short-paper

An Efficient and Secure Consensus Mechanism for Peer-to-Peer Networks

Authors:

Avinash Kshirsagar,

Vinod PachghareAuthors Info & Claims

ICFNDS '21: Proceedings of the 5th International Conference on Future Networks and Distributed Systems

Pages 808 - 811

https://doi.org/10.1145/3508072.3508226

Published: 13 April 2022 Publication History

Abstract

Bitcoin was proposed as an alternative to a centralized trust-based financial system in 2008 which uses distributed ledger called blockchain as the underlying technology. Bitcoin uses a peer-to-peer network without a third trusted party but still maintained trust in the network. The consensus mechanisms do the task of trust-building by executing certain algorithms to bring consensus to the peer nodes of the network. The consensus mechanism used in bitcoin is Proof of Work which involves a massive computation of hashes to validate a block and add it to the blockchain. As the applicability of blockchain increased, the computation-heavy consensus mechanisms were not suitable for real-time transactions. And so, there is a need for a new efficient and high throughput consensus mechanism. This paper proposes a new consensus mechanism using a scope index to mine a new block. This consensus mechanism deals with forking conditions, and the presence of malicious nodes in the network is also studied and compared with other consensus mechanisms.

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Cited By

Nemade SKamble ASopal SBhale PPachghare V(2022)Blockchain-based Crowdfunding for Cyber-Product Insurance2022 2nd International Conference on Innovative Sustainable Computational Technologies (CISCT)10.1109/CISCT55310.2022.10046520(1-5)Online publication date: 23-Dec-2022
https://doi.org/10.1109/CISCT55310.2022.10046520

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ICFNDS '21: Proceedings of the 5th International Conference on Future Networks and Distributed Systems

December 2021

847 pages

ISBN:9781450387347

DOI:10.1145/3508072

Copyright © 2021 ACM.

Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected]

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Publication History

Published: 13 April 2022

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ICFNDS 2021

ICFNDS 2021: The 5th International Conference on Future Networks & Distributed Systems

December 15 - 16, 2021

Dubai, United Arab Emirates

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Cited By

Nemade SKamble ASopal SBhale PPachghare V(2022)Blockchain-based Crowdfunding for Cyber-Product Insurance2022 2nd International Conference on Innovative Sustainable Computational Technologies (CISCT)10.1109/CISCT55310.2022.10046520(1-5)Online publication date: 23-Dec-2022
https://doi.org/10.1109/CISCT55310.2022.10046520

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