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Evaluating the Impact of Network Latency on the Safety of Blockchain Transactions

Ibrahim Shamal Abdulkhaleq and Shavan Askar
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Ibrahim Shamal Abdulkhaleq: Information System Engineering, Erbil Polytechnic University, Erbil, Iraq

International Journal of Science and Business, 2021, vol. 5, issue 3, 71-82

Abstract: Blockchain technology has lately become widely regarded, partially because of the surge in cryptocurrencies such as Bitcoin and their ability to be a force for economic and financial shift. While tokenomics also helped push blockchain in mainstream, this technology’s strengths are far more than crypt-monetary. Often known as distributed leader technologies, it is hypothesized that blockchain would serve like a catalyst for global disruptions and that blockchain-based applications in many industries such as the supply chain; the medical and legal fields are now being developed and implemented. By simultaneous research, we prove that the six confirms convention is vulnerable to peer-to-peer latency in the network and show just how readily PoW mining is broken. The divergences between these latest blocks open the transactions in question to the possibility that the blockchain fork will not be used. We concentrate on evaluating block detection accuracy and the breach of the six confirmed blockchain agreement.

Keywords: Blockchain; network latency; PoW; cryptocurrency; IoT (search for similar items in EconPapers)
Date: 2021
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Handle: RePEc:aif:journl:v:5:y:2021:i:3:p:71-82