Research Area:  Blockchain Technology

Abstract:

Blockchain technology has gained immense popularity over the last decade. It has transformed several industries by enabling processes to work in a secure and decentralized manner. Blockchain consists of blocks that are linked together through cryptography. Blockchain is a distributed ledger that contains a set of sequenced blocks of data. Each block records transaction data in a transparent, immutable, and secure fashion. Consensus algorithm is the key part of this technology as it is used for the decision-making process among nodes in the blockchain network. Nodes in the verifying network use consensus algorithm to reach mutual agreement about state of the blockchain whenever a new block is added. This makes it possible to accept any transaction in the blockchain. Many consensus algorithms have been proposed in the literature each having its own performance and security characteristics. In this paper, we present a pattern for one of the most widely used blockchain consensus algorithms, which is the Proof of Work (PoW) algorithm. This paper is a part of our project on blockchain architecture and patterns.

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Author(s) Name:  Zain ul Abadin , Madiha Syed

Publisher name:  ACM

DOI:  10.1145/3489449.3489994

Volume Information:  

Paper Link:   https://dl.acm.org/doi/abs/10.1145/3489449.3489994