PLEDGE: An IoT-oriented Proof-of-Honesty based Blockchain Consensus Protocol

The existing lottery-based consensus algorithms, such as Proof-of-Work, and Proof-of-Stake, are mostly used for blockchain-based financial technology applications. Similarly, the Byzantine Fault Tolerance algorithms do provide consensus finality, yet they are either communications intensive, vulnera...

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Bibliographic Details
Published in2020 IEEE 45th Conference on Local Computer Networks (LCN) pp. 54 - 64
Main Authors Makhdoom, Imran, Tofigh, Farzad, Zhou, Ian, Abolhasan, Mehran, Lipman, Justin
Format Conference Proceeding
LanguageEnglish
Published IEEE 16.11.2020
Subjects
Australia
block proposer's integrity
Blockchain consensus
Byzantine Fault Tolerance
Consensus protocol
distributed consensus
Fault tolerance
Fault tolerant systems
Internet of Things
miner selection
Peer-to-peer computing
proof of honesty
Security
transaction validation rules
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Summary:The existing lottery-based consensus algorithms, such as Proof-of-Work, and Proof-of-Stake, are mostly used for blockchain-based financial technology applications. Similarly, the Byzantine Fault Tolerance algorithms do provide consensus finality, yet they are either communications intensive, vulnerable to Denial-of-Service attacks, poorly scalable, or have a low faulty node tolerance level. Moreover, these algorithms are not designed for the Internet of Things systems that require near-real-time transaction confirmation, maximum fault tolerance, and appropriate transaction validation rules. Hence, we propose "Pledge," a unique Proof-of-Honesty based consensus protocol to reduce the possibility of malicious behavior during blockchain consensus. Pledge also introduces the Internet of Things centric transaction validation rules. Initial experimentation shows that Pledge is economical and secure with low communications complexity and low latency in transaction confirmation.
DOI:10.1109/LCN48667.2020.9314794