Peer-to-Peer Trade Registration Process with Blockchain in Small And Medium Enterprises (SMEs) in E-Governance

Abstract

The trade registration process is a big part of starting economic development for any region of the country. It provides employment, economic growth for the region, production of goods and product of the whole community. In the traditional trade registration system, challenges like corruption, delay in time, non-availability of authorities and critical registration process. Blockchain is a transparent, distributed, decentralized and reliable technology for the fast and trusted working process. Using blockchain in the trade registration process can solve the problems mentioned above in the industrial scenario. The consensus algorithm in blockchain provides the decentralized authority approval process. Any authority can approve the application process based on the digital signature availability in the transactions. In this paper, we use proof-of-authentication for transaction approval and a novel miner selection algorithm to reduce the biasing and centralization of authorization in e-governance. For key generation, we are using Ed25519, and for the implementation of blockchain, a custom PHP-based blockchain is used.