JaxNet: Scalable Blockchain Network

Today's world is organized based on merit and value. A single global currency that's decentralized is needed for a global economy. Bitcoin is a partial solution to this need, however it suffers from scalability problems which prevent it from being mass-adopted. Also, the deflationary nature of bitcoin motivates people to hoard and speculate on them instead of using them for day to day transactions. We propose a scalable, decentralized cryptocurrency that is based on Proof of Work.The solution involves having parallel chains in a closed network using a mechanism which rewards miners proportional to their effort in maintaining the network.The proposed design introduces a novel approach for solving scalability problem in blockchain network based on merged mining.Comment: 55 pages. 10 figure

Tree-Chain: A Fast Lightweight Consensus Algorithm for IoT Applications

Blockchain has received tremendous attention in non-monetary applications including the Internet of Things (IoT) due to its salient features including decentralization, security, auditability, and anonymity. Most conventional blockchains rely on computationally expensive consensus algorithms, have limited throughput, and high transaction delays. In this paper, we propose tree-chain a scalable fast blockchain instantiation that introduces two levels of randomization among the validators: i) transaction level where the validator of each transaction is selected randomly based on the most significant characters of the hash function output (known as consensus code), and ii) blockchain level where validator is randomly allocated to a particular consensus code based on the hash of their public key. Tree-chain introduces parallel chain branches where each validator commits the corresponding transactions in a unique ledger. Implementation results show that tree-chain is runnable on low resource devices and incurs low processing overhead, achieving near real-time transaction settlement

A Blockchain-based Approach for Data Accountability and Provenance Tracking

The recent approval of the General Data Protection Regulation (GDPR) imposes new data protection requirements on data controllers and processors with respect to the processing of European Union (EU) residents' data. These requirements consist of a single set of rules that have binding legal status and should be enforced in all EU member states. In light of these requirements, we propose in this paper the use of a blockchain-based approach to support data accountability and provenance tracking. Our approach relies on the use of publicly auditable contracts deployed in a blockchain that increase the transparency with respect to the access and usage of data. We identify and discuss three different models for our approach with different granularity and scalability requirements where contracts can be used to encode data usage policies and provenance tracking information in a privacy-friendly way. From these three models we designed, implemented, and evaluated a model where contracts are deployed by data subjects for each data controller, and a model where subjects join contracts deployed by data controllers in case they accept the data handling conditions. Our implementations show in practice the feasibility and limitations of contracts for the purposes identified in this paper

Performance Analysis of Blockchain Platforms

Blockchain technologies have drawn massive attention to the world these past few years mostly because of the burst of cryptocurrencies like Bitcoin, Etherium, Ripple and many others. A Blockchain, also known as distributed ledger technology, has demonstrated huge potential in saving time and costs. This open-source technology which generates a decentralized public ledger of transactions is widely appreciated for ensuring a high level of privacy through encryption and thus sharing the transaction details only amongst the participants involved in the transactions. The Blockchain is used not only for cryptocurrency but also by various companies to meet their business ends, such as efficient management of supply chains and logistics. The rise and fall of numerous crypto-currencies based on blockchain technology have generated debate among tech-giants and regulatory bodies. There are various groups which are working on standardizing the blockchain technology. At the same time, numerous groups are actively working, developing and fine-tuning their own blockchain platforms. Platforms such as etherium, hyperledger, parity, etc. have their own pros and cons. This research is focused on the performance analysis of blockchain platforms which gives a comparative understanding of these platforms