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Advanced Security Using Blockchain and Distributed Ledger Technology
Published in Sudhir Kumar Sharma, Bharat Bhushan, Aditya Khamparia, Parma Nand Astya, Narayan C. Debnath, Blockchain Technology for Data Privacy Management, 2021
Proof of Work [29]: PoW is a mining algorithm used to validate/confirm transactions in the original blockchain, to produce new blocks into the chain. The concept of PoW has existed since the mid-1990s. It was submitted in 1996 by Adam Back under the name of “Hashcash” [30]. This mechanism enables the anonymous peers of a network to reach an agreement, while ensuring security. In this mechanism, a miner has to find a block hash result that starts with a number of zeros, which reflects the number of miners on the network. The greater the number of zeros, the more difficult it is for the miner to find the result. This mechanism is also applied in Bitcoin’s blockchain, to force miners to compete against each other to decide who wins the competition, according to the mining process speed. The winner, i.e., the first to create the block, is rewarded for achieving the distributed consensus to extend the blockchain.
A Lightweight Digital Voting Platform Using Blockchain Technology
Published in Keshav Kaushik, Shubham Tayal, Susheela Dahiya, Ayodeji Olalekan Salau, Sustainable and Advanced Applications of Blockchain in Smart Computational Technologies, 2023
Nithin Kamineni, Veera Nitish Mattaparthi, A. Mona Reddy, T. Mahalakshmi, Vamsi Pachamatla, Kuldeep Chaurasia, Tanmay Bhowmik
Blockchain is a decentralized ledger which can be viewed as a block of chains where each block contains a set of data. The process of adding a new block to the Blockchain is known as mining. The miners use Proof of Work (POW) algorithms to add new blocks to Blockchain. The blockchain for e-voting is shown in Figure 10.1. Each block can be identified by using a unique cryptographic hash. The block thus formed will contain a hash of the previous block, so that blocks can form a chain from the first block to the formed block linked with the help of linked list data structure. The voting block is shown in Figure 10.2. We created decentralized application using a public Blockchain where its transactions don’t require any permission.
Secure Digital Health Data Management in Internet of Things Using Blockchain and Machine Learning
Published in Chinmay Chakraborty, Digital Health Transformation with Blockchain and Artificial Intelligence, 2022
Susmit Das, Sreyashi Karmakar, Himadri Nath Saha
A number of consensus algorithms are used to validate new blocks and link them to the genesis blockchain. The consensus process lets blockchain network nodes agree upon adding a new block to the blockchain network [27]. In the bitcoin network, one of the consensus algorithms is called Proof of Work (PoW) in which a mathematical puzzle must be solved by miner nodes to validate and add a block [28]. The difficulty of the mathematical puzzle is generated by a variable called ‘nonce’, which is short for “number only used once” [29], according to which the time needed to validate new blocks can be changed as per the computation power of the miner nodes [30].
Rain Drop Service and Biometric Verification Based Blockchain Technology for Securing the Bank Transactions from Cyber Crimes Using Weighted Fair Blockchain (WFB) Algorithm
Published in Cybernetics and Systems, 2023
Transactions are established via continuous blocks. People validate this block referred to as miners. Each block is verified and added to the Blockchain. Miners want to solve complex mathematical problems. Solving mathematical problems is known as Proof of Work (PoW). Including a block on a Blockchain is referred to as mining. A hacker will no longer be capable of altering records on the Blockchain because each user has a copy of the ledger. The data within the blocks are encrypted with complex algorithms. Blockchain can be described as a collection of records, blocks connected, strongly resistant to alteration, and protected by the use of cryptography. A Blockchain is a distributed ledger technology (DLT). It can be a text report, excel, or a Database (Relational Database Management System, RDBMS, and Oracle). When sharing the database or ledger to all the community, every node has its copy.
A study on Diem and Aptos distributed ledger technology
Published in International Journal of Parallel, Emergent and Distributed Systems, 2023
Giuseppe Antonio Pierro, Giacomo Ibba, Roberto Tonelli
To add a block of new transactions to the blockchain, a miner must solve the puzzle. The first miner to solve the puzzle sends (proposes) the block to the rest of the network for agreement. If the network agrees on the solution to the puzzle, the miner is rewarded for creating the block and the block is added to the blockchain (the miner wins this round of competition). Through a combination of game theory and economics (effectively betting CPU cycles, which cost money, to win the reward), Proof of Work (PoW) incentivizes consensus instead of attempting to enforce it. Essentially a miner is rewarded for securing the network.
Barriers to blockchain-based decentralised energy trading: a systematic review
Published in International Journal of Sustainable Energy, 2023
Samuel Karumba, Subbu Sethuvenkatraman, Volkan Dedeoglu, Raja Jurdak, Salil S. Kanhere
Based on the trust models mentioned above, blockchains are currently classified into three categories, detailed as follows: Public blockchains (permission-less): Public blockchains are blockchain platforms where any node in the network can play an integral role in the consensus process. The prevalent consensus algorithm in permission-less blockchains is the Proof-of-work (PoW), whose initial introduction was in Bitcoin (Nakamoto 2008). Although the PoW consensus mechanism has a high degree of decentralisation, it imposes high computation and communication costs for generating and propagating blocks, a process called mining (Li et al. 2019).Private blockchains (permissioned): permissioned blockchains are blockchain platforms where only nodes from one organisation can determine the final consensus. The Practical Byzantine Fault Tolerance(PBFT) (Castro 2001) and Raft (Howard and Crowcroftn.d.) are some examples of the permissioned consensus algorithms used in private blockchains. Private blockchains have lower computation and communication costs than public blockchains but at a reduced degree of decentralisation.Consortium blockchains (partially permissioned): Several organisations construct a consortium blockchain platform, so only nodes from the selected organisations would be part of the consensus process (Zheng et al. 2017). The consortium increases the degree of decentralisation compared to the private blockchains.