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A variety of innovative software solutions, addressing product anti-counterfeiting and record provenance of the wider supply chain industry, have been implemented. However, these solutions have been developed with centralized system…
We investigate the welfare loss of continuous and discrete order matching models in blockchain-based decentralized exchanges (DEX) that utilize order books to record outstanding orders. Continuous processing matches each incoming…
To address the large amount of energy wasted by blockchains, we propose a decentralized consensus protocol for blockchains in which the computation can be used to search for good approximate solutions to any optimization problem. Our…
Distributed algorithms solving agreement problems like consensus or state machine replication are essential components of modern fault-tolerant distributed services. They are also notoriously hard to understand and reason about. Their…
The spectacular success of Bitcoin and Blockchain Technology in recent years has provided enough evidence that a widespread adoption of a common cryptocurrency system is not merely a distant vision, but a scenario that might come true in…
Decentralized systems built around blockchain technology promise clients an immutable ledger. They add a transaction to the ledger after it undergoes consensus among the replicas that run a Proof-of-Stake (PoS) or Byzantine Fault-Tolerant…
The Decentralized-Consistent-Scale (DCS) Triangle defines three dimensions that illustrate the tradeoffs of the blockchain consensus mechanism. In this paper, we propose a new hybrid consensus protocol, called Deterministic Proof of Work…
Options are fundamental to blockchain-based financial services, offering essential tools for risk management and price speculation, which enhance liquidity, flexibility, and market efficiency in decentralized finance (DeFi). Despite the…
To solve the parameter sensitive issue of the traditional RED (random early detection) algorithm, an adaptive buffer management algorithm called PAFD (packet adaptive fair dropping) is proposed. This algorithm supports DiffServ…
Decentralized Finance (DeFi) services are moving traditional financial operations to the Internet of Value (IOV) by exploiting smart contracts, distributed ledgers, and clever heterogeneous transactions among different protocols. The…
Byzantine Fault Tolerant (BFT) consensus forms the foundation of many modern blockchains striving for both high throughput and low latency. A growing bottleneck is transaction execution and validation on the critical path of consensus,…
The specification of state machine replication (SMR) has no requirement on the final total order of commands. In blockchains based on SMR, however, order matters, since different orders could provide their clients with different financial…
The Philos Marketplace blockchain system is a proposed hierarchical blockchain architecture which allows a large number of individual blockchains to operate in parallel. These parallel chains achieve consensus among one another on a limited…
Currently, the progress of quantum secure direct communication (QSDC) is impeded by a fundamental trade off among control efficiency, security, and scalability. This study proposes an innovative controlled QSDC protocol based on a…
Recently, the blockchain technique was put in the spotlight as it introduced a systematic approach for multiple parties to reach consensus without needing trust. However, the application of this technique in practice is severely restricted…
Voting algorithms have been widely used as consensus protocols in the realization of fault-tolerant systems. These algorithms are best suited for distributed systems of nodes with low computational power or heterogeneous networks, where…
The last decade has sparked several valiant efforts in deductive verification of distributed agreement protocols such as consensus and leader election. Oddly, there have been far fewer verification efforts that go beyond the core protocols…
Mining fairness in blockchain refers to equality between the computational resources invested in mining and the block rewards received. There exists a dilemma wherein increasing the transaction processing capacity of a blockchain…
Opening up data produced by the Internet of Things (IoT) and mobile devices for public utilization can maximize their economic value. Challenges remain in the trustworthiness of the data sources and the security of the trading process,…
Permissioned blockchains are supported by identified but individually untrustworthy nodes, collectively maintaining a replicated ledger whose content is trusted. The Hyperledger Fabric permissioned blockchain system targets high-throughput…