Improving Transaction Speed and Scalability of Blockchain Systems via Parallel Proof of Work

Shihab Shahriar Hazari and Qusay H. Mahmoud
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Shihab Shahriar Hazari: Department of Electrical, Computer and Software Engineering, Ontario Tech University, Oshawa, ON L1G 0C5, Canada
Qusay H. Mahmoud: Department of Electrical, Computer and Software Engineering, Ontario Tech University, Oshawa, ON L1G 0C5, Canada

Future Internet, 2020, vol. 12, issue 8, 1-19

Abstract: A blockchain is a distributed ledger forming a distributed consensus on a history of transactions, and is the underlying technology for the Bitcoin cryptocurrency. Its applications are far beyond the financial sector. The transaction verification process for cryptocurrencies is much slower than traditional digital transaction systems. One approach to scalability or the speed at which transactions are processed is to design a solution that offers faster Proof of Work. In this paper, we propose a method for accelerating the process of Proof of Work based on parallel mining rather than solo mining. The goal is to ensure that no more than two or more miners put the same effort into solving a specific block. The proposed method includes a process for selection of a manager, distribution of work and a reward system. This method has been implemented in a test environment that contains all the characteristics needed to perform Proof of Work for Bitcoin and has been tested, using a variety of case scenarios, by varying the difficulty level and number of validators. Experimental evaluations were performed locally and in a cloud environment, and experimental results demonstrate the feasibility the proposed method.

Keywords: blockchain; scalability; bitcoin; cryptocurrency; proof of work; nonce; transactions; bitcoin mining (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2020
References: View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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