Visible to the public A Parallel Proof of Work to Improve Transaction Speed and Scalability in Blockchain Systems

TitleA Parallel Proof of Work to Improve Transaction Speed and Scalability in Blockchain Systems
Publication TypeConference Paper
Year of Publication2019
AuthorsHazari, S. S., Mahmoud, Q. H.
Conference Name2019 IEEE 9th Annual Computing and Communication Workshop and Conference (CCWC)
ISBN Number978-1-7281-0554-3
Keywordsbitcoin, Bitcoin cryptocurrency, Bitcoin mining, blockchain, blockchain systems, compositionality, cryptocurrencies, cryptocurrency, data mining, distributed consensus, distributed ledger, financial data processing, financial sector, Metrics, nonce, parallel mining, parallel processing, Proof of Work, pubcrawl, resilience, Resiliency, reward system, Scalability, scalable verification, software engineering, solo mining, transaction speed, transaction verification process, transactions

A blockchain is a distributed ledger forming a distributed consensus on a history of transactions, and is the underlying technology for the Bitcoin cryptocurrency. However, its applications are far beyond the financial sector. The transaction verification process for cryptocurrencies is much slower than traditional digital transaction systems. One approach to increase transaction speed and scalability is to identify a solution that offers faster Proof of Work. In this paper, we propose a method for accelerating the process of Proof of Work based on parallel mining rather than solo mining. The goal is to ensure that no more than two or more miners put the same effort into solving a specific block. The proposed method includes a process for selection of a manager, distribution of work and a reward system. This method has been implemented in a test environment that contains all the characteristics needed to perform Proof of Work for Bitcoin and has been tested, using a variety of case scenarios, by varying the difficulty level and number of validators. Preliminary results show improvement in the scalability of Proof of Work up to 34% compared to the current system.

Citation Keyhazari_parallel_2019