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TheChain: a fast, secure and parallel treatment of transactions.

Nacer, M.I., Prakoonwit, S. and Alarab, I., 2020. TheChain: a fast, secure and parallel treatment of transactions. In: IECC 2020: 2nd International Electronic Communication Conference, 8 - 10 July 2020, Singapore.

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DOI: 10.1145/3409934.3409944

Abstract

The Smart Distributed Ledger (aka blockchain) has attracted much attention in recent years. According to the European Parliament, this technology has the potential to change the lives of many people. The blockchain is a data structure built upon a hashed function in a distributed network, enabled by an incentive mechanism to discourage malicious nodes from participation. The consensus is at the core of the blockchain technology, and is driven by information embedded into a data structure that takes many forms such as linear, tree, and graph chains. The found related information will be subject to various validation incentives among the miners, such as proof of stake and proof of work. However, all the existing solutions suffer from a heavy state transition before dealing with the problem of a validation mechanism which suffers from resource consumption, monopoly or attacks. This work raises the following question: "Why is there a need for consensus where all participants can make a quick and correct decision?", and underlines the fact that sometimes ledger is subject to maintenance from regional parties in the data that leads to partial territories and eliminates monopoly, which is the hurdle to eliminating the trusted party. The validity of the blockchain transaction comes from the related information scattered above the data structure, and the authenticity lies in the digital signature. The aim is to switch from a validator based on incentives to a broadcaster governed by an unsupervised clustering algorithm, and the integrity does lie in the intersection among regions. However, the data structure takes advantage of the Petri network regarding its suitability. Building the entire ledger in the Petri network model will allow parallel processing of the transactions and securing of the total order between the participants on the memory reference layer. Moreover, it takes account of validation criteria quickly and safely before adding the new transaction list using the graph reachability.

Item Type:Conference or Workshop Item (Paper)
Uncontrolled Keywords:Blockchain; consensus; Petri network; Transaction validation; banking; IoT
Group:Faculty of Science & Technology
ID Code:34651
Deposited By: Unnamed user with email symplectic@symplectic
Deposited On:02 Oct 2020 15:47
Last Modified:02 Oct 2020 15:47

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