A Unique Approach for Performance Analysis of a Blockchain and Cryptocurrency based Carbon Footprint Reduction System

Abstract

Blockchain technology is commonly used as a replicated and distributed database in different areas. In this paper, a smart home blockchain network connects smart homes through smart devices for reducing carbon footprint and thereby earning bitcoin value in the network. The network is composed of different smart homes interconnected with smart devices. The user makes a transaction request through the network layer and matches the user’s activity with the reward table located at the incentive layer to estimate the bitcoin value. Furthermore, the miner verifies the transaction and sends the bitcoin value to the user, and adds the respective block to the network structure. The optimal parameter used to estimate the bitcoin value is computed using the proposed Improved Invasive Weed Mayfly Optimization (IIWMO) algorithm. The developed method attained higher performance with the metrics, like coins earned, Annual Carbon Reduction (ACR), and fitness as 0.00357BTC, 23.891, and 0.6618 for 200 users. For 200 users the fitness obtained by the proposed method is 14.41%, 16.68%, and 11.68% higher when compared to existing approaches namely, Without optimization, IIWO, and MA, respectively.