Trust Model for Effective Consensus in Blockchain

Abstract

Blockchain technology is a revolution started as a new economy with an alternative currency namely Bitcoin. Besides the economical aspect, the technological capabilities of Blockchain such as distributed computing, record keeping, irrecoverability of transactions, reliability and etc., are harnessed by variety of real-world applications. Blockchain is a rising pool of records known as blocks linked using security procedure. It is typically managed by a group of nodes in a distributed network technology which integrates technologies such as distributed ledger, security and consensus algorithm to ensure reliability and immutability. In Blockchain, the access privileges are determined by a set of nodes called miners, which run the consensus algorithm to access and submit transactions in to the block after authentication. However, in the existing Blockchain, there is no mechanism to ensure the trust and robustness of the miners and eliminate the malicious miners which runs the consensus algorithm. Therefore, this paper proposes a trust model with an objective of eliminating untrusted nodes from the mining process to enhance the reliability and security of the Blockchain. Further, the proposed trust model is suitably analysed for transaction rate, efficiency and scalability with Hyper Ledger framework to ensure the robustness.