Voting-Based Decentralized Consensus Design for Improving the Efficiency and Security of Consortium Blockchain

Abstract

Since its emergence, blockchain technology has received great attention because of its advantages in terms of decentralization, transparency, traceability, and the ability to be tamper proof. These advantages help blockchain become a better option for fields, such as digital currency and information storage. Specifically, consortium blockchain is preferred by researchers because it provides a certain degree of access control and a supervisory mechanism. However, in real-world applications, blockchain platforms pervasively show bottlenecks, such as ultrahigh energy consumption, time inefficiency, low transaction throughput, vulnerability to targeted attacks, and poor fairness of user profits, which seriously influence the performance of this technology and thus hinder its development and adoption. In this article, we try to enhance the performance of blockchain platforms by optimizing the quality of its core module, known as the consensus algorithm. To do so, we introduce proof of assets and proof of reputation to design a voting-based decentralized consensus (VDC) algorithm for consortium blockchain. Combined with the verifiable random function (VRF), VDC realizes better fairness of user profits and time efficiency with acceptable energy consumption and without sacrificing security. The simulation results show that the proposed algorithm achieves a faster consensus process and better user fairness than existing algorithms while still maintaining a negligible energy cost and adequate security.