method for accelerating the process of Proof of Work based on parallel mining rather than solo mining. The goal is to ensure that no more than two or more miners put the same effort into solving a specific block. The proposed method includes a process for selection of a manager, distribution of work and a reward system. This method has been implemented in a test environment that contains all the characteristics needed to perform Proof of Work for Bitcoin and has been tested, using a variety of case scenarios, by varying the difficulty level and number of validators. Experimental evaluations were performed locally and in a cloud environment, and experimental results demonstrate the feasibility the proposed method.
Highlights
In conventional financial systems, a third party is constantly required to verify transactions
A cryptocurrency uses public or permissionless blockchain so that everyone can participate in performing the transactions
In this paper we present a method for improving the transaction speed and scalability of blockchain systems by extending our previous work in [10] and results from [11]
Summary
A third party is constantly required to verify transactions. If s/he wants to use cash for the purchase, s/he first needs to withdraw money from the bank, which means that the third party is always involved directly or indirectly for validating or verifying a transaction. In this sense, transactions are centralized through a third party. Permissioned blockchain networks allow the network to appoint a group of participants who are given authority to take part in a block validation process This can be applied within a private organization or network. This blockchain keeps all the transactions and user information anonymous and provides a copy of the continuous growing ledger to every user of the system
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