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IoT Blockchain Integration
Published in Mohiuddin Ahmed, Abu S. S. M. Barkat Ullah, Al-Sakib Khan Pathan, Security Analytics for the Internet of Everything, 2020
Kazım Rıfat Özyılmaz, Arda Yurdakul
Proof-of-Stake (PoS) is a consensus protocol that aims to create voting rights for the next block based on the distribution of the asset class (token, coin, etc.) in the system. In PoS, every participant in the system may have the chance to create the next block (or at least help to create the next block) according to its financial commitment in the consensus process. Peercoin [45] introduced the concept of PoS, and it was highly popular due to the fact that it does not consume energy like PoW schemes. Ethereum is also planning to shift to PoS consensus mechanism with the “Casper” upgrade [46].
Blockchain Theories and Its Applications
Published in Sandeep Kumar Panda, Ahmed A. Elngar, Valentina Emilia Balas, Mohammed Kayed, Bitcoin and Blockchain, 2020
Jaipal Dhobale, Vaibhav Mishra
As PoW is complicated computation and consumes a lot of computational resources, “Proof of Stake” (PoS) philosophy/protocol [6] was used as an alternate option, where miners were rewarded based on how much stake they are holding while mining the block.
Analysing perceived role of blockchain technology in SCM context for the manufacturing industry
Published in International Journal of Production Research, 2021
Amit Karamchandani, Samir K. Srivastava, Sushil Kumar, Akhil Srivastava
The validation of blocks happens on blockchain through consensus algorithms. Permissionless blockchains such as bitcoin and ethereum use proof of work (PoW) and proof of stake (PoS) consensus algorithms, respectively. PoW algorithm requires a blockchain member to solve a cryptographic puzzle to validate transactions, While PoS algorithm chooses blockchain members to validate transactions on a random basis and their vote is weighted based on their size of stake on blockchain such as assets, cryptocurrency etc (Andoni et al. 2019). Practical Byzantine fault tolerance (PBFT) proposed by Miguel Castro and Barbara Liskov in 1999 is the consensus protocol used for permissioned blockchains (Fan, Yi, and Shu 2013). The PBFT protocol works based on the agreement of blockchain members by majority rule. The lack of information sharing rules can influence the quality of collaboration among supply chain members (Saberi et al. 2019). The consensus protocol ensures the addition of legitimate transactions and members on blockchain. A frequently quoted consensus condition for adding a new transaction on blockchain is approval by 51% of the blockchain members. The PBFT-based blockchain that consists of ‘p’ fault nodes requires at least ‘3p + 1’ member nodes to reach consensus in polynomial time that translates to delay of about 2–5s (Wan et al. 2019). PBFT is widely used in the industry; for example, the Hyperledger blockchain (a project of Linux Foundation) uses PBFT consensus protocol (Cachin 2016). The consensus rules are required to be designed carefully to overcome the security threat posed by unreliable validators. On Hyperledger, a group of supply chain members can form a channel to ensure the privacy of transactions carried out among themselves (Kumar, Liu, and Shan 2019). The properties adopted by permissioned blockchain generation is shown in Table 1. A detailed description of technical specifications maintained for executing permissioned blockchain is appended in Table 2.