With the rapid use of internet technology, security and performance are always at risk. The data on the internet can be compromised and the performance can be bottlenecked. The solution to this problem is the blockchain technology. Reason for choosing this field is because blockchain is a new technology and now it is one of the most demanding field in the IT sector. Blockchain is based on peer-to-peer topology containing connected nodes. Each node has cryptographic hash of the previous node (no malicious or unauthorized node can enter the linked nodes), timestamp and relevant data. Blockchain provides resistance against the unwanted interference and modification of the data and each node has separate processing power thus enhancing security and performance of the host network. Permission-ed and Permission-less blockchain have their own properties and limitations and they can be used in different scenarios. In permission-less blockchain the nodes can be public, anyone can add nodes to increase the performance (Bitcoin), while permission-ed blockchain is used within enterprise or between enterprises where the nodes are private and new nodes need authorization to be added in link nodes. The aim of this paper is to study the permission-ed and permission less blockchain, their similarities and differences, some of the consensus algorithms they use. Outcome of the paper will be understanding of some of the consensus algorithms and proposing a two-tier architecture which will contain voting based algorithm for enhanced performance.
|Title of host publication||2020 5th International Conference on Innovative Technologies in Intelligent Systems and Industrial Applications (CITISIA)|
|Place of Publication||Sydney, Australia|
|Publication status||Published - 09 Mar 2021|