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

Makhdoom, I; Tofigh, F; Zhou, I; Abolhasan, M; Lipman, J

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

Makhdoom, I

Tofigh, F

Zhou, I

Abolhasan, M

Lipman, J

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Publisher:: IEEE
Publication Type:: Conference Proceeding
Citation:: Proceedings - Conference on Local Computer Networks, LCN, 2021, 2020-November, pp. 54-64
Issue Date:: 2021-01-15

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Field	Value	Language
dc.contributor.author	Makhdoom, I https://orcid.org/0000-0002-6205-5897
dc.contributor.author	Tofigh, F https://orcid.org/0000-0003-1802-488X
dc.contributor.author	Zhou, I https://orcid.org/0000-0002-7154-4561
dc.contributor.author	Abolhasan, M https://orcid.org/0000-0002-4282-6666
dc.contributor.author	Lipman, J https://orcid.org/0000-0003-2877-1168
dc.contributor.editor	Tan, HP
dc.contributor.editor	Khoukhi, L
dc.contributor.editor	Oteafy, S
dc.date	2020-11-16
dc.date.accessioned	2022-06-13T23:56:53Z
dc.date.available	2022-06-13T23:56:53Z
dc.date.issued	2021-01-15
dc.identifier.citation	Proceedings - Conference on Local Computer Networks, LCN, 2021, 2020-November, pp. 54-64
dc.identifier.isbn	9781728171586
dc.identifier.issn	0742-1303
dc.identifier.uri	http://hdl.handle.net/10453/158137
dc.description.abstract	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.
dc.language	en
dc.publisher	IEEE
dc.relation	Food Agility CRC Limited
dc.relation.ispartof	Proceedings - Conference on Local Computer Networks, LCN
dc.relation.ispartof	IEEE Conference on Local Computer Networks
dc.relation.ispartofseries	Conference on Local Computer Networks
dc.relation.isbasedon	10.1109/LCN48667.2020.9314794
dc.rights	info:eu-repo/semantics/embargoedAccess
dc.title	PLEDGE: An IoT-oriented Proof-of-Honesty based Blockchain Consensus Protocol
dc.type	Conference Proceeding
utslib.citation.volume	2020-November
utslib.location.activity	Australia
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Engineering and Information Technology
pubs.organisational-group	/University of Technology Sydney/Strength - CRIN - Realtime Information Networks
pubs.organisational-group	/University of Technology Sydney/Strength - GBDTC - Global Big Data Technologies
pubs.organisational-group	/University of Technology Sydney/Faculty of Engineering and Information Technology/School of Electrical and Data Engineering
utslib.copyright.status	open_access	*
pubs.consider-herdc	false
utslib.copyright.embargo	2023-01-15T00:00:00+1000Z
dc.date.updated	2022-06-13T23:56:52Z
pubs.finish-date	2020-11-19
pubs.place-of-publication	Piscataway, USA
pubs.publication-status	Published
pubs.start-date	2020-11-16
pubs.volume	2020-November
dc.location	Piscataway, USA

Abstract:

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.

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http://hdl.handle.net/10453/158137