Toward Blockchain Realization

Chih-Wen Hsueh and Chi-Ting Chin
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Chih-Wen Hsueh: Department of Computer Science and Information Engineering, National Taiwan University, Taipei 10617, Taiwan
Chi-Ting Chin: Department of Risk Management and Insurance, Ming Chuan University, Taipei 11103, Taiwan

FinTech, 2022, vol. 1, issue 1, 1-19

Abstract: Since FinTech was stimulated by the invention of blockchain, without the full realization of blockchain technologies in the following years, FinTech has not been fully realized. We discuss some myths and reasons for why blockchain technologies were not fully realized. The lack of distributed synchronization might be the most difficult challenge such that the trust provided by blockchain is not good enough for public use. We propose a mathematical solution with a new consensus mechanism based on general Proof-of-Work mining, called Proof-of-PowerTimestamp, to reach distributed synchronization and reduce power consumption to less than one billionth of Bitcoin. We also discuss related issues toward blockchain realization once the distributed synchronization and energy consumption problems are solved. Since the issues are mostly interdisciplinary or multidisciplinary, researchers are invited to cooperate to help blockchain realization as soon as possible.

Keywords: FinTech; blockchain; finality; consensus; Proof-of-Work; energy consumption; realization (search for similar items in EconPapers)
JEL-codes: C6 F3 G O3 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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