A Scalable Blockchain Consensus Model

Abstract

Blockchain is a distributed immutable ledger supporting strong secure transactions across various nodes in a Blockchain network after the mutual consensus of all the nodes in the associated network. Blockchain technology is the foundation technology of various crypto currencies. However, it has the potential to contribute to several mission-critical applications (MCA) or real-time applications such as Healthcare, e-Voting, Government Regulatory to securely regulate business processes or to identify any fictitious business transaction. Unfortunately, Blockchain implementations in MCAs are still being challenged by rigorous requirements. The most pressing among these challenges is scalability. The performance time in the current consensus model (related to scalability) is still questionable, especially in MCAs. That is, the model is lacking in high efficiency in many aspects such as transaction throughput, transaction latency, network bandwidth, and storage, despite strong reliability (in terms of advanced security and privacy) through an immutable shared distributed ledger. Hence, there is an exigent need for a new consensus model which could mitigate the scalability issues in MCAs. This paper is therefore aimed to propose a scalable consensus model to improve the scalability issue in MCA by improving the node syndicating time. This contribution is to elevate MCAs (other than Bitcoin)to positively impacting on social/business environment.