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

Department of Electrical, Computer and Software Engineering, Ontario Tech University, Oshawa, ON L1G 0C5, Canada
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This paper is an extended version of our paper published in the IEEE 9th Annual Computing and Communication Workshop and Conference (CCWC), Las Vegas, NV, USA, 7–9 January 2019. This version includes additional ideas, algorithms, experimental results, as well as comparison tables and further discussion.
Future Internet 2020, 12(8), 125; https://doi.org/10.3390/fi12080125
Received: 3 July 2020 / Revised: 21 July 2020 / Accepted: 24 July 2020 / Published: 27 July 2020
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. View Full-Text
Keywords: blockchain; scalability; bitcoin; cryptocurrency; proof of work; nonce; transactions; bitcoin mining blockchain; scalability; bitcoin; cryptocurrency; proof of work; nonce; transactions; bitcoin mining
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MDPI and ACS Style

Shahriar Hazari, S.; Mahmoud, Q.H. Improving Transaction Speed and Scalability of Blockchain Systems via Parallel Proof of Work. Future Internet 2020, 12, 125. https://doi.org/10.3390/fi12080125

AMA Style

Shahriar Hazari S, Mahmoud QH. Improving Transaction Speed and Scalability of Blockchain Systems via Parallel Proof of Work. Future Internet. 2020; 12(8):125. https://doi.org/10.3390/fi12080125

Chicago/Turabian Style

Shahriar Hazari, Shihab; Mahmoud, Qusay H. 2020. "Improving Transaction Speed and Scalability of Blockchain Systems via Parallel Proof of Work" Future Internet 12, no. 8: 125. https://doi.org/10.3390/fi12080125

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